Many peopleare of the view that it would beeasier to bemadea bankrupt as this will release them of their debts. Though thismay be true, they fail to realise that after being madea bankrupt, their assets become vested with the Official Assignee (OA) andaredivisibleamong their creditors. Thereisalso astatutory requirement to file their incomeandexpenditurestatementsand their statement of affairs. A bankrupt cannot obtain credit of more than $500.00 without first disclosing that he or sheisa bankrupt. You may even have to surrender your passport and your travel overseas will be restricted. A bankrupt will beable to act asaDirector of a company or evenmanagea business.
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