f you want to know how often are chapter 7 bankruptcies refused, consider that the court will most likely dismiss your case if you didn't hire a lawyer. A bankruptcy attorney will be familiar with court procedures and deadlines, and will know how to make the strongest arguments in your favor. Besides, the attorney will be able to explain to the bankruptcy trustee exactly what happened to your assets.
Whether or not your petition is approved will depend on a means test that examines your finances and if your disposable income falls below the median income. If your income is above the median, the court may order the sale of your non-exempt assets. Moreover, if you are planning on pursuing bankruptcy by fraud, you may lose your property and owe your debts. It is important to be honest with your attorney to ensure that your case is approved.
False statements made in your bankruptcy application could lead to your filing being denied. During the bankruptcy filing process, you state under oath that you are truthful about your finances and that no ill-gotten information was hidden. In this way, your case can be challenged later. Also, you must complete a personal financial management course before your bankruptcy is filed, and again before you are discharged. This is a court-ordered course, and if you fail to complete it, you may lose your property.
If your assets are substantial, you may be able to retain some of them. If you have regular income, you will most likely be able to keep the real estate in your case. However, if you don't, you might want to reconsider your petition. There are several reasons why your petition may be denied. The most common reason is because your financial circumstances have changed since you filed your bankruptcy petition.