The Bankruptcy Act sets out a regime for the assessment of income whilst you are bankrupt. Subject to criteria you may become liable to pay compulsory income contributions for 3 years whilst you are bankrupt. Bankruptcy Income & The Statutory Thresholds There is no limit on the level of income which a bankrupt can earn. However, if you exceed the
Category: During Bankruptcy
How will Bankruptcy affect my spouse?
Are you facing bankruptcy but worried how it might affect your spouse? In some cases the finances between spouses become unclear and the bankruptcy of one spouse can make the situation very complicated. The specifics will depend largely on extend on how the financial affairs have been structured between each spouse. It is possible though, that one spouse will be
How will Bankruptcy affect my entitlements under a family trust?
What is a Trust? A trust is a legal structure which is typically used to split income amongst family members and to protect family assets. That is why many trusts are referred to as “family trusts”. A trust has several participants including a settlor, a trustee and beneficiaries. The Settlor is the person who creates and settles the trust for
Child Support debts in Bankruptcy
Lots of people assume that bankruptcy will clear all debts, but unfortunately this is not the case. Some debts like child support payments are not provable in bankruptcy which means if you declare bankruptcy, you will continue to be liable to pay these amounts. In a practical sense, what this means is that if child support makes up a large
Can a Trustee in Bankruptcy sell my assets?
Bankruptcy Trustee can sell property Section 134 of the Bankruptcy Act provides power to a trustee in bankruptcy to sell property of the bankrupt unless the property is protected under the Bankruptcy Act. The common type of property which a trustee in bankruptcy will sell includes (but is not limited to): real estate motor vehicle exceeding the value of $9,400
Can a Trustee in bankruptcy object to my automatic discharge?
How long will I be bankrupt? A bankrupt will ordinarily be automatically discharged from bankruptcy after 3 years from filing a statement of affairs with AFSA (Section 149 of the Bankruptcy Act). This principle stands unless the Trustee in Bankruptcy files an objection to discharge in accordance with Section 149B of the Bankruptcy Act. A Trustee in Bankruptcy may file
Can a Trustee in Bankruptcy call meetings of creditors?
Bankruptcy meetings can be called for a variety of reasons and they can be initiated by the Trustee in Bankruptcy or in certain circumstances by the creditors. Creditors holding twenty five percent (25%) of all claims can request the Trustee in Bankruptcy to call a meeting of creditors.The most common reason for a Trustee in Bankruptcy to call a meeting
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