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change to a cp

I can’t seem to find the info I am looking for myself so I hope you can help. I completed a bankruptcy about 5 years ago and want to know if there is a way to now pay off the debts (I am in a really great financial position now) and erase the bankruptcy, or can I get my original trustee if it isn’t to late to convert it to a consumer proposal?

Posted from: Ontario

One Response to “change to a cp”

A licensed trustee said...

The law doesn’t explicitly talk about what you are intending to do – that’s why you can’t find anything out about it.

You have the right to apply to the Court to have your bankruptcy annulled. What you need to do is pay off all of your creditors in full and then bring a motion before the Court asking the bankruptcy to be expunged from your record. If it has been a number of years since your discharge, you may have a hard time getting your creditors to accept the additional payments – I expect your accounts were written off long ago…

You could file a consumer proposal on the same debts as your bankruptcy, but since those debts have been discharged by your bankruptcy I suspect you’d have an even harder time getting your creditors to co-operate. You don’t need a trustee to assist you with this, but a lawyer might be useful (and cheaper).