March 28th, 2012 by Questions
What if I change my mind and cancel my bankruptcy what is the penility
Posted from: Ontario
March 28, 2012 at 9:53 pm, A licensed trustee said:
You cannot simply “change your mind” and cancel your bankruptcy.
In order to cancel your bankurptcy you need to apply to the Court and provide proof that you were not eligible to file bankruptcy in the first place (ie you were not insolvent when you filed).
Alternatively, if you can demonstrate that your debts have all been repaid in full you may apply to the Court to have your bankruptcy annulled. You may have to explain how you were able to pay off your debts after you filed.
A final option, you may file a consumer proposal and if it is accepted by your creditors, your bankruptcy will be annulled.
I strongly suggest you call your trustee to discuss your situation.
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