B. VOLUNTARY BANKRUPTCY.
Where you are unable to come to an arrangement with your creditors, you can consider petitioning for bankruptcy. Upon becoming bankrupt your trustee will sell those assets that you are not allowed to keep, to repay your creditors to extent possible.
While you are a bankrupt, should you earn an after tax income above a defined threshold you will be required to pay half of the excess amount to your trustee for payment to creditors.
You will be bankrupt for a minimum of three years. This period can be extended by the trustee under certain circumstances. After that period you are discharged from most of your debts.
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