Bankruptcy May Be Dismissed

There are a variety of reasons that a bankruptcy may be dismissed by the court. More dismissals occur within the context of Chapter 13 bankruptcy proceedings, but dismissals may occur with respect to Chapter 7 bankruptcy proceedings, as well. A debtor can request a voluntary dismissal of bankruptcy proceedings, no matter which type of bankruptcy is on file. A court may dismiss bankruptcy proceedings if the debtors are guilty of an unreasonable delay that is prejudicial to creditors. Additionally, if debtors fail to comply with court requirements, such as filing a complete list of creditors, filing a reorganization plan in a Chapter 13 bankruptcy, or failing to make payments pursuant to that plan, the court may choose to dismiss the debtors' bankruptcy case.

Fast Facts

    In times of economic difficulty, 59% of respondents to one survey say they would pay their credit card bills last.
  • The average late fee assessed against a credit card account holder in July 2008 was $25.90.

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