The bankrupt is guilty of any false representation or other fraud for the aim of acquiring the consent of his collectors or any of them to an settlement on the subject of his affairs or to his bankruptcy.
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Along with certain ensures supplied by law, LegalZoom guarantees your satisfaction with our services and support. If the creditor has obtained a court judgment in earlier authorized proceedings in opposition to the debtor for the compensation of debt and the debtor has didn’t pay the judgment debt, then the creditor does not should subject a statutory demand to the debtor earlier than submitting a bankruptcy petition.
For circumstances with Bankruptcy Orders made earlier than 1 November 2016, pursuant to section 30A(10)(b)(ii) of the Bankruptcy Ordinance, after the making of the Bankruptcy Order, if a bankrupt fails to return to Hong Kong on a date or inside a interval specified by the Trustee, the relevant interval of bankruptcy shall not continue to run during the interval he’s absent from Hong Kong and till he notifies the Trustee of his return.
On the court docket listening to (the debtor will be represented by a lawyer), the courtroom may grant a bankruptcy order against the debtor if the debtor has proved unable to repay the debts and there’s no affordable objection raised by the creditor for the granting of an order.
When debtors (or bankrupts) fail to repay their debts and the Court has granted bankruptcy orders in opposition to them, the debtors’ assets are collected and realised (bought off and transformed to cash) by a neutral individual (known as the Trusteeâ€).
In case you have a secured debt (a debt where the creditor has a lien on your property), bankruptcy can eliminate your obligation to pay the debt, however it will not take the lien off the propertyâ€”the creditor will still be able to get better the collateral.
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For example, when you file for Chapter 7 bankruptcy, you may wipe out a house mortgage; however, the lender’s lien will stay on the house. However if you have severe issue in paying off your debt , bankruptcy could possibly present aid out of your monetary burdens. They’re going to all ask you questions on your financial scenario and resolution to file bankruptcy.
You’re allowed to guard (exempt) objects you will must work and stay using bankruptcy exemptions A Chapter 7 debtor offers up nonexempt property, however not a Chapter 13 filer. The trustee administers the bankruptcy case by reviewing the documentation of the debtor.