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
Archives: FAQs
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
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
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
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 $9,400. But if you have a property, shares, a vehicle worth
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