Many people areof the view that it would beeasiertobe made a bankrupt asthis will releasethem of their debts. Though this may betrue, they fail torealisethat afterbeing made a bankrupt, their assetsbecome vested with theOfficial Assignee (OA) and are divisible amongtheir creditors. There is also a statutory requirementto filetheir income and expenditurestatements and theirstatementof affairs. A bankrupt cannotobtain creditof morethan $500.00 without first disclosingthat heorshe is a bankrupt. You may even havetosurrender yourpassport and yourtravel overseas will berestricted. A bankrupt will be ableto act as a Directorof a company oreven manage a business.
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