Voluntary Bankruptcy Brisbane
An insolvent person who has a connection to Australia can voluntarily declare insolvency by completing the following forms:
- Debtor’s Petition
- Statement of Affairs
The bankruptcy period is three years, but a trustee can extend the term to five or eight years should the bankrupt not cooperate with the court or violate certain conditions.
A person required to lodge a Statement of Affairs is required to provide full and accurate details of their assets, liabilities, income, financial affairs, including associated entities.
The Bankruptcy Act 1966 provides a mechanism for the protection of individuals and their creditors, providing ways to deal with debt and such things as the liquidation of property.
Voluntary Bankruptcy Brisbane, Brisbane Debt Solutions will take care of it!
The divisible property of a bankrupt vests in the trustee in bankruptcy, who administers it for sale. The bankrupt does not have authority to deal with these assets, which are subject to exemptions that individuals are able to retain as bankrupts—some examples follow:
- Motor vehicles with a value exceeding $7,700
- Tools with a value exceeding $3,750
- Funds in a regulated superannuation fund
- Assets held as Trustee
- Necessary household items
- Life insurance or endowment policies
- Certain damages and compensation payments
- Sentimental property
A bankrupt is subject to annual income assessments to determine if they are liable to pay compulsory income contributions into their bankrupt estate. A person with no dependants may earn an after-tax income of $54,736.50 before being liable to pay any income contributions.
A bankrupt is subject to annual income assessments in order to determine their ability to make compulsory income contributions into their bankrupt estate. A single person without dependants whose taxable income is $54,736.50 or less before tax may be exempt from making any contributions.
A Trustee in Bankruptcy will undertake investigations into the affairs of the bankrupt which include inquiries into any:
- Undervalued transactions
- Transfers to defeat creditors
- A bankruptcy does not release an individual from the following:
- Child support payments
- Maintenance debts
- Various student loans (HECS / HELP)
- Files or penalties of the Court
- Liabilities arising from fraud
Should you wish to file for bankruptcy, contact our experts at Artemis Insolvency for any queries you may have regarding the implications of a bankruptcy and completion of your Statement of Affairs. We are also available to administer your estate in the event that you choose to go through with bankruptcy.