What happens after one has declared bankruptcy?
My father has been a businessman for all his career life. But then his recent business partner have deceit him and ran away with my father's money. With all his life investments taken away, he considered and declared bankruptcy in our business leaving him with pile of debts. I wonder what will be done after his declaration of bankruptcy.
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After filing the Debtor’s Bankruptcy Application and the Affidavit in Support of Debtor’s Bankruptcy Application and the procedures done, there is a 21-day allotment required to instruct the bankcrupt by the Official Assignee of his responsibilities and state his liabilities and assets. His monthly contribution plan will be discussed as well with the Official Assignee.