Your Bankruptcy Trustee will undertake a full investigation into your financial affairs leading up to your bankruptcy to establish if you entered into any transactions which can be set aside. For example if you sold an asset at under its true “market value” your Bankruptcy Trustee may seek to have it set aside. In this regard your Bankruptcy Trustee may be able to “claw back” the asset. Your Bankruptcy Trustee may seek to do this on transactions entered into up to 5 years before your bankruptcy.
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?