Bankruptcy Shortcomings
- must inform the lender his bankrupt identity when borrowing a sum over $100
- bad credit rating even after bankrupt discharge
- cannot live in extravagance during bankruptcy period
- must pay to the estate's Trustee the money in excess of the living expenses
- some professional qualifications have to be suspended from practice
- not permitted to travel for vacation on own money
- life policy cash value be surrendered to the estate to become asset for paying to creditors
- giving to the Trustee/Official Receiver a good account of the financial position before bankrupt
- explain to the Trustee/Official Receiver "unfair preference", if any
- explain to the Trustee/Official Receiver "transactions undervalue or gifts" made prior to bankruptcy
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