What happens when your bankruptcy ends
Generally, bankruptcy goes for three years. Once this three-year period is over you are discharged from bankruptcy, meaning the period of your bankruptcy ends. So, what happens when your bankruptcy ends?...
PAST ARTICLES
What happens to assets you obtain after bankruptcy
Some property which a bankrupt obtains after bankruptcy is able to be collected and sold by their bankruptcy Trustee. This type of property is known as after acquired property. So what assets are (and are not) after acquired property and able to be sold by a bankruptcy Trustee....
What happens to your car if you go bankrupt?
If you go bankrupt some assets which you own may get sold. And this may include your car, depending on certain factors....
How we settled a $246,000 debt for $30,000
We successfully negotiated a client's $246,000 debt down to $30,000. The client, personally liable for her failed business's lease debts, faced bankruptcy or debt settlement. We offered $30,000 over time, which the landlord eventually accepted. The funds will come from our client's husband, who will acquire her $20,000 Landcruiser. Our client was thrilled with the outcome. Need debt settlement help? Contact us for a free consultation....
Will bankruptcy affect my husband’s or wife’s assets?
When deciding whether to go bankrupt it is important to know whether there will be any affect on your partner’s assets. If bankruptcy will affect your partner’s assets, there may also be steps you can take to minimise the impact of this....
How do you liquidate your company
Liquidating your company involves appointing a Liquidator to sell the company's assets and distribute the proceeds to creditors. Shareholders typically resolve to place the company in liquidation, either by unanimous agreement or through a special resolution at a shareholders' meeting. The Liquidator will then handle the liquidation process, with your assistance in providing records and information. Costs vary depending on the company's assets, but upfront fees are usually required if assets are limited. For more information or assistance with liquidation, contact our Brisbane or Gold Coast office....
What happens if you are bankrupt and don’t pay income contributions
Bankruptcy can provide relief from most debts, but it comes with obligations like paying income contributions if your earnings exceed a certain threshold. While many comply, falling behind on these payments can have severe consequences. These include garnishing wages, setting up monitored bank accounts, or even extending the bankruptcy period up to eight years. If you're struggling with these contributions, it's crucial to engage proactively with your Trustee, possibly renegotiating your payment plan. Need assistance or advice on managing bankruptcy obligations? Contact Pearce & Heers for guidance....
Can I Travel Overseas If I’m Bankrupt?
Bankruptcy releases you from having to pay most debts, allowing you to start life afresh, without being ridden by unmanageable debts. There are however certain restrictions that accompany bankruptcy. One of these involve traveling overseas....
How does the ATO vote on proposals to avoid bankruptcy
Facing unmanageable tax debt? A Personal Insolvency Agreement might be your solution. However, the ATO's vote can be pivotal in such proposals. Generally, the ATO supports arrangements without adverse features and those that ensure the Commonwealth receives a fair proportion of the debt within a reasonable timeframe. They value detailed reports from Trustees and consider a debtor's compliance history. From our experience, the ATO favors proposals from compliant taxpayers and expects more than a nominal return on their debt. Need guidance? Contact Pearce & Heers for expert advice....
Dangers of granting the ATO security as part of a payment arrangement
Offering the ATO security as part of a payment arrangement can be risky. While it may help negotiate a payment plan, it can also lead to the ATO selling the secured assets if the taxpayer fails to pay the debt. This is especially dangerous for directors who personally guarantee company tax debts, as they become liable if the company defaults. In a recent case, a client's properties were used as security for a company ATO debt, leaving him with no equity and ultimately forcing him into bankruptcy. Seek professional advice before making such decisions....
Can a bankruptcy trustee sell your property after your bankruptcy is finished?
When a person goes bankrupt, their interest in any real property will become divisible property in their bankrupt estate and “vests” in their bankruptcy trustee. In other words, the rights to deal with the property and effective ownership transfers to their bankruptcy trustee who will have an obligation to sell it. ...
Can you be a director of a company while bankrupt?
An undischarged bankrupt is generally prohibited from acting as a director of a company without the permission of the court. This restriction is outlined in Section 206B of the Corporations Act 2001 (Cth)....
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