What obligations, restrictions, and rights does someone have as a bankrupt?

A: Well, the trustee can restrict your ability to travel out of the cities. It’s an offense to gamble whilst to bankrupt.

Q: All right.

A: Your trustee can require you to provide all such information and documents and as to how you spent your money over the last five years.

Q: Even outside of bankruptcy?

A: You cannot borrow money over a certain amount without declaring that you’re bankrupt. You can’t obtain credit over a certain value without declaring you’re bankrupt. That is to say you need to pay upfront for goods and services rather than obtaining on credit to be paid later. Your name goes on a list and…

Q: But it’s not listed.

A: Well, the credit reference says yeah, I should remember that or bankrupt or they call if the general bankrupt, and that will astound your record for at least seven years after this judge [ph] [0:02:03.5].

A: …if it’s effective or if you’re climbing down now the money [ph] [0:00:02.8].

Q: And if it’s not effective or you are pursued for bankruptcy and voluntarily…

A: Yeah.

Q: What’s the next step for…?

A: If the bankruptcy notice –

Q: Yeah.

A: — is not set aside, —

Q: Yeah.

A: — and that it has expired, that is an active bankruptcy upon which your creditor can then move the court to have the your… a trustee appointed to you or face, and he does that by way of creditor’s petition.

Q: Yeah.

A: By filing then in either the federal circuit court or the federal court.

Q: Right.

A: And then there will be a hearing indict.

Q: Yeah. So…

A: And if you defend the matter, it will go before a magistrate… sorry, a federal circuit court judge or federal judge –

Q: Yeah.

A: — to determine whether or not you have a proper defense –

Q: Right.

A: — or an offsetting claim. Alternatively, the Court may make an order effectively putting a trustee in bankruptcy having [ph] [0:01:20.1] your face.

Q: Is that a Sec.?

A: It’s called the Sec. Restriction Order.

Q: Right.

A: Sequestration.

Q: And once that order is made, and a trustee is [?] [0:01:33.4]…

A: The legal entitlement to all of your assets is basically in the trustee.

Q: Right.

A: And your creditor is nobody who can commence the proceedings to go after you [ph] [0:01:40.8] or continue the proceedings to go after you like seeing the sheriff in this type of personal items or items which are allowed to keep.

Q: Right.

A: It stops all such.

Q: That’s the trustee in bank [?] [0:02:00.0].

A: Now, the next step is, once you’ve gone bankrupt, —

Q: Yeah.

A: — is you didn’t have to fill out the statement of affairs, which is designed for me with other ones fill out to –

Q: I want to…

A: — to declare a self-bankrupt.

Q: Yeah.

A: And the three years of bankruptcy commence is on the day that is launched.

Q: Is three years… I’ve heard of three years or five years.

A: Right. The…

Q: What is the period of bankruptcy?

A: Bankruptcy is for a period of three years. But your trustee can, by filling out a form, take you in…