bankruptcy anullment

June 18th, 2012 by Questions

I have a very simple question that nobody seems to know the answer to, even my trustee hasnt dealt with it before. I need to take an early retirement which would be a lump sum pension payment. the question is , i am willing to pay off my creditors in full but im told even if i did any extra money i earn for the remainder of my 3 year bankruptcy, i would still be obliged to pay. My question is how can i have to pay more than i owe, im getting really stressed about this situation and just want get on with rest of my life knowing that ive paid my debt and start fresh, i would really appreciate any advice you can give me. thank you very much for youre time. youres sincerely C.Robson

Posted from: Ontario


One Response to “bankruptcy anullment”

, A licensed trustee said:

Your trustee should have “known” this answer….

Option 1: file a proposal to repay 100% of your debt. Time the filing to conincide with your pension payout (be careful about taxes). When the proposal is accepted your bankruptcy will be annulled.

Option 2: hire a lawyer and have your pension payout directed to the lawyer. The lawyer will pay off your debts in full and then apply to the Court to have your bankruptcy annulled.

The first option is simpler and doesn’t involve hiring a lawyer, BUT the second option is better for your credit history.

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