March 19th, 2008 by Questions

What happens if I file bankruptcy (my second, the last one was discharged in 2004) and then I inherit a significant amount of money? Am I given the option of paying the creditors and therefore getting out of bankruptcy status before the 14 years are up and therefore, regain a good credit rating?


One Response to “Illness/Recovery”

, A licensed trustee said:

When something like this happens you have a couple of options:

1) File a proposal to ypur creditors to repay the debt – if accepted your bankruptcy will be annulled (removed from your record); or

2) If you debts have been repaid in full you may apply to the Court and ask that your bankruptcy be annulled.

You need to contact your trustee and discuss what the normal practice is in your part of the country.

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