What Happens When You Go Bankrupt?

Answer

When you go bankrupt, your assets can be used to pay your debts. You have to agree to certain restrictions and your financial affairs will be investigated. You may also be asked to sign an 'income payments agreement' to pay fixed monthly instalments from your income for three years.
1 Additional Answer
When you go bankrupt, your assets are used to pay your debts and your financial affairs are investigated. Certain restrictions are subjected and you are freed from your debt after a certain period of time. You bank accounts are freezed, business closed, income is used to pay debt and you are not allowed credit facilities.
Q&A Related to "What Happens When You Go Bankrupt"
You will have bankruptcy status for 10 years. This isn't as bad as having bad credit because you are taking the first step to trying to alleviate your debt by declaring bankruptcy
http://www.ehow.com/how-does_5004858_what-happens-...
No one except the companies knows for sure and it is not unusual. Companies have been going bankrupt since their introduction to the world.
http://answers.ask.com/Society/Government_and_Law/...
Apparently they went bankrupt and the founders were convicted of embezzlement, according to http://en.wikipedia.org/wiki/Pha.... Embed
http://www.quora.com/Pittsburgh/What-happened-to-P...
When you go bankrupt, some or all of your debts will be erased to give you a fresh
http://www.chacha.com/question/what-happens-if-you...
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