The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

What If I Change My Mind After Filing Bankruptcy?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Bankruptcy
Reading Time: 2 mins read
Bankruptcy answers
80
SHARES
1.3k
VIEWS
Share on FacebookShare on Twitter

Thousands of Americans file for Chapter 7 and Chapter 13 bankruptcy each year, a move that allows them to discharge all debts and get a fresh start.

But what happens if you file for bankruptcy and then change your mind? Maybe you’ve found a way to pay off your outstanding debt or are willing to negotiate with creditors.

Or maybe you’ve decided that you don’t want the bankruptcy listed on your credit report for years to come. Here’s what you need to know about changing your mind after filing bankruptcy:

Changing Your Mind after Bankruptcy

You do have the right to change your mind after filing bankruptcy, but this can be a lengthy and sometimes complicated process.

If you filed a Chapter 7 bankruptcy, the court is more likely to dismiss your case as long as doing so wouldn’t harm your creditors. You will then have the right to file bankruptcy at a later date if you needed to. You will need to provide the court with a sufficient reason for changing your mind. The definition of what constitutes a “sufficient reason” will vary by court to court.

In most cases, the court will dismiss the case as long as none of the creditors object to the dismissal.

Some states’ bankruptcy codes allow you to voluntarily dismiss a Chapter 13 bankruptcy as long as your situation wasn’t converted from a Chapter 7 bankruptcy.

In either case, you will need to ask the court to dismiss your case entirely. It’s in your best interest to work with a qualified and experienced bankruptcy attorney so that you can make a formal request as quickly as possible and increase your chances of success with having the dismissal honored.

Effects of Filing Bankruptcy

Even if the judge decides to dismiss your case, the credit bureaus will still be reporting that you filed for bankruptcy at some point. This can have a negative impact on your credit history and could prevent you from getting an attractive loan or financing in the future.

Remember that filing for bankruptcy is a serious step and should only be done when you have on other option. Once filed, you could be dealing with the implications of a bankruptcy on your credit history for ten years. Any future lender or creditor will see this on your credit report and may turn you down for even the smallest loan because of the negative information on your report.

If you do have your bankruptcy filing dismissed because you changed your mind, make sure that any future lenders are aware that this happened so that they can consider your for financing.

Tags: Chapter 13Chapter 7
Previous Post

How To Avoid Timeshare Telemarketing Scams

Next Post

What to Do if Your Wages or Unemployment Benefits are Garnished

Related Articles

50 cent
Bankruptcy

Rapper 50 Cent and Bankruptcy: Myth Vs. Fact in This Money & Media Mirage

by Lynnette Khalfani-Cox, The Money Coach
Obama Gives Student Loan Relief to Millions with College Debt
Bankruptcy

Video: How Your Bankruptcy Will Impact Your Future Spouse’s Credit

by Lynnette Khalfani-Cox, The Money Coach
5 Things to Do Before You Go Into Foreclosure
Bankruptcy

5 Things to Do Before You Go Into Foreclosure

by Lynnette Khalfani-Cox, The Money Coach
AskTheMoneyCoach.com bankruptcy
Bankruptcy

Can I Change My Mind After Paying for a Bankruptcy Filing?

by Lynnette Khalfani-Cox, The Money Coach
bankruptcy
Bankruptcy

5 Reasons People File for Bankruptcy

by Lynnette Khalfani-Cox, The Money Coach
cost to file for bankruptcy AskTheMoneyCoach.com
Bankruptcy

How Much Does it Cost to File for Bankruptcy Protection?

by Lynnette Khalfani-Cox, The Money Coach
truth bankruptcy AskTheMoneyCoach.com
Bankruptcy

The Truth About Bankruptcy: It’s All Here – The Good and Bad

by Lynnette Khalfani-Cox, The Money Coach
bankruptcy rejected AskTheMoneyCoach.com
Bankruptcy

Avoid These Common Mistakes Or Your Bankruptcy Filing Will Be Rejected

by Lynnette Khalfani-Cox, The Money Coach
bankruptcy fresh start AskTheMoneyCoach.com
Bankruptcy

Best Ways to Rebuild Your Life After Bankruptcy

by Lynnette Khalfani-Cox, The Money Coach
Next Post
What to Do if Your Wages or Unemployment Benefits are Garnished

What to Do if Your Wages or Unemployment Benefits are Garnished

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist