A debtor who has filed a motion to withdraw a bankruptcy petition may, if their financial situation changes, file a motion to withdraw the bankruptcy petition. The motion itself does not require justification, but it is an important element of the motion, as the Court may dismiss the motion on the grounds that it may lead to harm to creditors.
It happens that consumers file bankruptcy applications without prior economic and legal analysis, thus often harming themselves. It is therefore important to submitting an application make a full analysis of your situation and predict what the consequences of opening bankruptcy proceedings will be.
It is important that this application was filed before the Court issued its decision a decision to open bankruptcy proceedings, because issuing a decision to open bankruptcy proceedings closes the way to filing a motion. Withdrawal bankruptcy petition It is recommended especially in situations where:
– The debtor’s financial situation will improve and he will be able to repay his obligations without the help of bankruptcy proceedings;
- The debtor will enter into agreement with creditors in which it will determine how it will repay its liabilities;
– The grounds for declaring bankruptcy will expire.
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