Bankruptcy
Bankruptcy
Bankruptcy is an option for individuals who can’t leverage any of the existing debt restructuring services in Hong Kong or can’t manage their financial obligations due to overwhelming debts.
The process of declaring bankruptcy and the subsequent steps are intricate and can’t be expedited quickly. Moreover, once bankruptcy is declared, it can constrain an individual’s lifestyle for a designated duration, and the record remains indefinitely. It’s crucial to dispel the myth that bankruptcy is a panacea; it doesn’t absolve you of all financial obligations.
It’s important to understand that for many who declare bankruptcy, a majority of their income will be reserved for basic living, with the remainder allocated to debt payments over the next 4 to 8 years, based on individual circumstances.
For comprehensive guidance on bankruptcy proceedings, don’t hesitate to reach out to our expert team at HKDRS. We’re committed to offering meticulous service, transparent fee structures, and sound professional counsel.
Bankruptcy Filing Procedures – A Step-by-Step Guide
Stage 1: Preliminary Documentation
Download the required forms from the Hong Kong Official Receiver’s Office website:
- Document 1: Form 3 titled “Debtor’s Bankruptcy Petition” as per Bankruptcy (Forms) Rules.
- Document 2: Form 28C titled “Statement of Affairs (Debtor’s Petition),” detailing your financial status including secured and unsecured creditors, assets, current earnings, monthly fixed income, and all expenditures.
Once the forms are filled out, compile them with the necessary supplementary documents. Submit the package to the Hong Kong Official Receiver’s Office and pay a filing fee of HK$8,000.
Stage 2: Affirmation of Statement
Post submission, applicants are required to swear an oath on the “Statement of Affairs (Debtor’s Petition).” This affirmation must be certified by a legal professional, the Registrar of the High Court, or a designated official from the Official Receiver’s Office.
Stage 3: Submission to the High Court
With the affirmed statement in hand, make your way to the High Court, keeping the following steps in mind:
- Settle an application fee of HK$1,045 at the Accounting Department of the High Court.
- Post payment, head to the High Court Registry to get your bankruptcy case assigned a unique number.
- Acquire information regarding the date and timing of your Petition hearing from the Senior Judicial Clerk of the High Court Registry.
- Present your “Debtor’s Bankruptcy Petition” and “Statement of Affairs (Debtor’s Petition)” for formal submission.
Stage 4: The Court Hearing
Upon completion of the preceding stages, await the scheduled hearing. If everything is in order, the court will grant the bankruptcy order post hearing.
Remember, navigating the bankruptcy process requires careful attention to detail. Consider seeking professional assistance if you’re uncertain about any step.
Expert Bankruptcy Consultation Services
When faced with overwhelming debt, some individuals resort to bankruptcy as a last resort to safeguard the well-being of themselves and their families. This judicial procedure aims to shield debtors from crippling debts that could severely impact their quality of life. Yet, navigating the intricacies of bankruptcy is no simple task. The process is multi-faceted, entailing a multitude of legal documents and specific procedural steps. A misstep or oversight, especially when managed by those unfamiliar with the terrain, can lead to significant legal repercussions.
Our seasoned team of legal professionals has been adeptly managing bankruptcy filings for years. We offer:
Our seasoned team of legal professionals has been adeptly managing bankruptcy filings for years. We offer:
- Expert Legal Support: We provide comprehensive legal assistance, ensuring you are well-represented in court and equipped to handle any related legal concerns.
- Diligent Case Management: We meticulously oversee your bankruptcy application, ensuring that all aspects are handled with the utmost precision and care.
- Transparent Pricing: We guarantee fair and upfront fees, with no hidden charges or unforeseen costs.
Rest assured, your personal information remains strictly confidential with us.
Engage with professionals who understand the nuances of bankruptcy to ensure the best possible outcomes.