People often wonder if a creditor can force them into bankruptcy. The short answer is yes but, like most of the procedures and laws surrounding bankruptcy and insolvency, the full answer is a bit more complicated. A creditor can only force someone into bankruptcy by applying to the Court. The Court will look at the request made by the creditor
Archives: FAQs
Don’t be embarrassed to talk about bankruptcy
Don’t be embarrassed to talk about bankruptcy. At the Australian Bankruptcy Service, we speak to many people about their financial problems. One of the common things we hear people say is that they were too embarrassed to talk about their situation. This is understandable. For most of life’s problems, talking to friends and family is more comfortable. But when it
Declaring yourself bankrupt – is it worth saving the extra money
The decision to declare bankruptcy is a very personal one. Not only does it affect everyone differently, but everyone has very different feelings about it. Depending on your circumstances, it could either be something that should be avoided if possible, or a prudent financial decision. The first thing to consider is whether or not declaring Bankruptcy would have any tangible
Consider the effects of bankruptcy on job prospects
When considering bankruptcy , there are two main concerns that one needs to consider. The first is whether there are any assets that could be sold during the bankruptcy, such as your house or your motor vehicle. The second is whether it can affect your means of earning a living. For the majority of people, this second concern is of
Can I be made personally bankruptcy by business debts
Many people we speak to here at the Australian Bankruptcy Service have found themselves in financial trouble due to unpaid business debts. If you have or had a business and you have become personally liable for any debts of the business, then we recommend that you read this post very carefully. Becoming personally liable for a business debt can be
Becoming Bankrupt in Australia by way of a Debtor’s Petition
You can become bankrupt in Australia several ways, either Voluntary by filing a debtor’s petition with AFSA; or The court can declare you bankrupt which is known as a creditor’s petition Voluntary bankruptcy application – debtor’s petition You can file a voluntary bankruptcy application with the Official Receiver at AFSA. This method is known as a Debtors’ Petition. In
Becoming Bankrupt in Australia by way of a Creditor’s Petition
You can become bankrupt in Australia several ways, either you can file for bankruptcy voluntarily and file a debtor’s petition or you can be made bankrupt by the Court which is known as a creditor’s petition. Court Bankruptcy – creditor’s petition You can be made bankrupt by the bankruptcy court if a creditor files a creditors’ petition. A creditor can
Be careful when choosing a Bankruptcy Trustee
Becoming a Bankrupt person, whether ofyour own choosing or not, is never a pleasant experience. Even if it is the best option for you and can actually improve your day-to-day life, the social stigma of Bankruptcy is felt very keenly by many people. It is desirable, then, for the process to go as smoothly as possible, and choosing the right
Bankruptcy Forms
Statement of Affairs A Statement of Affairs is a document that forms part of the forms you must fill in as part of the process of declaring bankruptcy. This document contains all details relating to your financial situation and your personal details. Specifically, a statement of affairs has two parts: Part A In the first you will need to list
Bankruptcy Application
We specialise in helping Australians prepare and process Bankruptcy Applications. If it is the first time you have applied for bankruptcy in Australia, you may find the process daunting and you may not know where to start. At the Australian Bankruptcy Service we make the process straightforward and stress free and as soon as you have provided us with all
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