Bankruptcy Case Example: Miss B going bankrupt

Case Illustration

 Miss B is a saleslady having a regular salary of $12000 per month. She likes travel for vacations. She does this 3 times a year. She has borrowed  about $250,000 in total from different banks and finance companies. Credit card debts and personal loans are almost half and half. Her repayment in total every month is about $8000. Her basic living expenses in a month is $8000.  Because $8000 is her basic spending, she is now unable to repay all her creditors.

Question 1: 
Can any one of the creditors file a bankruptcy petition against Miss B at this stage? 

Question 2: 
If a bankruptcy order is granted against Miss B, then what will happen to Miss B? Answer 5

Question 3: 
What are the effects of bankruptcy on Miss B's job?

Question 4: 
If Miss B gives his car to his brother as a gift, then what possible legal action will he face? 

Question 5: 
What can a creditor do after a bankruptcy order has been granted against Miss B?

Question 6: 
When will Miss B be discharged from his bankruptcy order? 

Question 7: 
Can Miss B apply for an early discharge of the bankruptcy order even if its effective period has not expired?  


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