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Why would I withdraw my bankruptcy filing?
Question:
Why would I withdraw my bankruptcy filing?
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A major reason for wanting to withdraw bankruptcy is that the debtor's financial situation has improved. Having a job change or a financial windfall can change things for the better and make bankruptcy less of a necessity. Being able to withdraw a bankruptcy filing is a positive move as it avoids the impact that a filing creates.
Advantages to Withdrawing a Bankruptcy Filing
It is possible to file again in the future, even after a withdrawal. So if circumstances change, a debtor can once again resume their case. The consequences of filing a bankruptcy, such as having to rebuild credit, are avoided. Ultimately it's best for a debtor to be able to resolve their debt without resorting to the courts.
Have a Talk With a Lawyer
Financial issues can be tricky to deal with at times. And if bankruptcy has become an option, you want a lawyer on retainer for the process. That way, if a money situation changes, the lawyer can withdraw your bankruptcy but keep it on file in case it's necessary to file again. A closed case will either have to be reopened or re-filed in the future. Your lawyer can make the decision that's best.