What happens if I win money, a car, or other items during my bankruptcy?

You are legally obliged to tell your Trustee if you win money during your bankruptcy (e.g. lotto, pokies, casino etc), or if you win other items of value (e.g. house, car etc). The Trustee is allowed to claim the winnings and use the proceeds to pay towards your debts.

If the winnings provide enough money to pay the full amount owed to your unsecured creditors, and to pay the Trustee for handling your bankruptcy, your bankruptcy can be annulled and you will get to keep any remaining funds.

What happens if I receive an inheritance whilst bankrupt?

You are legally obliged to tell your Trustee if you become a beneficiary of any deceased estate or inheritance during your bankruptcy. The Trustee is allowed to claim the inheritance and use the proceeds to pay towards your debts.

If you inherit enough to pay the full amount owed to your unsecured creditors, and to pay the Trustee for handling your bankruptcy, your bankruptcy can be annulled and you will get to keep any remaining funds.