Voluntary Dismissal

You can voluntarily dismiss your bankruptcy petition at any time during the bankruptcy proceedings. A voluntary dismissal, or any type of involuntary dismissal, bars you from filing bankruptcy proceedings again for a period of one hundred eighty (180) days. There are a variety of reasons that you may choose to voluntarily dismiss your bankruptcy petition. However, you should be aware that if you voluntarily dismiss your bankruptcy petition, your creditors may immediately resume the collection process against you for any unpaid debts. Therefore, collections litigation may immediately recommence, including mortgage foreclosures and wage garnishments. Thus, if you choose to voluntarily dismiss your bankruptcy petition, you should prepared for the immediate action of your creditors to collect their debts from you.

Fast Facts

    Half of all college undergraduates had four or more credit cards in 2008, compared to just 32% in 2000.
  • In 2008, 39% of students who arrived at college as freshmen already had a credit card.

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