June 11th, 2013 by Questions
can a person cancell a bankruptcy if they changed there minds about after 15months of making payments for bankturtcy?
Posted from: Manitoba
June 11, 2013 at 10:37 pm, A licensed trustee said:
You have a few options…
The simplest way to cancel a bankruptcy is to offer your creditors a proposal – if they accept your proposal then your bankruptcy is cancelled. Another option is to go to Court and prove that you were not eligible to file for bankruptcy when you did – if you’ve been in the procedure for 15 months this may be difficult to do. A third option would be to pay off all of your debt sin full and then apply to the Court to have your bankruptcy cancelled – of course you need to have access to enough money to do this.
You should start by speaking to your trustee – they are going to ask you what has changed. 9 times out of 10 when this question is asked you are expecting to come into some money and you don’t want to surrender it to your creditors… If that’s the case you should focus on the proposal option.
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