Many peopleare of the view that it would beeasier to be madea bankrupt as this will release them of their debts. Though this may be true, they fail to realise that after being madea bankrupt, their assets become vested with the Official Assignee (OA) and are divisibleamong their creditors. There is also a statutory requirement to file their incomeand expenditure statements and their statement of affairs. A bankrupt cannot obtain credit of more than $500.00 without first disclosing that he or she is a bankrupt. You may even have to surrender your passport and your travel overseas will be restricted. A bankrupt will beable to act as a Director of a company or even managea business.
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