Bankruptcy Disadvantages

must inform the lender his bankrupt identity when borrowing a sum over $100
bad credit rating even after bankrupt discharge
cannot live in extravagance during bankruptcy period
must pay to the estate's Trustee the money in excess of the living expenses
some professional qualifications have to be suspended from practice
not permitted to travel for vacation on own money
life policy cash value be surrendered to the estate to become asset for paying to creditors
giving to the Trustee/Official Receiver a good account of the financial position before bankrupt
explain to the Trustee/Official Receiver "unfair preference", if any
explain to the Trustee/Official Receiver "transactions undervalue or gifts" made prior to bankruptcy

葉謝鄧律師行 | 中國銀行指定律師行名單 | 買一手樓 $4900，居屋贖樓$1800，轉按律師費$4500，加按律師費$4500 | Call/WhatsApp 66899999
葉謝鄧律師行| DRP Debt Relief Plan