Bancruptcy of individuals

During the bankruptcy

• In bankruptcy, the bankruptcy estate takes over all financial rights, including assets.

• The Trustee ( a lawayer appointed by the court ) has custody of the bankruptcy estate and makes decisions regarding the disposal of the assets and rights of the bankruptcy estate during the liquidation.

Properties

• The Trustee decides how the assets are disposed of.

• You get to keep property that is not subject to foreclosure, such as furniture and other things to maintain a simple home and things that are necessary due to disability or ill health.
  

Bank accounts

• The Trustee will request that all your accounts and payment cards be closed.

• You can always open a new savings account or get a prepaid credit card.

Income

• You have custody of the income you earn during the bankruptcy process.

Self Employed

• The liquidator makes a decision on how the business operations of the bankruptcy estate and its mutual agreements will be handled.

• The bankruptcy estate takes over a share that an individual may have in a company and tries to bring it to a value.
  The liquidator can request that your VAT number be blocked and you be removed from the payroll register.

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