Faq

Bankruptcy

How does one end up losing everything? We provide some enlightenment on the topic that evokes the greatest financial fear.

What are my rights and obligations as a bankrupt?
Will one end up in Court?
What are my employment prospects as a bankrupt?
What does it mean when one is declared a bankrupt?

When someone is declared a bankrupt, they are made insolvent. This essentially means that they are declared as being unable to meet their financial obligations.

A bankrupt will discover the numerous restrictions placed on them as a result of the bankruptcy. Some primary examples are the imposition of the need to report and work with the Official Assignee (OA) from the Insolvency and Public Trustees Office in the administration of their personal estate (i.e. filing a Statement of Affairs), which may include reporting their asset holdings and liabilities, travel restrictions and the freedom to enter into a contract.

How might I be discharged from bankruptcy?
How is one made bankrupt?