Many people areof theview that it would beeasier to be made a bankrupt as this will release them of their debts. Though this may be true, they fail to realise that after being made a bankrupt, their assets becomevested with theOfficial Assignee (OA) and aredivisible among their creditors. Thereis also a statutory requirement to file their income andexpenditurestatements and their statement of affairs. A bankrupt cannot obtain credit of more than $500.00 without first disclosing that heor sheis a bankrupt. You may even have tosurrender your passport and your travel overseas will be restricted. A bankrupt will be able to act as a Director of a company or even manage a business.
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