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Message: [QUOTE="big k, post: 2854548, member: 8268"] You are bankrupt for 3 years before getting discharged. The trustee can request it be longer, but this rarely happens. If you have a house the trustee has an interest in the house for a further 6 years, so anytime during that entire 9 years, if the value goes up they can force the sale. For the 3 years you are bankrupt you pay 50% of your after tax wage/salary after a certain weekly amout to the trustee. The amount you can earn before having to pay depends on number of dependants. For the record... been there done this many years ago. I can understand his move. If he declares bankruptcy now and signs a league contract, the lawyers from the states may push to have the bankruptcy extended time and time again until the full debt is paid, as mentioned extensions are rare, but big league contracts and greedy lawyers could see it happen. No league contract and any ruling on an extension on the bankruptcy will take into account his situation and loss of preferred career. [/QUOTE]

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