DEBT AGREEMENT SPECIALISTS

WHAT HAPPENS WHEN YOU BECOME BANKRUPT

 

Your creditors are notified of your bankruptcy. At this stage, creditors of unsecured debts will stop pursuing you for payment.

 

You will have a trustee appointed to your case. They will

 

• sell your assets
• mandate contributions from your income once you earn over a specific amount
• investigate your financial affairs and may recover property or money that you have transferred to someone else for inadequate consideration

 

ARE THERE ASSOCIATED COSTS TO GOING BANKRUPT?

 

• There is no filing fee to go bankrupt.
• A Registered Trustee is entitled to a minimum remuneration. Fees can be taken out of the proceeds of the sale of property.