The decision to go bankrupt should only be taken after considering who can voluntarily enter bankruptcy and the advantages and disadvantages of doing so. Always get advice first to discuss if there are other options available to deal with debts. ...

Essential services, rates and traffic fines are all affected by bankruptcy in different ways. Essential Services A bankrupt with unpaid gas or electricity accounts may find that the service is disconnected until a security deposit is paid. A creditor cannot ask for ...

Bankruptcy does not release a person from the following debts: debts incurred by the bankrupt since the bankruptcy debts arising from court fines or breaching bonds debts incurred by means of fraud or fraudulent breach of trust child support/maintenance Centrelink overpayments incurred as a ...

With certain exceptions, when the bankruptcy is discharged (or the court grants an annulment), a bankrupt is released from all unsecured debts incurred before the commencement of the bankrupcty. Those debts included in the bankruptcy are often referred to as ...

The following is a short list of some of the more important rights of bankrupts. Where a trustee objects to a discharge or sets a contribution payable, a bankrupt can write, enclosing appropriate documents, to have the matter reviewed. Decisions ...

There are a number of serious offences under the Bankruptcy Act 1966 (Cth) for which a bankrupt person could be prosecuted. The Act has been strengthened in recent years to ensure that there are significant penalties for bankrupts who attempt to dispose ...

The Family Law Courts have jurisdiction in any matter arising out of a property settlement under the Family Law Act where one of the parties is a bankrupt. This means that a trustee of a bankrupt can apply to become a party ...

Bankrupts receiving over a certain income must pay contributions to their trustee. Income includes wages, fees, commission, and the value of fringe benefits (for example, the provision of a motor vehicle or school fees for the bankrupt's children). The contribution is half the bankrupt's ...

The property that the trustee cannot take from a bankrupt is set out in the Act [Bankruptcy Act 1966 (Cth) s 116(2), Bankruptcy Regulations 2021 (Cth) regs 27-30]. This property includes: ordinary clothing necessary household goods (such as lounge suite, kitchen furniture, ordinary ...

Some debtors, seeing the threat of bankruptcy, try to get rid of their property first by transferring it to others, often to family members. Under the 'clawback' provisions of the Bankruptcy Act 1966 (Cth) a trustee can take back some property that no ...