Becoming bankrupt is an important step in your journey of making a fresh financial start. Bankruptcy helps take the pressure off you dealing with creditors and from making repayments on certain types of debts.
Once you have become bankrupt, there are some obligations and responsibilities you’ll need to keep in mind. We’ll send you a letter outlining these obligations and details of your bankruptcy. It’s important you understand these obligations to make sure you do the right thing during this period. There could be serious consequences if you don’t comply.
Managing your bankruptcy
When you become bankrupt we appoint a trustee to manage your bankruptcy. This can either be the Official Trustee (AFSA) or a registered trustee.
We’ll notify the creditors you listed on your application that you are now bankrupt. They can contact your trustee if they have questions or want to confirm your bankruptcy.
Change of details
It’s important you let your trustee know when your details or circumstances change. This includes your:
- phone number
- income, assets or employment
- number of dependants.
End of bankruptcy
Your bankruptcy normally ends 3 years and 1 day from when we accept your Bankruptcy Form. You don't need to apply to be discharged from bankruptcy, this is an automatic process. If you’re not sure when your bankruptcy ends, or you’d like confirmation it has ended, you can request this online.