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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