One of your obligations when bankrupt is to keep your trustee informed of any changes in your income or employment.
For example, if you:
- change jobs
- receive higher or lower income (including government assistance)
- stop working.
There is no limit to the amount of income you can earn while you're bankrupt. There is also no limit to the amount you can save during your bankruptcy.
Case study: Simon
Earning income during bankruptcy
Recently, Simon was offered a position at a school. He accepted the job, and now earns $90,000 (after tax) a year.
If your trustee is the Official Trustee[?] (AFSA) update us now.
When you update your income, your trustee may request further information if they believe your income exceeds the set amount. If you trustee is the Official Trustee (AFSA), they may send you a statement of income form to complete.