What are the obligations of a bankrupt?

Bankruptcy_Trustee_meeting-150x150What 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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