Bankruptcy obligations/restrictions
- Any money in your bank account (at the time of your Bankruptcy) will be collected by your Bankruptcy Trustee and your credit cards will be cancelled
- You must complete a Statement of Affairs at the commencement of your Bankruptcy (the 3 year Bankruptcy term does not commence until you have completed your Statement of Affairs)
- You cannot be a director of a company whilst you are bankrupt
- You cannot incur debts of > $5,447 * without disclosing your bankruptcy
- You must surrender your passport to your Bankruptcy Trustee and you cannot travel overseas without your Trustee’s written consent
- You may be liable to pay income contributions (subject to income contribution thresholds)
- You must deliver all of your records to your Bankruptcy Trustee
- You must keep your Bankruptcy Trustee fully informed as to your residential address and the income you earn
- You must disclose to your Bankruptcy Trustee any assets which you may acquire during your bankruptcy
- You may need to attend a meeting of your creditors
- Your Bankruptcy Trustee may wish to examine you and people associated to you
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