Things to consider before filing for bankruptcyShould I file for bankruptcy? It can be instituted by application from either the creditors of a debtor or on the application by the debtor. A debtor can decide to file for bankruptcy where they are in too much debt and have no way to pay them back. The proceedings are instituted by presenting a bankruptcy petition the High court. The official receiver is entitled to recover assets of such a person transferred within the two years preceding the bankruptcy.

Source: Standard Digital February 28, 2019 05:15 UTC