What Your Obligations are.
What are my obligations?
In bankruptcy you will no longer need to pay most of your debts. Now you can begin to rebuild your financial future. During bankruptcy you have certain obligations and may face some restrictions.
It is your obligation to tell your trustee when your circumstances change. You must inform your trustee if you:
- change your name, address, income or employment.
- forgot to include debts or assets in your bankruptcy application.
- buy or gain new assets (e.g. house, car, winnings)
- receive an inheritance (could be money or other assets).
- You also have the following responsibilities.
- request permission from your trustee to travel overseas.
- reveal your bankruptcy if you apply for credit over a set amount.
- disclose your bankruptcy if you trade under a business name that doesn’t contain your name.
- provide information to your trustee regarding your finances (such as income and mortgage statements).
- lodge your statement of affairs within 14 days (of notification of bankruptcy) if you’ve been made bankrupt by a creditor.
- There may be penalties if you don’t comply with the above obligations and restrictions.
- In some cases, your trustee may extend your bankruptcy.
For more information reach out and we can advise you on the best course of action that suits you.