Wednesday, August 25, 2010

BANKRUPCTY DISCHARGE


PART 1 OF 4.

This means your bankruptcy has ended and you are no longer bankrupt.

When you became bankrupt because you presented your own petition, you will be discharged automatically three years and one day after you filed that petition and the Statement of Affairs with the Insolvency and Trustee Service Australia.
If one of your creditors made you bankrupt, you will be discharged automatically three years and one day after your completed Statement of Affairs is filed with Insolvency and Trustee Service Australia.

It is important to lodge your Statement of Affairs with Insolvency and Trustee Service Australia promptly as any delay can mean you will be bankrupt longer than three years.
In some cases, you can be bankrupt for longer than three years. This happens when your trustee lodges an objection to your discharge with Insolvency and Trustee Service Australia.


There is no need to apply for discharge. However, you can get confirmation of your discharge from bankruptcy by:
-asking your trustee.
-searching the public record, the National Personal Insolvency Index, which is maintained by Insolvency and Trustee Service Australia and obtaining an extract which shows your date of discharge. There is a fee for this service.

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