Bankruptcy is a legal process allowing individuals or other entities to seek relief from debts they are unable to repay. It may be entered into voluntarily or a creditor may petition for bankruptcy if a debt of $5,000 or more is owed to them. Below are our answers to some of the frequently asked questions about bankruptcy.
Bankruptcy can have serious consequences that are long-lasting. Such consequences may include:
If you become bankrupt, a trustee will be appointed to take over your financial affairs. In order to pay creditors, the trustee can sell your unprotected assets, recover any income you earn over a certain amount, investigate your financial affairs, and recover property that you have transferred to another person before going bankrupt.
The trustee may allow you to keep some assets when you become bankrupt. These may include:
You will still have to pay some debts despite being bankrupt. These may include:
Bankruptcy usually lasts for 3 years and 1 day. This period may be extended to up to 8 years in certain circumstances.
Please note, that the decision to petition for bankruptcy should not be made without first seeking legal advice. For more information about indexed amounts and bankruptcy in general, visit the AFSA website.
To make an appointment to speak with one of our experts about your options, contact us today. At Axia Litigation Lawyers, every move matters.
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