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Bankruptcy

Is it possible to cancel filing for bankruptcy?

Posted from: Quebec

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One Response to “Bankruptcy”

A licensed trustee said...

Yes – there are a few ways to do it.

1) Apply to the Court and prove that at the time of filing your were ineligible to file (ie you were NOT insolvent). This is a matter of FACT – it will likely cost you about $2500 in legal fees

2) Prove to the Court that your debts have been paid in full and request that your bankruptcy be annulled. This is not a “sure thing”, but unless you have abused the process, your motion should be granted. I expect this will cost you $2,000 in legals fees to do.

3) File a consumer proposal for your debts. If it is accepted your bankruptcy will be automatically annulled. Complete the proposal to deal with your debts.

4) File a consumer proposal and after is has been accepted and the bankrupcy annulled default on the proposal. Now you are back where you started (before you filed for the bankruptcy), BUT you cannot file for bankruptcy or a proposal again for these same debts. Your trustee will likely expect $2,000 upfront to assist you with this plan.