A bankruptcy proceedings are filed with the court, but not all bankruptcy proceedings are approved. Bankruptcy approval rates vary based on the type filed and the quality of the plans that your attorney comes up with. If your plans are well-made and take into account your situation and creditors’ needs, then you will likely be accepted. However, you could always be rejected if it is not developed correctly.
At Kain + Henehan, we work with clients to improve their chances of having their bankruptcy approved. Through effective planning and case management, we are able to help more people get out of debt and start their financial lives over. If you’re in a position where filing for bankruptcy may be the best option, check out this video from the team at Kain + Henehan answering a common question from clients: “ What are the chances of my bankruptcy being approved?”
Transcripts:
“This is one of the most frequent questions I get is, is it going to work? Is it going to get approved by the court? I say I think we’ve got probably a 99% track record of bankruptcies getting approved. It’s because the bankruptcy court has this default that everyone’s bankruptcy is going to go through unless really fraud is found. For most of my clients, there’s no fraudulent debt incurred. Everyone is filing in good faith. They’re listing their assets. They’re listing all their creditors. Therefore, bankruptcies usually go through quite smoothly. When we see a bankruptcy not make it to discharge, it’s when there’s actions a client has taken to conceal assets, fraudulently take out debt, something that is a big red flag that we usually don’t see. For almost all of my clients, a bankruptcy is going to get approved, go through, all the way to discharge.”
Improve Your Chances With Kain + Henehan
Don’t let yourself be in a position where you are asking, “What are the chances of my bankruptcy being approved?” Be prepared so that you know exactly how likely you are to be approved on the first try. Work with Kain + Heneha, experienced bankruptcy attorneys in St. Cloud, Minnesota, to build your case the right way. Contact Kain + Henehan by calling (612) 438-8006 or filling out the online form to discuss your case during a free consultation.
