We offer the following legal services on personal insolvency:
- debtors' self-petition for bankruptcy
- debtors' individual voluntary arrangement (IVA)
- private negotiation with banks and finance companies for debts (credit cards and personal loans) restrucuturing - debt relief plan (DRP)
- application for early and automatic discharge of bankruptcy.
Track records on personal insolvency law services:
- more than 10,000 self-bankruptcies filed
- more than 1000 IVA applied
- more than 1500 DRP applied and completed.
Since its inception in August 2001, Yip, Tse & Tang has represented over 9,000 debtors in bankruptcy petitions. Bankruptcy applications will be heard in 3 to 4 months time. "Our lawyers are knowledgeable about the effects of bankruptcy order on bankrupts. A special web-site Broke.com.hk has been set up dedicated purely to bankruptcy subjects," said Thomas Tse, the creator of theBroke.com and partner of Yip, Tse & Tang heading the personal insolvency practice of the firm. TheBroke.com has been featured by over 10 local and international newspapers or magazines, including Reuters, BBC and Le Monde. Solicitors of the bankruptcy team were interviewed by TVB, ATV, Cable TV, RTHK, Commercial Radio and MetroRadio Broadcast on debt or bankruptcy subjects on many occasions.
The financial storm in 1997 has resulted in the decline of the Hong Kong economy. Many people have become the victims of that. The HKSAR Government has failed to offer any help to them. Many are indebted to lenders millions of dollars. In view of the bad employment situation and the deteriorating economy, self-bankruptcy is perhaps the only viable option for them. Yip, Tse & Tang charges $4500 as their professional charges. Visit Broke.com.hk to know more details.
According to a recent 'Hitwise Rankings' Report (Hitwise.com ), theBroke.com (10.5%) and Solicitor.com.hk (9.5%) have altogether taken up 20% of the visiting traffic of Hong Kong legal web sites. theBroke.com is ranked 3rd and Solicitor.com.hk is ranked 5th in the ranking. The ranking is based on user visits, time spent on site (site 'stickiness'), category share of traffic and pages. Justice.gov.hk , a web site where the complete set of Laws of Hong Kong is hosted, has 47.5% of the total traffic (ranked no.1) and hklawsoc.org.hk , the official site of the Law Society has 10.5% of the total traffic (ranked no.2). According to East Magazine, Yip, Tse & Tang is heading other law firms in term of number of bankruptcy applications in the first 3.5 months in 2002. Every day, the firm has colleague filing bankruptcy applications with the Court and serving of the same on the Official Receiver's Office.