Can I Cancel After Filing Chapter 13 ?
Some people regret filing for bankruptcy. They would have filed in the first place out of desperation, finding no other way out. Soon after they go through all the notions of bankruptcy and just finish filing it, God opens a door. That is when a decision turns into regret. Several people wonder if they can reverse their decision by canceling the bankruptcy filing. |
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Unfortunately, once a bankruptcy case is filed, whether it is Chapter 7 or Chapter 13, it is filed. There are no rescissions. The only possibility is to voluntarily dismiss the case. When a person dismisses their case, they cannot file for another case for one whole year.
Also, in case one decides to dismiss the case, they should do it soon after filing. In case a creditor files for a motion of relief from stay, then the debtor cannot file for a period of 180 days. That means for 6 months the creditor can literally exorcise them.
People generally decide to reverse their decision only when there is a sound solution available or if they win a lottery! It is a rare but interesting situation. Bankruptcy brings a person to the brink of financial breakdown. A complete reversal from here is almost impossible. Also, Chapter 7 cases cannot even be dismissed; only Chapter 13 cases can be dismissed.
Dismissing the case saves your credit reports and secures your financial future, but you cannot use the tool again for quite some time after you do take this step.
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