I have declared bankruptcy and I am having a change of heart. Can I have my bankruptcy cancelled?
A bankruptcy cannot be cancelled. Once it has started, it must be followed through. A bankruptcy can be annulled though.
The most common way in which a bankruptcy is annulled is by filing a consumer or Division I proposal to address the debts in the bankruptcy. Once the proposal is accepted by the creditors and deemed approved by the Court, the bankruptcy is considered to be annulled. However, one word of caution is never enter into a repayment program you cannot keep only to avoid a bankruptcy.
A bankruptcy can be annulled in cases only where the Court believes the bankruptcy should not have been filed. This requires a Court application. In general, a bankruptcy cannot be cancelled, except by the filing and acceptance of a consumer or Division I proposal.
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