Posted on June 3, 2009 at 5:28 am What are the valid reasons for having a bankruptcy reversed? I assume there are consequences for panicking and filing bankruptcy right away...

Posted on June 3, 2009 at 5:43 am Are you from the Commonwealth countries? The term  reversal or annulment of bankruptcy is equivalent to is called a Petition for Voluntary Dismissal in the United States.Some of the  common reasons why consumers in the U.S. file for this petition are:-Not enough debt to justify bankruptcy. The consumer discovered that a major debt that was thought to be dischargeable, is not.-Discovery of an item of property that was thought to be exempt, is not. The consumer does not want to lose it to bankruptcy.-Luck. The consumer finds that he/she has inherited a sum of money or property that's more than enough to pay of his/her debts.-The consumer's case turned out to be very complicated and it needed more legal fees which he/she can't afford.In the end it is up to the district's bankruptcy court whether to allow the dismissal or not, and as far as I know, that is the consequence in itself.

Posted on June 3, 2009 at 5:54 am You can apply for your bankruptcy to be reversed or annulled anytime under the following conditions:1. There were errors in obtaining the order or it was not properly filed.2. Your debts, including the fees, and expenses of the bankruptcy have been fully satisfied.3. You and your creditors have come into a favourable  agreement called "Individual Voluntary Arrangement" in which both parties would rather not bother with the intricacy of the bankruptcy procedure.

Posted on June 3, 2009 at 6:06 am Depending on the chapter:With Chapter 13 you have the right to file for the dismissal of your case if you feel like you are not going to be able to fulfill terms of the repayment. You would still owe your creditors the amount that you owe, plus the interest that it has accumulated while the case is running. While in Chapter 7, dismissal of the case may depend on the the district where you filed. Some courts are not lenient on dismissals, especially if your estate has assets that can be sold. If yours is a no-asset case, and if the creditors have no objection to your petition for dismissal, then you'd have no problems with it.I think its best for you to seek the advice of a bankruptcy lawyer though, to be accurate, and also check with your district's bankruptcy court with regards to rules and procedures.

Posted on June 3, 2009 at 6:23 am Don't forget to check your local court's time limits, papers, and other requirements. It is important to be accurate. Seek help from the court clerk, the trustee, a bankruptcy petition preparer...in the absence of a lawyer, although none of them can or are allowed to give you any legal advice.

Posted on June 3, 2009 at 6:26 am And I suppose I should bring my husband along as I have filed this with him. Thank you all for your input, I appreciate them. One more question,  who would notify my creditors about my petition, would the court automatically send out a letter?

Posted on June 3, 2009 at 6:31 am As I have said earlier, it is best if you speak with the court clerk about this, and when you do, aside from asking about whose responsibility it is to notify the creditors, you or the court's, also find out about the following:-If ever complications or problems regarding the petition arise, would I be contacted?-What notices do the creditors require?-When can I expect the order to arrive after the judge signs it?-Do I have to file proof of service if/when the order arrives?

Posted on June 3, 2009 at 6:34 am Is a sample copy of this petition paper available for free and where, I wonder, can I get one..

Posted on June 4, 2009 at 8:56 pm I do not know if it is available online for free, but you can purchase Nolo's How to File Chapter 7 Bankruptcy book, it has free forms for you to study.

Posted on December 17, 2009 at 6:23 am Can a bankruptcy be reversed? - I think the better question to ask  now is can bankruptcy be avoided, and how?