If you considering declaring bankruptcy in Australia, there are some consequences that you need to be aware of. Choosing to declare bankruptcy has serious and long lasting effects on your life, so it is crucial that you are properly informed before you make this decision. You may lose some assets If you have a house or a car worth
Anthony Warner
Anthony Warner, the Registered Trustee for Australian Bankruptcy Services
Anthony Warner, the Registered Trustee for Australian Bankruptcy Services Australian Bankruptcy Services offers one of Australia’s leading private Registered Bankruptcy Trustee services. We are leaders in the field of personal insolvency and can provide advice and professional administration regarding bankruptcy and any of its legal alternatives. Anthony Warner is the registered trustee for Australian Bankruptcy Services. He has
What is a Bankruptcy Trustee?
A Bankruptcy Trustee is someone who is qualified to handle and oversee Bankruptcy cases and Personal Insolvency Agreements. They have to be registered with the Australian Financial Security Authority (AFSA), complete the minimum level of studies and have experience in dealing with related matters. In order to be qualified by AFSA, a Trustee needs to: Hold a university degree majoring
How Will Declaring Bankruptcy Affect My Family?
How Will Declaring Bankruptcy Affect My Family? The bankruptcy process entails many ramifications that may have a flow-on effect to other family members. When you declare yourself bankrupt, the bankruptcy does not automatically extend to your family unless a family member has guaranteed your debts. Assets When you declare bankruptcy, your assets may be taken and sold to help clear
How ABS Can Help You File for Bankruptcy
Making the decision to declare Bankruptcy is already difficult. This is why, at Australian Bankruptcy Services (ABS), we want to make the process of filing for Bankruptcy as smooth as possible. While you have the option of filing for Bankruptcy yourself, the Bankruptcy laws in Australia are very complicated and so it can be difficult to understand the technical
What to consider when filing for bankruptcy
What to consider when filing for bankruptcy Filing for bankruptcy on a voluntary basis may be one of the most daunting and difficult financial decisions an individual is ever likely to face in their life. Here are some things to consider when filing for bankruptcy. Eligibility You can apply for bankruptcy if you are insolvent, meaning you cannot
Can I Cancel My Bankruptcy?
You may have been considering Bankruptcy but wondered if it was possible to cancel your bankruptcy after you declared it. Find out three ways that you can end your bankruptcy early. What Is Bankruptcy Annulment? The cancellation of a bankruptcy is called an annulment. There are three ways you can officially annul your bankruptcy: Pay Off All Debts In Full.
What Happens To My Tax Refund During Bankruptcy?
If you’re facing bankruptcy, you might be wondering what happens to your tax refunds. In order to help, we’ve put together some general guidelines on how the Australian Taxation Office (ATO) deals with this during bankruptcy. The ATO can keep tax refunds to cover any unpaid tax debt if: You are an undischarged bankrupt; and You owe money to
Why the One Year Bankruptcy Bill was introduced and how it can affect you
The proposal by the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 was to encourage greater entrepreneurial action by reducing the heavy penalties under the current regime. Under the current regime the bankruptcy period is 3 years. Under the proposed amendments the bankruptcy period would be reduced to one year. By reducing the Bankruptcy period to one year, it will help to
Federal Parliament introduces 1-year Bankruptcy Bill
A Bill to reduce the period of bankruptcy from 3 years to 1 year was introduced by the government in October 2017. It hasn’t become law as yet, but if the bill is passed by parliament bankrupts will be discharged 1 year from the date of filing their statement of affairs. What happens after I am discharged? You don’t need
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