WHEN AND HOW CAN I CLAIM MONEY FROM A PERSON WHO IS DECLARED BANKRUPT ?.

So, the person you demand ‘big’ money has just been declared bankrupt. This is probably worrying news for you because you cannot sit in front of his door or send threatening letters through your lawyers until the person pays you. This does not mean the end of the world for you and that ‘ka-money’.

What it means is that now you must be a bit more patient and go through the person court has appointed to know the next thing that will bring you closer to your money.

That next thing will be called a meeting of creditors where you will bring proof and details of how much you demand, and you will participate in appointing the person going to sell off or manage the property of the person with your money so that it can yield your ‘missing’ money. (That person is called a trustee).

Remember, if you are too busy to keep tabs on what is happening, the law allows you to appoint a representative to sit for such meetings and follow up with the trustee to get your money.

When this person (trustee) starts to work, please put in a claim (it can be a written demand for your money) and depending on the order of payment, you should get your money back from the sale of the property or money accumulated from the assets.

Remember the fact that the person you demand has been declared bankrupt does not mean you will lose your money. It instead means that you do not have to deal with empty promises and can make your claim to the trustee and be paid.

📷:Unsplash

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