Which among my properties would b sold to the bankrupt estate and could I use it to pay off my target contributions?

I am eligible to file for a bankruptcy and I am also thinking of filing for one but I don't know how it actually works. I want to know which of my assets would be sold to the bankruptcy estate .I also want to know if I could use my property in the bankruptcy estate to pay off my target contribution.

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    First, if you are declared as bankrupt then all your assets except those that are protected from bankruptcy,such as HBD flats would be sold and the proceeds would be placed in the bankruptcy estate. SecondThe property sold to the bankruptcy estate cannot be used to pay off your target contributions.

    2020.03.24 15:44

    Please leave your knowledge and opinion!

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