Annulment of Bankruptcy Order
The bankrupt may apply for an Annulment Order after full settlement of creditors’ debts (such as bank loans, credit card loans, private loans, etc), interest and expenses of the trustee. After the issuance of the Annulment Order, the bankrupt can restore the full ownership of his / her property (such as partial interest in a property, vehicle or the valuables kept in safe in banks) from the trustee.
In general, if the bankrupt owns full or partial interest vested in a property, he or she would receive a letter of advice from the trustee asking the bankrupt’s family member(s) who owns the remaining interest in the property to purchase the bankrupt’s share, or to sell the property. After realizing the property (i.e. selling off and converting to cash), the funds from the realization of the property will be used for repaying debts owed to the creditors (such as banks or financial companies). If the bankrupt and / or his / her family is worried that they would lose their residence after selling the property, they should consider settling all the debts and apply to the court for an annulment order.
Our firm assists the bankrupt in applying for the annulment of the bankruptcy order, which enables the bankrupt and his / her family to restore their properties and assets from the trustee.