When you declare Bankruptcy you are appointed, or you may even appoint yourself, a Registered Trustee to manage the Bankruptcy process. It is the Trustee’s role to ensure that your Bankruptcy is carried out in accordance with the Act and that creditors receive any funds that they may be entitled to out of your estate. As a Bankrupt person it is your role to assist your Trustee with this process, by furnishing them with any information and records that they require.

The first thing that you will have to do as a Bankrupt is to complete and lodge a form known as a Statement of Affairs. This form is exactly as it sounds: a statement that sets out your financial affairs as at the time that you complete it. In completing your Statement of Affairs, you will be giving your Trustee information regarding your income, secured and unsecured liabilities, current and previous assets, and various other details that are required so that they can complete their investigations. Note that it is a punishable offence to knowingly provide false information in a Statement of Affairs.

You will be required to provide your Trustee with documentary evidence of certain aspects of your financial affairs, for example pay slips; bank statements; or books and records. You must also surrender your passport to your Trustee, although you can ask them for permission to use it if the need arises.

Aside from these obligations, your remaining ones are simply to comply with any instructions that your Trustee gives you. If they require any additional information or documentation, you need to provide it. You must keep them updated of your address and any material change in your circumstances. On rare occasions, when a case is a little more complicated than usual, a Bankrupt person may be asked to attend a meeting of creditors. Full compliance with your Trustee will help to ensure that there are no obligations to your discharge, which would mean an unnecessary extension of the term of your Bankruptcy.

For more information about the responsibilities and obligations of a Bankrupt, or any other aspect of Bankruptcy, feel free to search the rest of our website. Alternatively, you can the Australian Bankruptcy Service on 1800 462 767 and speak to a fully qualified bankruptcy expert with years of experience in giving Bankruptcy advice.