Duration of the bankruptcy

There are different rules for discharge of debts and for complete discharge from the client’s obligations under bankruptcy.

A client who applies for the MAP is obliged to comply with their trustee for 48 months after the date of sequestration, despite being discharged of their debts after six months.

This applies to aquirenda over the 48-month period after the date of sequestration and any change of income in the first six months of the bankruptcy. A client whose income changes within the first few months, and now has a disposable income, is moved to the FAB procedure. Try to ascertain whether this will be the case with your client and advise accordingly.