Bankruptcy Application Assistance Plans
Free Bankruptcy Consultation with Ruthy
0
We offer an initial consultation to answer fundamental questions about bankruptcy procedures, help clarify your case, and provide guidance on your initial application direction.
Valid until canceled
1
Ruthy Chan’s Bankruptcy Order Plan
1,800
We provide professional bankruptcy consultation services, including assistance in completing the bankruptcy petition, accompanying you for oath-taking, and notifying creditors.
Valid until canceled
2
Best Value
Ruthy Chan’s Comprehensive Plan
4,000
This plan covers all bankruptcy application and follow-up procedures throughout the bankruptcy period,including full case tracking, document preparation, guidance.
Valid until canceled
3
After payment, please contact us via WhatsApp at 5508 9548 for further service arrangements.
Overview of Our Bankruptcy Plans
We understand the complexity and pressure of bankruptcy procedures. Ruthy offers two professional solutions: the Bankruptcy Order Plan and the Comprehensive Plan, ensuring you complete the process smoothly within the legal framework while receiving necessary support.
Ideal for individuals who need basic assistance with the bankruptcy application. We ensure your application proceeds smoothly, covering:
✔ Case Evaluation & Guidance
• Preliminary analysis and completion of the bankruptcy petition and statement of affairs
✔ Legal Procedure Assistance
• Assistance in scheduling a hearing date and accompanying you to the Official Receiver’s Office for oath-taking and filing at the High Court
✔ Creditor Notification
• Immediate issuance of up to 10 notification letters to creditors requesting cessation of collection actions
💰 Fee: HKD 1,800
Ideal for individuals seeking full support to ensure a seamless bankruptcy process over a 4-year period, covering:
🔹 Bankruptcy Application & Management
• Full case tracking, completion of the bankruptcy petition and statement of affairs
• Scheduling and accompanying for oath-taking at the Official Receiver’s Office and filing at the High Court
• Creditor notification and request for cessation of collection actions
• Post-bankruptcy order assistance with filling in the bankrupt’s questionnaire
• Guidance for creditor meetings (if applicable)
🔹 Financial & Account Management
• Assistance in opening a payroll account / unfreezing bank accounts
• Guidance on completing monthly income and expense assessment forms to comply with bankruptcy conditions
• Preparation of four Annual Statement of Affairs (one per year)
🔹 Legal & Administrative Support
• Post-bankruptcy assistance with trustee meetings and pre-meeting guidance
• Support in communication with the Official Receiver / trustee
• Guidance on asset handover
• Assistance in applying for “Letter of No Objection” and “Certificate of Discharge from Bankruptcy” after bankruptcy completion
🔹 Additional Support Services
• Free 3.5-hour online bankruptcy guidance course (with notes)
• Access to WhatsApp & Facebook support groups for continuous updates
• Accounting services for business-related matters (if applicable)
• Mailbox rental + WhatsApp notification service (HKD 60/month)
💰 Comprehensive Plan Fee: HKD 4,000
Comprehensive Plan
Bankruptcy Order Plan
Which Plan is Right for You?
✅ If you only need basic bankruptcy application assistance, the Bankruptcy Order Plan is suitable for you.
✅ If you want full support to ensure a smooth bankruptcy process, the Comprehensive Plan is your best choice.
Regardless of your financial situation, we offer tailored solutions to help you regain financial freedom! 💡✨
FAQ | Before Applying for Bankruptcy
Q
What is bankruptcy?
A
Bankruptcy is a legal process that declares a debtor unable to repay debts, followed by a structured repayment process for creditors.
Q
Who can apply for bankruptcy?
A
If you are unable to repay your debts and your liabilities exceed your assets, you may apply for bankruptcy. However, if you own valuable assets such as property or have sufficient cash flow, bankruptcy may not be the best option, and you should consider alternatives such as an Individual Voluntary Arrangement (IVA).
Q
What are the alternatives to bankruptcy?
A
IVA (Individual Voluntary Arrangement) & Debt Relief Plans (DRP / IDRP)
(Our company also provides related services. Please refer to our debt restructuring plans.)
Q
Is the bankruptcy application process guaranteed to be successful?
A
Not necessarily. The court may reject your bankruptcy petition if:
• You own assets that suggest you are capable of repaying your debts.
• The valuation of your assets is inaccurate.
• A third party files an objection to your bankruptcy application.
Q
What documents are required for a bankruptcy application?
Q
💰 How much does bankruptcy cost?
A
🔹 Insolvency Service Administration Fee (one-time): HK$8,000
🔹 High Court Filing Fee (one-time): HK$1,045
🔹 Optional Bankruptcy Consultation Services: HK$1,800 – HK$4,000
📌 Total Estimated Cost: HK$9,045 – HK$13,045
Q
What are the pros and cons of bankruptcy?
A
Pros:
✔ Creditors must stop all collection actions, including lawsuits and civil claims.
✔ Once assets are handed over to a trustee, you no longer need to manage debt repayment.
✔ After the bankruptcy discharge, all pre-bankruptcy debts are cleared.
Cons:
✖ You cannot apply for loans during bankruptcy.
✖ Avoid luxury expenses (e.g., taxis, expensive purchases), as complaints may be filed.
✖ Cannot purchase assets or contribute to insurance plans.
✖ Certain professions are restricted, including lawyers, insurance agents, real estate agents, stockbrokers, and company directors.
✖ Failure to comply with regulations can lead to legal violations.
✖ Credit rating may be negatively affected post-bankruptcy.
Q
How do I apply for bankruptcy?
A
1. Complete the Bankruptcy Petition Form and Statement of Affairs.
2. Submit the documents to the Official Receiver’s Office (10/F) and pay the administrative fee.
3. Swear an oath on the same day.
4. Submit the sworn documents to the High Court (LG1) for filing and pay the filing fee.
5. Attend the High Court hearing on the scheduled date to obtain the bankruptcy order.
6. Complete the Preliminary Questionnaire for the Bankrupt and Monthly Income and Expense Statement.
7. Submit all completed documents to the Official Receiver’s Office for an initial interview and case transfer.
8. The trustee will then arrange for all your assets and financial records to be handed over.
⚠ Important Note:
• All bank accounts will be immediately frozen upon the issuance of a bankruptcy order.
• You must book an appointment on GovHK to apply for authorisation to open/retain a bankruptcy savings account for payroll purposes.
If your assets exceed HK$200,000, a creditors’ meeting will be held to appoint a trustee.
Q
What are my obligations during the 4-year bankruptcy period?
A
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Submit an Annual Income and Asset Declaration on the anniversary of your bankruptcy for four consecutive years.
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Report any financial changes (e.g., asset increase or cash inflow exceeding HK$50) to the trustee immediately.
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Maintain communication with the trustee and update them on any personal changes.
Q
How does the bankruptcy discharge process work?
A
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After 4 years, you will be automatically discharged from bankruptcy.
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Obtain a “No Objection Confirmation Letter” from the trustee.
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Submit the letter to the High Court Registry (1/F) to apply for the Bankruptcy Discharge Certificate.
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Once the certificate is issued, you may apply for loans, mortgages, and credit cards again.
Q
Can a bankrupt individual break the law?
A
Yes. To avoid legal violations, you must:
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Submit the Annual Income and Asset Declaration within one month after the bankruptcy anniversary.
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Fully disclose all financial information to the trustee.
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Submit all required documents on time.
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Notify the trustee immediately of any income or asset changes exceeding HK$50.。
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Do not borrow more than HK$100 from any person or institution.
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Maintain complete financial records if you own a business.
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Do not act as a company director during the bankruptcy period.