Category: faq3

What are my responsibilities and obligations as a Bankrupt?

When you declare Bankruptcy you are appointed, or you may even appoint yourself, a Registered Trustee to manage the Bankruptcy process. It is the Trustee’s role to ensure that your Bankruptcy is carried out in accordance with the Act and that creditors receive any funds that they may be entitled to out of your estate. As a Bankrupt person it

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What are the benefits of bankruptcy?

There is such a social stigma around bankruptcy that many people do not realise that there are benefits to it. Bankruptcy was not designed to punish those who cannot pay their debts in full, but to ensure a fair outcome for all concerned whilst providing protection for the indebted person from harsh collection activity. Whilst there are undesirable aspects to

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What are the consequences of bankruptcy?

Another negative consequence of bankruptcy is that if you cannot pay your debts, but you have assets that could be put toward those debts, they will be sold by your Bankruptcy Trustee. Certain things are protected, such as your personal effects, household goods and a vehicle worth up to $9,100. But if you have a property, shares, a vehicle worth

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What is a Bankruptcy Notice?

A Bankruptcy Notice is a very serious legal document, and is the first step that a creditor takes in order to make you bankrupt. If you receive a bankruptcy notice you need to act quickly, because you have limited options and not a lot of time to do it in. A creditor can have you issued with a bankruptcy notice

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What is Voluntary Bankruptcy?

Here in Australia, there are two ways that a person can become bankrupt: You can voluntarily make yourself bankrupt; or One of your creditors can make you bankrupt Declaring yourself Bankrupt voluntarily is done by way of a form called a Debtor’s Petition. You must complete this form, as well as a form known as a Statement of Affairs, and

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What sort of debts can I include in a bankruptcy?

When you declare bankruptcy it is essential that you disclose all of your debts, no matter what sort they are. The Bankruptcy Act will then determine which of those debts you will actually be released from – they are known as “provable debts”. Provable debts are those that you are liable for, or could possibly (contingently) become liable for, as

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Will bankruptcy affect my employment?

Everyone needs to work, and bankruptcy does not stop you from doing so. For some people though, bankruptcy can have an effect on their employment, which means that they may have to make some changes in order to keep an income coming in. The main way in which your employment will be affected if you go bankrupt is if you

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Will bankruptcy affect my spouse?

As if the idea of bankruptcy wasn’t stressful enough already, many people are also in the position of having to worry if it is going to affect their spouse. Officially, bankruptcy should have nothing to do with your spouse – but there are some indirect ways in which they could be affected. Bankruptcies can only be administered individually, which means

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Will bankruptcy release me from unpaid debts?

The aim of the bankruptcy process is to give you relief from unmanageable debts and to make the process fair for your various creditors. When you are declared bankrupt you will be released from most, if not all of your unpaid debts. There are some debts that you may need to pay in full though. The debts that you will

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Will I be able to start afresh after bankruptcy?

The goal of bankruptcy is to ease one’s burden of unmanageable debt and to allow one to become financially rehabilitated. Whilst it may seem unpleasant to some at the time, the end result is that you will be able to start afresh. Bankruptcy frees you from your obligations to pay your provable debts. Generally speaking, your provable debts will be

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