Main consequences of bankruptcy

Your property transfers to the Official Assignee.
You have a duty to contribute from surplus income (income less reasonable living expenses) towards your debts for up to 3 years.
You are discharged from bankruptcy after 1 year.
All your unsecured debts are written off.

Before bankruptcy		From commencement of bankruptcy

Have debts		All your unsecured debts are written off
May have assets	You	Have a duty to contribute surplus income to the Official Assignee for 3 years
May have income

		Owns your assets
Has no role	OA	Receives creditor claims
		Administers your estate
		Distributes payment to your creditors

Your creditors deal directly with you	Creditor	Your creditors deal directly with the OA and can no longer contact you directly