Woes of the Creditor

Source : Today dated 2nd December 2008, Tuesday

What an interesting read ! I did not know until now, you could only get bankrupt if you owe your creditor $10,000 and above ! Based on the article, you could get away with paying only $100 to make it $9,900 instead :) Nice !

Beside, those bankrupt will be discharged from bankruptcy after a period of 3 years ! Best of all, in the event of a confiscation exercise, the debtor will somehow be notified in advance before the commencement of the auctioning exercise ! How thoughtful :)

Bottom line, make sure that your debtor owe you way more than $10K and assets are heavy to "sneak away" in advance during an auctioning exercise ?

Well, I leave it up to you since I will not have that much money to lend anyone at all :)