Main consequences of bankruptcy
Your property transfers to the Official Assignee.
You have a duty to contribute from surplus income (income less reasonable living expenses) towards your debts for up to 3 years.
You are discharged from bankruptcy after 1 year.
All your unsecured debts are written off.
|Before bankruptcy||From commencement of bankruptcy|
|Have debts||All your unsecured debts are written off|
|May have assets||You||Have a duty to contribute surplus income to the Official Assignee for 3 years|
|May have income|
|Owns your assets|
|Has no role||OA||Receives creditor claims|
|Administers your estate|
|Distributes payment to your creditors|
|Your creditors deal directly with you||Creditor||Your creditors deal directly with the OA and can no longer contact you directly|