Personal Insolvency: bankruptcy, debt restructuring by DRP
Personal Insolvency: bankruptcy and debt restructuring by DRP
Hong Kong experienced the Asian financial turmoil in 1997 and the world financial tsunami in 2008. In both instances, Hong Kong people suffer financially. It made heavy debtors unable to pay their liabilities on debts. Debts may include home mortgages, credit card debts and personal loans. In 1997, many home owners suffered from negative equity with their homes and their investments suffered a total loss.
In both instances, we have offered legal help to debtors by offering our legal services:
personal bankruptcy, acting for clients on filing bankruptcy applications and giving them practical advice on this unusual decision in life.
DRP which is the short name of Debt Relief Plan, through which we negotiate with banks and finance companies to have their debts and loans restructured. Debts will become easier to be repaid as a result of interest reduction and extension of the loan repayment period.