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....
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 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....
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)....
All you need to know about bankruptcy
If you become bankrupt, a bankruptcy trustee is appointed to manage your bankruptcy, which is commonly referred to as administering your bankrupt estate. The role of a bankruptcy trustee includes:...
How the ATO can garnishee your wages
Some people unfortunately incur unmanageable tax debts. This can be income tax, or perhaps PAYG Tax or GST from a sole trader business or director penalty debt. Once this tax debt reaches a certain level it can be difficult to ever pay given interest and penalties can keep accruing....
How to avoid bankruptcy: Your options explained – Part 2
In part one of our article on avoiding bankruptcy, we demonstrated why creditors are often willing to negotiate an alternative to a debtor becoming insolvent....
How to avoid bankruptcy: Your options explained – Part 1
If you are unable to pay all your debts, avoiding bankruptcy could still be a possibility. These are your options for negotiating with your creditors and avoiding becoming bankrupt. ...
When are you personally responsible for your company’s debt?
Being the director of a company carries numerous potential liabilities – we look at a few of the situations where you must also take on the business' debt....
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