If youre in a deep financial hole, is it worth considering bankruptcy and what happens if you do? We get some expert insight.
By Mark van Dijk
It can happen to anyone even famous folks like Mike Tyson, 50 Cent and Donald Trump (six times!) but what exactly does it mean? And what happens when you declare yourself bankrupt or insolvent?
First of all, you dont declare yourself bankrupt, says Rohan Lamprecht, an attorney at insolvency law specialists Dionne Lamprecht Inc. You can only be declared bankrupt by a court, under the Insolvency Act. It gets technical in that you can apply to have yourself placed under voluntary sequestration, or your creditors can bring an involuntary application against you. Either way, the person seeking the o…
Read the full article at: https://www.biznews.com/thought-leaders/2020/08/05/bankrupt-mean
