Can my bankruptcy declaration be cancelled or annulled?
- the debtor who is in bankruptcy files a proposal under the Bankruptcy & Insolvency Act (either a consumer proposal or if his non-mortgage debt is more than $250,000, a commercial proposal – also known as a Division I proposal). Upon the acceptance of the proposal by the debtor’s creditors and the bankruptcy court, the bankruptcy will be annulled. However, if the debtor defaults on the payment of the proposal, he will find himself in bankruptcy again.