I will be entering into bankruptcy. I am a little nervous about the whole thing and am not sure what role the trustee will play and what powers they have.
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Answer by Kelly Angus, Adelaide 5000 SA
- Your trustee has the task of administering your bankruptcy.
- Their duties are set out in the legislation (written law) and they must adhere to certain standards while administering your bankruptcy.
- So that they may pay your creditors your trustee will:
- sell your assets other than exempt assets;
- recover any income you earn over a certain amount;
- investigate your financial affairs; and
- in some cases recover certain property that you transferred to another or others prior to your bankruptcy.