March 5th, 2010 by Questions
After claiming bankruptcy can it be reversed to a debt settlement?
Posted from: Ontario
March 06, 2010 at 8:50 am, A licensed trustee said:
The short answer is no. In order to revert to a debt settlement you’d have to have the bankruptcy annulled. To do that you have to prove to a Court that you were either ineligible to file bankruptcy or the debts ahve been repaid in full. A promise to repay the debts in a settlement program would not be sufficient.
You might consider filing a consumer proposal to repay your debts. If it is accpeted by your creditors then the bankruptcy is automatically cancelled.
Go and speak to your trustee about your options.
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