Bankruptcy has some harsh consequences which will remain for many years after you have been discharged. Whilst you are bankrupt it may also place restrictions on your lifestyle and employment opportunities. Bankruptcy should not be considered lightly and any decision to file for bankruptcy should be carefully thought through. Please read this article very closely and also consider the alternatives ...

A Bankruptcy Trustee can object to your automatic discharge and file an application with AFSA for your Bankruptcy term to be extended from 3 years to 5 years if you trigger any of the following grounds: You leave Australia without your Trustee’s permission whilst bankrupt You entered into a transaction (prior to bankruptcy) which is later declared void by your trustee ...

A Bankruptcy Trustee can object to your automatic discharge and file an application with AFSA for it to be extended from 3 years to 8 years if you trigger any of the following grounds: you entered into a transaction prior to bankruptcy with the intent to defeat creditors which was declared void by your Trustee; you made an excessive payment into your superannuation fund prior ...

Many people feel stressed by the amount of debt they have. Times are becoming tough and people are struggling to pay their bills. It’s not uncommon for people to get into too debt and then don’t know how to get out of it. Debt problems can quickly spiral out of control in periods of unemployment or poor health. It is ...

If you have been looking at potential solutions to help solve your debt problems, you may have come across the terms, Debt Agreement, and Personal Insolvency Agreement. Whilst there is plenty of information about both of these debt solutions, callers still get confused about the differences between them. This page will hopefully clear that up. Firstly the basic principles are ...

If you have been searching for a debt repayment solution, you have probably heard of informal and formal creditor arrangements. Before you enter into any arrangement with your creditors (whether it be informal or formal) you need to understand the differences between the two (2) options. To help explain the differences we provide the following information in a table format: Informal arrangement ...

The combination of the economic downturn, resulting in smaller pay checks and higher rates of unemployment, and the previous decade's worth of easy access to credit, has left many Australians experiencing the overwhelming stress of unmanageable debt. Many people choose to suffer in silence because they are embarrassed, but there is no shame in asking for help when it is ...

The Australian Government introduced legislation to help Australians get out of debt with a formal creditor arrangement. The legislation is contained within Part IX and Part X of the Bankruptcy Act. The legislation was first introduced in 1966 under Part X of the Bankruptcy Act. As the law stood in 1966 there were three (3) individual arrangements to choose from ...