How long is the period of bankruptcy?

July 29th, 2011 // 10:22 pm @

This usually lasts for 3 years but can be extended if you do something unlawful during this time such as failing to disclose all your debts, or failing to advise of any change of information (eg. your name, address, phone number, employment details etc.) as stated on the documentation when lodged.

If, during this time you have a sudden influx of money from say a lottery win, or receive a termination payment if you leave your job, or obtain a benefit from a deceased estate, your trustee will ask that you pay back your creditors from the proceeds.

 


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