BANKRUPTCY The last resort when other options do not suit...

Bankruptcy can be voluntary or on petition by a creditor and lasts for three years but may be shortened or lenthened. A trustee is appointed over a bankrupt estate which investigates affairs, sells any assets and collects contributions to pay dividends to creditors. All assets at the time of bankruptcy and any valuable items received during term of bankruptcy automatically become property of the trustee - your house, land, shares, business assets, vehicles and investments can be sold by the trustee. You are released from most of the debts that you owe at the staret of your bankruptcy. Your creditors cannot recover any money from you after you are bankrupt - they lodge claims with your trustee instead. Secured creditors may sell the secured item to recover their money if you fall behind in payments.