Advantages of Going Bankrupt
A Bankrupt's Obligations during Bankruptcy Period

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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