A. If you recently had a Bankruptcy Order made against you or received a Bankruptcy First Notice.
1. The Bankruptcy First Notice serves to inform you of your Duties and Responsibility of a Bankrupt.
2. It is important that you fully understand what you need to do during the period of your bankruptcy administration as failure to comply with these restrictions is an offence under IRDA.
B. If you have been notified of your Monthly Contribution and Target Contribution, or you are currently expected to make Monthly Contribution payments to your Bankrupts’ Estate.
1. Making the required monthly contributions to your bankruptcy estate is an important factor towards getting a discharge from bankruptcy.
2. These contributions will be accumulated in your Bankruptcy Estate Account and goes towards fulfilling your Target Contribution and subsequent distribution to creditors.
3. Setting a goal, drawing up a budget and remaining gainfully employed are practical things you can do during your bankruptcy recovery journey and getting a discharge with record removed.
4. Attending a Budget Counselling Session and Money Management Workshop can help you do just that.
C. If you have recently fulfilled your Target Contribution payments.
1. As there is no automatic discharge from bankruptcy under IRDA, your Bankruptcy Administrator will conduct a discharge review, which may take up to eight months to complete.
2. If you have paid your Target Contribution fully and met the relevant tenure in bankruptcy, your record of bankruptcy will be removed from the Bankruptcy Register five years after the discharge date.
3. Setting new goals and understanding how to rebuild credit may be the focus of your life after bankruptcy. Consider attending a Rebuilding Credit Workshop, where you can find out how you can stay financially resilient.
