Generally, in a first-time personal bankruptcy, you are required to:   disclose to the trustee all your assets and debts to the best of your knowledge surrender all your credit cards to your trustee; attend two counselling sessions report any changes in your financial, family, and residential status (including major changes to your income) make a monthly surplus payment (or, if you have no surplus, an amount determined by your trustee) file monthly income and expense reports provide your income tax information to your trustee who will do your taxes for the year of your bankruptcy and, if necessary, the prior year