Another hurdle to gaining more credit, and one that is extremely important to know, is that you are actually restricted from applying for credit over a certain amount. If you do apply for credit over the threshold amount, which is currently $7,032 (as at March 2024), you must declare that you are a Bankrupt person. If you do not disclose your Bankrupt status you will be deemed to have committed an offence, and you could be prosecuted.