Your assets are transferred to the trustee, who may sell them to pay your debts. The trustee is the person who is going to administer your bankruptcy.
If you apply for bankruptcy under the Minimal Asset Process rules, your trustee will be the AiB.
Your trustee will take over your financial affairs and control them until you are discharged from bankruptcy, or until all your assets are disposed of.
Your trustee will contact you to arrange an interview. The interview can be in person or over the telephone.
At the interview, the trustee will:
- check the information they have about your debts and assets
- ask for more details — for example, about your pension or savings
- ask how and why you became bankrupt
- tell you what their role will be
- discuss what you need to do
- answer any questions you have about the bankruptcy process
You'll be asked to provide information about your debts, creditors, assets and income. You'll be sent a letter telling you what you need to do and by when.
You must provide any information you're asked for or the date you're discharged (freed) from your bankruptcy could be delayed.