ComprehensionthetechniqueforapplyingforpersonalbankruptcyisactuallyakeystepingreedyHongKong's bankruptcyprocedure.ThismethodstartsoffUsingthesubmissionofthebankruptcysoftwareandconsistsofseveral phases,Justabouteverywithitslegalimportanceandsimpleimpact.Inthebeginning,applicantsneedtoposta individualbankruptcypetitiontoyourHongKongcourts,anactusuallycarriedoutbecauseofthedebtorthemselves,a creditor,orjointlybyboth.Atsometimeofapplication,pertinentmonetarydocumentationmustbeoffered,together withalthoughnotrestrictedtoalistingofdebts,alistingofproperty,andfiscalstatementsoftheindividualorbusiness enterprise.
Pursuingthesubmission,thecourtwillevaluatethedeliveredfilesandprooftocometoadecisionwhethertoissuea individualbankruptcypurchase.Atthisstage,thecourtroommightaskforaddedinformationandfactsfromyour applicantorcallfortheirattendanceinahearingtomakeamorecomprehensivejudgment. Whenthecourtroomdeems theapplicantfulfillsthecriteriaforindividualbankruptcy,apersonalbankruptcypurchasearegoingtobeissued, officiallydeclaringtheapplicantbankrupt.
Onceaindividualbankruptcypurchaseisissued,aindividualbankruptcytrustee(boththeFormalReceiverormaybea designatednon-publictrustee)willconsiderabovethemanagementfromthebankrupt'shouseandeconomicaffairs.The websitetrustee'sMainobligationistoliquidatethebankrupt'sbelongingstorepaydebts.Duringthismethod,the bankruptwillhavetoabsolutelycooperateWithallthetrustee,providingvitalinfoanddocuments.
Throughoutbankruptcy,thebankruptwilllikelybeissuetocertaineconomicandlawfulconstraints,includinggetting prohibitedfromservingasabusinessdirectorandlimitedfromgettingcreditscore,andsoon.Theseconstraintsgoalto makesurethebankrupt'sassetsarerelativelydispersedtocreditorsalthoughalsoprotectingthebankruptfrommore raisingtheirdebtthroughindividualbankruptcy.
Afterthebankruptcysystemconcludes,usuallywithin4manyyears,Shouldthebankrupthascompliedwithallthe restrictionsanddemandsallthroughindividualbankruptcy,theycanapplytobedischargedfrompersonalbankruptcy position.Thisstage,oftencalled"automaticdischarge,"signifiesthatthebankruptcanbegintorebuildtheirfinancial life,althoughthepersonalbankruptcyhistorymaystillinfluencetheircreditrankingforaparticularperiodoftime.
Bymeansofthedescriptionofthissection,visitorsreallyshouldachieveasimplehoweverobviousunderstandingofthe individualbankruptcyapplicationsysteminHongKong,whichincludepreliminarypreparationsfortheapplying,the courtroom'sassessmentcourseofaction,thepartoftheindividualbankruptcytrustee,andrebuildinglifetime immediatelyafterindividualbankruptcy.