Once you file personal bankruptcy, you have certain duties that you must complete in order to keep your bankruptcy on schedule and your discharge date in tact. Therefore, it’s important to understand your duties before filing bankruptcy. Some of the most important duties of a bankrupt are:
Disclose all assets in your possession and deliver non-exempt assets to the bankruptcy trustee;
Give all credit cards to the trustee for cancellation;
Submit the required supporting documentation to the bankruptcy trustee;
Report your household income and expenses each month to the trustee;
Make all required payments, including surplus income;
Attend two mandatory credit counselling sessions;
Attend any required meeting of creditors or examinations by the Official Receiver.
A failure to fulfill your duties will lead to dismissal of your bankruptcy. If your case gets dismissed, your creditors are free to come after you to collect their debts. Essentially, when your bankruptcy is dismissed, you are in the same position you were in prior to filing.
You need to be aware that bankruptcy is a process. After you file personal bankruptcy, there are certain procedures you must follow to complete your bankruptcy and obtain a discharge. In general, most bankruptcy cases are dismissed because of the debtor’s failure to complete the duties listed above.
Avoid the problem of dismissal by doing what you need to do. No excuses.
If you have any questions about bankruptcy, contact our office today.
