Tag Archive | "assets"
Assets – can I buy an asset whilst I am bankrupt?
If you buy assets whilst you are bankrupt, the asset can be claimed by your bankruptcy trustee as after acquired property. This includes gifts, lottery winnings or inheritance.
Continue reading...Investigations – will any investigations into my financial affairs be made?
Wednesday, November 26, 2008
Your Bankruptcy Trustee will undertake a full investigation into your financial affairs leading up to your bankruptcy. These investigations will focus on: Any assets sold or transferred prior to bankruptcy (up to 5 years); Any assets purchased but not disclosed; or Any excessive expenditure made prior to bankruptcy. Your Bankruptcy Trustee may ask you to explain any transaction or [...]
Continue reading...Assets – what assets can I keep?
Tuesday, November 25, 2008
Only some assets are protected in bankruptcy! A bankrupt can keep the following assets up to the following limits: Car $7,050 A bankrupt can not own a car worth more than $7,050. If your car is worth more than this amount, your Bankruptcy Trustee will be able to sell the car, or you will need to pay [...]
Continue reading...Offences – can I be liable for any offences in bankruptcy?
Tuesday, November 25, 2008
You can commit an offence under the Bankruptcy Act, if you do one of the following: You dispose of property before bankruptcy with the intent to defeat your creditors; You fail to disclose assets; You leave Australia without your Bankruptcy Trustee’s permission; You obtain credit when you know you cannot repay it; You incur credit during bankruptcy over $4,669 without [...]
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Wednesday, November 26, 2008
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