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Re: Any hc which have credit card?
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Originally Posted by torrefy
OA is Official Assignee of your bankruptcy case.
Well apart from being a bankrupt, there is also the debt repayment scheme. I think that one is 8-10 years? Could be more or less I guess, dependent on your amount owed? Not exactly sure.
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Actually debt don't have to be repaid in full as bankrupt, you just make monthly contribution which is supposed to be paid out as so called "dividends" to your creditors. Occasionally when you make your statement of affairs on line they will ask you if you want to make a propose settlement...ie you can proposed to pay 25% or 50% or any amount you feel you can afford to seek discharge but all this will be subjected to your creditors acceptance. Once in a blue moon the OA will also send you letter to ask if you got any debt settlement proposal to get an early discharge...again this is subjected to your creditors accepting the proposal.
In my case I looong all the way don't bother about my debts just make monthly contribution of $100...that why my bankruptcy last so long until OA decided to give me a discharge by certificate..
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