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If I change my mind can I cancel my bankruptcy? |
You can not cancel a bankruptcy after it has been filed. A bankruptcy can only
be annulled for two reasons:
- It ought not to have been filed or was filed with the intention of defeating
a specific Creditor. This can only be done by the Court. There would need to be
evidence presented that proved one of these two allegations;
- A proposal is filed to annul the bankruptcy. If your financial circumstances
change significantly it is possible to file a proposal to annul your bankruptcy.
For example you receive a sizable increase in your income, or you come into a
lump sum of money (ie. you win the lottery or receive a large inheritance). You
would then need to complete the terms of the proposal. If the proposal wasn’t
completed you would be placed back into bankruptcy.
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