What are the obligations of a bankrupt?
What are the obligations of a bankrupt?The main obligations of a bankrupt, as described in the Bankruptcy and Insolvency Act(sections 157.1 and 158), include:
- Declare his/her property to the trustee;
- Delivering all his/her credit cards to the trustee for cancellation;
- Delivering to the trustee all documents relating to his/her finances;
- Disclosing to the trustee any property or assets sold or given away;
- Attending an examination when required to do so;
- Attending the meeting of creditors when required to do so;
- Attending two financial counselling sessions;
- Cooperating with the trustee
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