Tag Archive | "creditors"
Creditor calls – can creditors continue to call me after bankruptcy?
Your Bankruptcy Trustee will deal with calls from your creditors. Be aware that you must pay for all debts you incur after you become bankrupt.
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...House – will I lose my house?
Tuesday, November 25, 2008
If you own a house and there is equity in the house, for example the house value exceeds the mortgage, then the Bankruptcy Trustee will most likely sell the house. If you don’t have any equity in your house, for example the mortgage outstanding exceeds the current value of the house, then your Bankruptcy Trustee [...]
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 [...]
Continue reading...ITSA’s role
Friday, November 21, 2008
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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 [...]
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Wednesday, November 26, 2008
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