Some professional associations or licensing authorities do not allow members to become bankrupt. If you belong to a professional association or hold a licence (other than a drivers licence) you should make an enquiry with your professional association or licensing body before you become bankrupt.
Frequently Asked Questions
- Assets – what assets can I keep?
- Assets – can I buy an asset whilst I am bankrupt?
- Bankruptcy – what is it & how long is it?
- Bankruptcy – when should I declare bankruptcy?
- Bankruptcy – can the time period be extended?
- Business – can I trade a business as a bankrupt?
- Bank account – will my Bankruptcy Trustee close my bank account?
- Credit file – will my credit file be affected?
- Credit – can I incur credit after bankruptcy?
- Creditor calls – can creditors continue to call me after bankruptcy?
- Debts – what happens to debts incurred after bankruptcy?
- Debts – will bankruptcy clear all debts incurred before bankruptcy?
- Employment – will it affect my employment?
- Examinations – can I be examined in bankruptcy?
- House – will I lose my house?
- Income – will I lose any of my income in bankruptcy?
- Investigations – will any investigations into my financial affairs be made?
- Offences – can I be liable for any offences in bankruptcy?
- Tax – do I still need to lodge tax returns?
- Transactions prior to bankruptcy – can any transaction be clawed back?
- Travel – can I travel overseas?