Legal Question in Bankruptcy in California
Withdrawl of Bankruptcy petition
If I file bankruptcy and all of a sudden my creditors find it in themselves to be willing to reach a reasonable settlement can I withdraw my petition for Bankruptcy? If I do will it still appear on my record as having filed bankruptcy? What form would I use to rescind my petition for bankruptcy?
3 Answers from Attorneys
Re: Withdrawl of Bankruptcy petition
It is not that easy to "withdraw" a chapter 7 bankruptcy. It requires court approval and most judges are not too inclined to grant it. You should not file for bankruptcy unless you are committed to the whole process.
Re: Withdrawl of Bankruptcy petition
In addition to what my colleague states, if you file a Chapter 7 bankruptcy, you're attesting that you have less than $100 per month in discretionary income not counting payment on your debts. Therefore your filing might be considered fraudulent if you have it within your means to make payments, and could subject you to criminal prosecution.
Re: Withdrawl of Bankruptcy petition
I concur with the prior responses by my colleagues. I would add only two things. First, I have yet to see creditors suddenly be willing to reach a settlement AFTER the filing of a bankruptcy. Second, my office is near you and you can feel free to contact me for a free consultation.
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