Tag Archive | "assets"
Understand the Restrictions of Bankruptcy
Step 5 – Understand the Restrictions of Becoming Bankrupt You should fully understand the restrictions which bankruptcy may place on your life before declaring yourself bankrupt. If you can avoid bankruptcy by entering into a Debt Agreement or a Personal Insolvency Agreement, you may be able to avoid some of these restrictions which bankruptcy may place on [...]
Continue reading...Don’t Commit an Offence whilst bankrupt
Tuesday, September 1, 2009
Be careful not to inadvertently commit an offence whilst you are bankrupt. Committing an offence whilst you are bankrupt could lead to your bankruptcy being extended for up to 5 or 8 years and in some cases can lead to a prison sentence and or a fine. Listed below are some offences described in the Bankruptcy [...]
Continue reading...Bankruptcy – what is it & how long is it?
Thursday, July 23, 2009
Bankruptcy is a formal procedure under the Bankruptcy Act for people who cannot pay their debts. Your assets will be sold by your Bankruptcy Trustee, unless they are protected assets under the Bankruptcy Act. Bankruptcy will place many restrictions on your life including the right to freely travel overseas. You will need to keep in regular contact [...]
Continue reading...Personal Insolvency Agreement | PIA
Friday, February 6, 2009
A Personal Insolvency Agreement (PIA) is another formal restructuring agreement with your unsecured creditors. A Personal Insolvency Agreement is also known as a Part X arrangement as it is administered under Part X of the Bankruptcy Act. Only a To be eligible to propose a PIAyou must be insolvent, ie you cannot pay your debts when [...]
Continue reading...Bankruptcy – when should I declare bankruptcy?
Wednesday, November 26, 2008
You should only declare yourself bankrupt if you cannot pay your debts and you have no means of selling assets to pay off debt. Please carefully examine the types of debts you have as some debts will survive bankruptcy, ie you will not be release from the following debts: Secured debts HECS Student loans Government fines / Court fines Child [...]
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Saturday, September 5, 2009
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