Voluntary Bankruptcy And How It Affects YOU
An insolvent individual who is Australian can apply voluntarily for Bankruptcy by completing both a statement of affairs and a debtors petition.
Although the period of bankruptcy is 3 years, depending on your trustee, they can extend that term to 5 and even 8 years. This is from the date of filing of the statement of Affairs should the bankrupt individual not be cooperative and /or breach certain conditions.
An individual must provide comprehensive and correct details of their assets, liabilities, income, financial affairs and associated entities in the Statement of Affairs.
The Bankruptcy Act 1966 provides a mechanism for the protection of individuals and their creditors.
The Bankruptcy Act 1966 provides a mechanism for the protection of individuals and their creditors.
WHAT IS CREDITOR INITIATED COURT APPOINTMENTS AND HOW DOES IT AFFECT INDIVIDUALS
Should an individual owe a creditor greater than $5,000, the creditor can pursue bankruptcy proceedings against that individual.
Brisbane Debt Solutions are in fact able to provide a Content to Act as Trustees in Bankruptcy for any individual in Australia. We have a network of these Trustees that are here to help.
Please note that Bankruptcy does not release an individual from the following:
- Child support payments
- Various student loans (HECS / HELP)
- Liabilities arising from fraud
- Maintenance debts
- Files or penalties of the Court
Contact us for any further information regarding bankruptcy. Please note that any advice given by Brisbane Debt Solutions’ website is GENERAL advice, as the information or advice given does not take into account your particular objectives, financial situation or needs. You should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs.