Debt Basics

Yes, you can file bankruptcy on tax debt, but bankruptcy only eliminates certain income tax debts, and only if strict legal conditions are met. Most tax debts are not automatically erased, and many survive bankruptcy entirely. Whether tax debt can be discharged depends on the type of tax, age of the debt, timing of tax…

When a parent dies, adult children generally are not responsible for their parents’ debt. In most cases, outstanding debt becomes the legal obligation of the deceased person’s estate, not their surviving family members. The estate uses available assets to pay creditors during probate, and if the estate lacks sufficient funds to cover all debts, most…

The debt collection process in Hong Kong progresses through sequential stages escalating from informal communication to formal legal proceedings and compulsory enforcement, with each stage involving specific activities, timeframes, and cost implications. Understanding this progression helps creditors set realistic expectations, allocate resources appropriately, and make informed decisions about collection strategy escalation. Step 1 – Pre-Collection…

Debt collection agencies in Hong Kong recover outstanding debts on behalf of creditors through amicable negotiation, legal action, or post-judgment enforcement within a regulatory framework that prohibits harassment, protects debtor privacy, and establishes court procedures for payment enforcement. The ten agencies examined in this guide represent diverse service models: Debt Hunter (聯合信用管理有限公司), Atradius Collections, Coface…