What are my responsibilities once I declare bankruptcy?

While bankrupt, you will become subject to some legal obligations. In this article, we provide an overview of what these obligations are.

Borrowing Money

If you are taking out a loan, purchasing anything on credit or incurring credit through any other way which exceeds a prescribed amount, you are legally obligated to tell the person you are taking credit from that you are currently an undischarged bankrupt.

Running a Business

While bankrupt, you can still operate a business. However, you must disclose your bankruptcy status if you are trading as a sole trader or in a partnership. You will not be permitted to become director of a company or be involved in managing the company without Court permission.

Name and Address Changes

If you decide to change your name or your address, you are legally obligated to notify your bankruptcy trustee.

Overseas Travel

Similarly, if you would like to travel overseas, written approval must be given by your trustee.

If you are experiencing financial distress, please contact CRS Insolvency Services to speak to one of our professional consultants today on 1800 210 073. Our toll-free hotline is open 24 hours a day, 7 days a week to assist you with any questions relating to bankruptcy.