What are the Duties of a Bankrupt?

  An individual going through bankruptcy is expected to fulfill some duties and obligations.   

Below is a list of some common duties required in a personal bankruptcy:
  • reporting all aspects of your finances to the Licensed Insolvency Trustee; 
  • turning over and assisting in the realization of assets (click here to learn about the bankruptcy in BC exemptions for property);
  • contributing a portion of your income to the bankruptcy estate, if required (see my video explaining "Surplus Income");
  • turning over all credit cards;
  • attending a meeting of creditors if one is required;
  • attending for examination under oath if required;
  • attending two financial counselling sessions;
  • advising the trustee of any material change in your finances;
  • keeping the trustee advised of your place of residence; and
  • any other duties that are required.
A complete list of a bankrupt's duties and obligations can be found here.

If a bankrupt fails to fulfill any of the required duties and obligations, he or she cannot be discharged from bankruptcy until the duties and obligations are fulfilled.  Click here to learn more about the process of becoming discharged from bankruptcy.

Video:  Bankruptcy Duties - What Happens Once Your Bankruptcy Begins