Knowing Your Obligations During Your Bankruptcy

When you become bankrupt you will need to understand that you will be bound to meet certain obligation under the bankruptcy act.

Change of name or address

  • You are required to notify your trustee of all changes of name and/or address.

Overseas travel

  • If you wish to travel overseas you must obtain the written permission of the trustee administering your estate who may impose conditions of travel. You may have to surrender your passport to your trustee.

Change in income during bankruptcy

  • You must notify your trustee of any change in your income especially if your new income is close to certain income threshold limits.

Changes in assets during bankruptcy

  • You must notify your trustee if you inherit any property, win money or otherwise receive any assets while you are bankrupt.

Cooperating with your trustee

  • You must cooperate with your trustee and provide information when requested. You may also be asked to attend meetings, or answer questions at an examination under oath. If you fail to cooperate with your trustee, your period of bankruptcy can be extended under certain circumstances.

If your bankruptcy is being managed by the Official Trustee (ie ITSA), you can access forms for change of address and overseas travel requests online.

If your case has been assigned to a Registered Trustee, you need to contact them directly when your circumstances change.

Considering bankruptcy? Contact Insolvency Professionals (07) 3229 4060.

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