C. DEBTS AND CREDITORS. PART 1 OF 5.
WHAT HAPPENS TO MY DEBTS AND CREDITORS IF I BECOME BANKRUPT?
Once you are bankrupt, unsecured creditors should stop contacting you. to make sure this happens you must list all your debts in your Statement of Affairs when you apply to become bankrupt, including:
-debts you owe jointly with someone else.
-any loans to you from friends and relatives.
-debts that you will still need to pay if you are bankrupt.
Your bankruptcy will not affect a creditor's right to pursue another person, such as:
- a person who is a guarantor for your debts.
-debts in joint names with another person. eg. wife or husband.
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