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Bankruptcy Annulment

I’m wondering if there would be extra adminstrative costs if I annuled a Bankruptcy to a Consumer Proposal. Also, if I annul a bankruptcy do I still have answer yes to the, “have you ever been bankrupt question?” Thank you!

Posted from: British Columbia

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One Response to “Bankruptcy Annulment”

A licensed trustee said...

It has been a few weeks since I posted this reminder, but if you are already in a bankruptcy then you should be directing this question to your trustee – it is one of things they are being paid to do (answer your questions).

Think it through – if the bankruptcy is annulled then it is as if you never filed it. If you never filed it then you can say that you have never been bankrupt.

There should not be any additional administrative charges to file a proposal – just the normal fees that are included when anyone files a consumer proposal. If/when the proposal is approved by the Court it causes your bankruptcy to be annulled. This sort of conversion, from bankruptcy to proposal happens fairly regularly – it’s not unusual or uncommon.