Creditors must stop chasing you If you file for bankruptcy and it is accepted by the AFSA your creditors can no chase you to recover unpaid debts. All communications will be handled by your bankruptcy trustee. To ensure that your bankruptcy is accepted by AFSA the first time we recommend using a professional bankruptcy form filling service such as the
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Registered Bankruptcy Trustee
A Registered Bankruptcy Trustee also administers bankrupt estates under the Bankruptcy Act. A Registered Trustee is licensed and supervised by the Inspector General in Bankruptcy of AFSA. A Registered Trustee is usually a fully qualified accountant with the minimum education and experience as set out in the Bankruptcy Act and usually works in a private accountancy firm. A Registered Trustee
Bankruptcy Trustee – to be independent and impartial
A Trustee in Bankruptcy must be free from any conflict of interest and must at all times act in an impartial manner. Any prior dealings with the debtor (the person to be made bankrupt) must first be disclosed to creditors. Depending on the type of any prior dealings or relationship with the debtor, the Trustee in Bankruptcy may not be
Bankruptcy Registry
AFSA (The Australian Financial Security Authority) is the Federal Government agency which is responsible for maintaining a bankruptcy registry and information service. The AFSA Bankruptcy Registry has many functions such as: Bankruptcy applications Bankruptcy list Phone support for debtors Bankruptcy applications AFSA processes all bankruptcy applications. If you have completed a debtor’s petition, AFSA will accept the application for
AFSA’s role in the Australian Bankruptcy Regime
Australian Financial Security Authority (AFSA) is the regulator for the personal insolvency regime in Australia. AFSA is a Commonwealth Government agency and has offices in every capital city of Australia.The Inspector General in Bankruptcy (the chief public officer of AFSA) is responsible for overseeing the operations and functions of AFSA, which includes: Information registry; Official Trustee functions; Licences Registered Trustees
How is the family home affected in bankruptcy?
If you are facing bankruptcy and you own a home you need to read this article very carefully to see how it will affect you and your spouse (if you own it jointly with your spouse). How will your mortgage be affected in bankruptcy? The first thing you need to know is if you declare bankruptcy it may not immediately
How is superannuation affected by bankruptcy?
Voluntary bankruptcy should not be a rushed decision. Most people can see it coming for months or even years, and some will try and take precautionary measures to protect themselves as much as possible. For the common person his only makes sense, however, we need to be aware of some very strict bankruptcy rules. This post tries to explain some
Are there any alternatives to avoid bankruptcy?
People who find themselves in serious financial difficulty generally think of bankruptcy as their only option, and one to be avoided at all costs. This can create an unnecessary amount of fear and stress for those who are already under a lot of pressure, because for some people, bankruptcy is often not as bad as it is made out to
Are there offences under bankruptcy?
Bankruptcy offences. disposing of property before bankruptcy with intent to defeat your creditors; failure to disclose assets; leaving Australia without your Bankruptcy Trustee’s permission; obtaining of credit when you know you cannot repay it; incurring debts during bankruptcy over $7,032 without disclosing that you are bankrupt; operating a business under an assumed name, without advising your bankruptcy; and leaving Australia
Bankruptcy – What is it?
Bankruptcy is a government legislated process that is designed to create a fair outcome for all involved when someone is unable to honour their debts. For the individual, it provides relief from the stresses of unmanageable debt and legal protection from their creditors. It also helps the creditors, in that it creates a system by which any recoverable funds are
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