Filing for Bankruptcy
If you find yourself in a position whereby you are unable to pay your debts, you may wish to consider filing for bankruptcy. ...
PAST ARTICLES
Interest Rate Hikes Causes Highest Mortgage Stress in Decades
The Australian inflation rate has been soaring as a result of the pandemic, supply chain disruptions and the war in Ukraine. Economists are predicting continued increase in inflation rates and the Reserve Bank of Australia has been quick to act. The RBA has so far increased the cash rate (at September 2022) to 4.35% meaning many mortgage rates are 5% or more. ...
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 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:...
Can you start a business after going bankrupt?
Starting a business after bankruptcy is possible, but with restrictions. While you can't be a company director for three years, you can operate as a sole trader. Your business name must include your own name, and there are limitations on obtaining credit and operating businesses requiring certain licenses. Profits from your business are considered income for bankruptcy purposes, and you may have to pay income contributions if your earnings exceed a certain level. Despite these restrictions, many people successfully rebuild their financial lives through entrepreneurship after bankruptcy. Need guidance? Contact us for assistance....
How does someone make you bankrupt?
If you owe creditors a substantial sum of money and are wondering how they can make you a bankrupt, this article provides an overview of the most common process. ...
Can Your Bankruptcy Trustee Sell your Cryptocurrency?
Cryptocurrencies are fast becoming a popular investment for Australians considering its exponential growth in value over the past decade. Over the last few years, we find more bankrupts owning cryptocurrencies in one form or another. ...
Asset structuring for directors to avoid insolvency risks
No one wants their company to go into liquidation. But if your company does, you want to be in the best position to minimise your personal financial risks. So, how can you do this? ...
What happens to my house if I go bankrupt?
Article by Mark Davidson Ever wondered what would happen to your property in bankruptcy and if it was possible to keep it? It depends on number of factors, however the key thing to understand is that your interest in a property upon becoming bankrupt vests in your trustee, on behal...
Unmanageable debt? Understand your options other than bankruptcy…
Do you have unmanageable personal debt? There may be options other than bankruptcy. Before you decide what to do, understand the options explained here…...
One-Year Bankruptcy: What would it mean?
The Bankruptcy Amendments Bill proposes reducing the period of bankruptcy to one year from three. What could this mean for struggling or bankrupt businesses?...
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