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.
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