How to Withdraw From a Bankruptcy

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Withdrawing from bankruptcy is possible by stopping the process, paying off all creditors and purging the action from the record. Withdraw from bankruptcy in the event of unexpected funds with information from a registered financial consultant in this free video on personal finance.

Part of the Video Series: Personal Financial Advice
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Video Transcript

This is financial adviser Patrick Munro talking about how to withdraw from bankruptcy. If an individual, in these recessionary times, decides that the only route to go to solve their financial crisis is bankruptcy, there is certain protocols to follow. One must have an attorney present and pay a fee to get the process underway whereby creditors are then informed by the attorney as to the state of your affairs and you're moving forward with a bankruptcy action, which will be ultimately be heard by the U.S. District...U.S. bankruptcy court in your district. If, however, you come into a situation where money comes into your life either through the death of a relative and all of a sudden, you have money coming in quite unexpectedly, if you won the lottery -- that's a long shot -- you can stop the process and, therefore, pay off your creditors and all of the information that was involved in this particular action would be purged from the record. And it is a rare occurrence. Normally, individuals that have reached the stage of bankruptcy will, in fact, execute the bankruptcy under the attorney's direction. But there are always exceptions to the rule, and this is an opportunity, of course, that you're now been made aware of on how to withdraw from bankruptcy. This is financial adviser Patrick Munro.


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