A transaction to defeat creditors is exactly as it sounds; it is a transaction that a person enters into in order to defeat their creditors. But how can you “defeat” your creditors?  If you were to suddenly find yourself unable to pay your debts (i.e. you were insolvent) and you declared yourself Bankrupt, your creditors would receive a proportionate and ...

Many people who are struggling with finances do not even know that help is available, let alone where to look. There are actually numerous resources available for people who need help with their finances, and the most appropriate would depend on what sort of assistance you need. If your concerns are to do with, say, business finances, investments, or retirement ...

A Debt Agreement  is a formal debt relief solution that is available to insolvent Australians who meet certain eligibility criteria. For many people who are struggling with unmanageable debt it is an ideal way to settle their unsecured debts and protect themselves from harsh collection activity such as bankruptcy. Whether or not you are able to propose a Debt Agreement ...

A Debt Agreement is an ideal solution for many people who are struggling to pay unmanageable debt. It is not without negative consequences though; because it results in the banks missing out on some of the repayments and interest that they are entitled to, there has to be a downside to it to help keep the system fair. But there are also ...

An “Act of Bankruptcy” is an act which a person commits which a creditor can then reply upon to approach the Court for a bankruptcy order to be issued. There are many types of situations where someone can commit an “Act of Bankruptcy” but the most common types relied upon by creditors in bankruptcy applications are: Failing to comply with ...

A “preferential payment” is a payment that you make to a creditor that is in preference to your other creditors, meaning that you have given them substantially more than you have given the others. If you manage to pay all of your debts, a payment like this should not matter, however, if you were to go Bankrupt, though, or enter into ...

In our years of giving indebted Australians advice on their financial difficulties, we have learned that no person's situation is quite the same as another. Not only is one's debt level relative to every other aspect of their life, but there are different types of debt that people struggle with, and each come with their own solutions and restraints. The ...

When you purchase a car under finance it is not, technically speaking, yours – not until you pay out the loan completely. So if you want to sell the vehicle and it is still under finance, you need to get the finance company’s permission to do so first. The buyer of the vehicle should also run a check with the ...