bankruptcy

[HKG]

"Have declared bankruptcy and have not been released from it yet"

what does this mean?

 

[CDNPR2014]

bankruptcy means you owe a large amount of debt you can not pay off and you have asked for relief from this debt from the government. you would know if you have ever filed for bankruptcy. there are legal proceedings that take place to approve you for it.

 

[HKG]

have not been released from it yet.......what does this mean

 

[CDNPR2014]

have not been released from it yet.......what does this mean

i'm assuming it means the same thing as being discharged. a quick google search suggests:

What does being discharged from bankruptcy mean?
The purpose of filing for bankruptcy and going through the bankruptcy process is to receive your bankruptcy discharge. This legal document declares that your debt is legitimately and permanently erased, and you are no longer liable for the debts you listed in your bankruptcy application.

 

[HKG]

okay i understand. Thanks for explaining. I highly appreciate.

 

[ImABule]

i'm assuming it means the same thing as being discharged. a quick google search suggests:

What does being discharged from bankruptcy mean?
The purpose of filing for bankruptcy and going through the bankruptcy process is to receive your bankruptcy discharge. This legal document declares that your debt is legitimately and permanently erased, and you are no longer liable for the debts you listed in your bankruptcy application.

This is exactly what "being released" means.

Once discharged, bankruptcy won't prevent sponsor eligibility.

 

[gabba50]

"Have declared bankruptcy and have not been released from it yet"

what does this mean?

If you don't what it is, it's actually a good news, so you didn't declare it in the past ;D ;D ;D