The bankruptcy code details exactly when a debtor can withdraw a petition that is filed with the bankruptcy court. In order to be allowed to withdraw, a petition must be filed and approved by the court itself. The major issue the court considers is whether the creditors will be prejudiced by allow the debtor to withdraw, however, the court will consider other factors as well. If you are considering withdrawing a petition, contact your bankruptcy lawyer for more information on if you may qualify.
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