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Bankruptcy
Bankruptcy is most extreme form of debt relief. Bankruptcy can have severe implications on peoples lives and as such all options to avoid bankruptcy should be carefully considered beforehand. You should first enquire to see if you qualify for other options to avoid bankruptcy like a: Debt Consolidation loan; or Debt Agreement; or Personal Insolvency Agreement In most cases bankruptcy [...]
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 [...]
Continue reading...Transactions prior to bankruptcy – can any transaction be clawed back?
Wednesday, November 26, 2008
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 [...]
Continue reading...Debts – will bankruptcy clear all debts incurred before bankruptcy?
Tuesday, November 25, 2008
Bankruptcy will not release you from all debts, ie the debts will survive bankruptcy. This means you will continue to be liable to pay the following debts even after you are discharged from bankruptcy: Secured debts HECS Student loans Government fines / Court fines Child Support Amount payable arising from a “proceeds of crime” order Debts incurred by fraud (over Centrelink fraud) Unliquidated [...]
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Friday, February 6, 2009
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