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?