I'm sorry if this sounds stupid, but having just been declared bankrupt and not yet spoken to the OR, I was wondering what happens to existing debts once they have all the money they can bleed from you? Is it all written off or what? AND if it is written off what actually happens to the 'money' that you owed? It's a bit of a deep question I know but my mind is hungry for answers about where the debt goes to if its written off! Sorry if I'm asking too much! Widge xxx
The easy answer is on petitioning for bankruptcy your debts (and assets)become the responsibility and control passes to the Govt.
your mind may explode if you want to explore all of the company persoanl tax issues etc,
like a game of pass the parcel once it leaves your lap it aint your problem, just dont put yourself in a position that the parcel and music stops on you !
Then where and what sort of position does the parcel stop? I'm interested in all the issues. My mind won't explode - I have lots of capacity in there!!! And how do I avoid it arriving back in my lap? Widge x
What if you really have NOTHING?
Posted - 03 March 2011 : 15:02:01
