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
Archives: FAQs
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
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
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
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
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
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
Will I ever get a mortgage again after bankruptcy?
One of the biggest fears that people have about bankruptcy is that they will lose their home – second to this is the fear that they will be unable to own their own home in the future. This fear is unnecessary, for there is nothing to stop you from getting a mortgage after you have come out of bankruptcy, although
Will I lose my car if I go bankrupt?
The current protected amount for a vehicle is $9,400 (as at March 2024). What this means is that if your vehicle is worth less than $9,400 you will simply be allowed to keep it. If it is worth more than that, your Trustee in Bankruptcy would sell the vehicle and return the protected amount of $9,400 to you so that
Provable Debts in Bankruptcy – A Quick Guide to what is impacted
In Bankruptcy, provable debts are debts which can be claimed against you through the bankruptcy process. All creditors that are owed provable debts must submit and prove their claims to the trustee in bankruptcy. Creditors who prove their debts are also able to vote at meetings of creditors. A creditor who has a provable debt cannot continue recovery or legal
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