When you are first declared bankrupt you must disclose to your Bankruptcy Trustee all assets that you both currently hold, and expect to come into possession of. This includes any tax returns that you expect to receive, and depending on the date of your bankruptcy and how up to date your tax declarations are, you may be required to surrender
Category: faq2
Can I run a business as a Bankrupt?
Everyone needs to be able to earn a living, and if you run your own business, you might be concerned that bankruptcy will stop you from being able to do so. The good news is that you can still run a business as a bankrupt person. You might find, though, that you have to do things a little differently than
Can I travel overseas whilst I am bankrupt?
One of the major concerns for people who are considering bankruptcy is that they will lose their passport and not be able to travel overseas. It is true that when you are bankrupt you have to give your passport to your Trustee, but it is still possible for you to go overseas. Your Trustee in Bankruptcy must request that your
Can my bankruptcy be cancelled or annulled?
Yes there are ways to annul your bankruptcy. Your Bankruptcy Trustee will issue a certificate of annulment when: all your debts and costs of administration of your bankruptcy have been paid in full, or you make an offer to your creditors which is accepted. Typically you will need to offer your creditors more than they would receive if your bankruptcy
Do I have to make payments from my income to the Trustee?
When you are a bankrupt person you no longer have to make payments toward your provable debts. Provable debts generally take the form of unsecured debts such as credit cards and personal loans, but can also include any actual or contingent shortfalls from secured debts such as home mortgages and car loans. But bankruptcy was not designed to get you
Do I need to become bankrupt?
Bankruptcy is obviously something that should be avoided if possible, but for some people it can be a necessary, and even beneficial choice. If you are struggling to make repayments toward your debts, are being hounded by creditors for payments, and have more financial obligations than money to service them – you may need to declare bankruptcy. Bankruptcy is designed
How do I apply for bankruptcy?
Most people assume that bankruptcy is something that is forced on you by your creditors, but it is also a choice that you can make for yourself. Applying for bankruptcy yourself can be a daunting process, but with professional help it is actually relatively simple. The first step is to know who your Bankruptcy Trustee is going to be, and
How long will I be bankrupt and can this time period be extended?
There is often some confusion around how long bankruptcy lasts, which comes from stories about people not being able to get credit and having their time periods extended. The time that you are a bankrupt person is only three years, but the effect on your credit file will last for seven years. If you were to fail to comply with
How long will my credit be affected if I go bankrupt?
Under the Bankruptcy Act it is an offence to gain credit over the amount of without disclosing the fact that you are a bankrupt person. This includes good and services, not just credit cards and loans. If you do gain credit over that amount without disclosing that you are bankrupt, your Trustee in Bankruptcy can object to your being discharged
How much does going bankrupt cost?
Many people are confused about the costs associated with going bankrupt. Here at the Australian Bankruptcy Service we have had people tell us that they cannot afford to go bankrupt, but on the other hand, express surprise when there is a cost involved. In actual fact, you have two choices when it comes to declaring bankruptcy, and based on that
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