What is the minimum debt before you can declare bankruptcy and can I have my bankruptcy cancelled? Yes, you could only file for a voluntary bankruptcy if your total debts owing are over one thousand dollars and be unable to pay your debts A creditor will not force you into bankruptcy unless the debt owed is one thousand dollars or more However, you are advised to discuss your financial difficulties and schedule a consultation or credit counseling to get the proper information and discuss your options Bankruptcy should be a last resort and it’s important to know your rights and responsibilities for getting bankruptcy cancelled the most common way in which a bankruptcy is annulled is by Filing a consumer proposal to address the debts in the bankruptcy Once the proposal is accepted by the creditors and deemed approved by the court that bankruptcy is annulled Bankruptcy can be annulled in other cases only where the court believes that bankruptcy should not have been filed In general, a bankruptcy cannot be cancelled except by the filing and acceptance of a consumer proposal www.rumanek.com