Yes... i think it should be something like that...?Originally posted by Boy Next Door => []:Anyone, feel free to correct me if I'm wrong... it does help cuz those creditors will not be hounding u no more for payment. Instead these creditors will deal with e bankruptcy court/dept, who sort of acts like a middle man. And yes u will be required to pay monthly installment that was decided during e court ruling.
normally after 3 yrs. but not definite one. can be longer say 5yrs.Originally posted by chunyong:if u declare bankrupt, u lose practically everything and you still have to pay back bit by bit until u pay off majority of it then u can appeal to court to revoke the bankrupt status...if u bankrupt status, alot of 'hidden' things will come so think carefully. but as mentioned, do not go to loansharks.
yah, dats what i meant by bit by bit, but when u repaid off majority of a certain % then can file for revoking of the bankrupt status.Originally posted by Devil1976:Yes... i think it should be something like that...?