A bankrupt is legally obligated to cooperate with their trustee in bankruptcy per the Bankruptcy Act. This includes providing all books and records that are in their possession, as well as their passport if requested. In addition, a bankrupt must provide information about their examinable affairs as the trustee requires. Section 77 of the Bankruptcy Act requires the bankrupt to:
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Alternatives to Bankruptcy
Bankruptcy is often seen as the last resort for people in serious debt. This has been the case for decades and bankruptcy has always had some level of stigma attached to it within the Australian community. Bankruptcy can also have long term consequences and as such you need to carefully understand these consequences before you file for bankruptcy. If you
How to Handle Bankruptcy
How to Handle Bankruptcy Many people want to avoid it, but bankruptcy is at times an inevitable situation. If the debts are too much to pay, bankruptcy is a legal process that will allow someone to be separated from what they owe. For anyone looking to have a fresh start in eliminating a massive debt, bankruptcy might be the solution.
What are my limitations when I declare bankruptcy?
What are my limitations when I declare bankruptcy? There are various consequences that you need to be aware of when you declare bankruptcy. It affects your ability to earn income, your house and even your car. Read below for more on how bankruptcy affects these parts of your life. Can you earn income if you declare bankruptcy? A common question
Bankruptcy: 5 Signs It’s Time to File
Bankruptcy: 5 Signs It’s Time to File If you’re experiencing financial hardship, you may think that’s time to file bankruptcy — not so fast. That may not be the best option for your unique financial situation. Here we tell you five signs that it’s time to file bankruptcy. 1.You’re Using Savings to Pay Bills It may be tempting, but paying
Covid-19 Debt Protections Ended 1 January 2021
Covid-19 Debt Protections Ended 1 January 2021 The federal government announced temporary changes to bankruptcy laws in March 2020 to provide debt relief for individuals during the Covid-19 pandemic as follows: The debt threshold for creditors to apply for a bankruptcy notice increased to $20,000 and; The time period for a debtor to respond to a bankruptcy notice increased to
What You Need To Know: Changes to Bankruptcy Laws
What You Need To Know: Changes to Bankruptcy Laws On 24 March 2020, the Federal Government announced temporary changes to bankruptcy laws to provide support for individuals facing bankruptcy due to the economic impact of COVID-19. These changes were to last six months originally from 25 March 2020 and include: ● A minimum debt threshold increase from $5,000 to $20,000
How Bankruptcy Gives You a Fresh Start
Declaring voluntary bankruptcy is sometimes the best step to take to start rebuilding your life if you have unmanageable debt. Bankruptcy will release you from unmanageable unsecured debts. Unsecured debts are amounts owing that aren’t tied to any form of security (like a car or a house). Most of the time they are credit cards or personal loans where there
Ways to make extra money during COVID-19
With the end of the COVID-19 pandemic still unknown, and recent changes to the JobKeeper and JobSeeker program, you may have been looking at ways to financially future proof yourself. With early financial lessons learnt from COVID-19 (click here to learn more), the need to make some side hustle cash could make a huge difference to your current financial situation
Career Trends to Look Out For (Future of Work Post-Covid 19)
With the Covid-19 pandemic significantly changing the job market which has seriously impacted the economy and job security, we are left to wonder, what does the future of work look like and how would this impact my career opportunities? Below are some career trends to look out for in the current and post-covid world. Being Tech Savvy With the pandemic
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