Tag Archive | "statement of affairs"
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...Bankruptcy – can the time period be extended?
Saturday, September 5, 2009
Usually the time period for bankruptcy will last for 3 years from the time you submit and file a Statement of Affairs with ITSA. However, the time period for bankruptcy can be extended to 5 years (ie extended by 2 years) or in extreme cases it can be extended up to 8 years (ie extended by [...]
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
Friday, February 6, 2009
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 [...]
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Saturday, September 5, 2009
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