After you file bankruptcy you will work through the legal process with your Licensed Insolvency Trustee to receive your official discharge (release). Receiving your discharge from personal bankruptcy means that you have completed the duties required of you and no longer have any legal responsibility to repay the debts that were included in and discharged as part of your bankruptcy – you have achieved a financial fresh start.
Following this key step your Licensed Insolvency Trustee will also be discharged from their role in the bankruptcy process once they have completed all of their duties. These duties commonly include administrative tasks that may not be finalized until after your discharge, such as:
- Filing income tax returns
- Distributing dividends to eligible creditors
- Completing a final accounting of all funds in your bankruptcy estate
Once you’ve been discharged your role is essentially done and you can move forward with your new debt-free life.
Read More: What happens after you file bankruptcy?