As an example, you will still must pay your student loans (unless you’ll be able to show a hardship) and arrearages for youngster assist, alimony, and most tax money owed.
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Discover out which debts could be canceled in Chapter 7 bankruptcy. In case your belongings are below HKD200,000, the Official Receiver could appoint a professional particular person as a provisional trustee. Bankruptcy can have long-term financial and authorized penalties. The Official Receiver turns into the Provisional Trustee upon the making of the Bankruptcy Order.
The debtor must swear the truthfulness of the relevant petition and assertion of affairs in front of a lawyer or a courtroom officer earlier than submitting them with the Court docket. You’ll be categorised as bankrupt for four years – 5 in the event you’ve been bankrupt earlier than – and the Official Receiver (or a trustee), will look after your … Read the rest