Assets – what assets can I keep?

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?

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 [...]

Continue reading...

ITSA’s role

The Insolvency and Trustee Service Australia (ITSA) is the government agency responsible for the administration and regulation of the personal insolvency system in Australia. ITSA aims to regulate a personal insolvency system that produces equitable outcomes for debtors and creditors, enjoys public confidence and minimises the impact of financial failure on the community. ITSA operates the bankruptcy [...]

Continue reading...

Professional Networks

Continue reading...