Tag Archive | "bankruptcy"
bankruptcy
Bankruptcy exists to provide relief for Australian citizens is situations where they are never going to repay their debt. Formally this state is defined as being “insolvent”. Insolvency refers to the situation where someone’s income is less than their expenses.
What are Bankruptcy Income Contributions?
The Bankruptcy Act imposes certain restrictions in order to ensure [...]
bankruptcy
Background
What debts can be “included” in a bankruptcy and what debts are “excluded”?
Will a sheriff or anybody else, come around and take my assets, car and other belongings when I go bankrupt?
What happens to secured debts e.g. MY CAR LOAN?
What happens to my Credit Rating?
How much am I able to earn during the three years [...]
bankruptcy
How much do you pay towards your credit cards each month?I always pay more than the minimum balanceI can only pay the minimumI can't always make payments, I get overdue fees and sometimes use one credit card to pay anotherWhen regular large bills like Car Registration come up how do you pay for them?Withdraw the [...]
RESOURCES
A person who is registered with ITSA to be a trustee of bankruptcy and Personal Insolvency Agreements. The are generally accountants and perform a type of “apprenticeship” under a licensed trustee before they can be a trustee themselves.
RESOURCES
This is an amount that a creditor is entitled to claim for in a bankruptcy to participate in any distribution that may arise by way of a dividend.
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
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Money that cannot be claimed by a trustee in bankruptcy eg personal compensation money paid or payable for an injury, certain government grants.
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This is information that MUST be read by a debtor before making an application for bankruptcy or submitting a proposal to ITSA for a debt agreement under the Bankruptcy Act.
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This arises where a bankrupt pre bankruptcy has paid one or more creditors money or transferred an asset to them in priority to other creditors. A trustee can claw back this transaction once they establish 5 criteria to enable all creditors to share.
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
RESOURCES
National Personal Insolvency Index. It is a computerised data base of all personal insolvencies (including debt agreements, bankruptcy and personal insolvency agreements) in Australia, both past and present.
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
RESOURCES
Insolvency and Trustee Service, Australia. It is the Commonwealth Government agency that becomes the trustee when a private bankruptcy trustee is not appointed in a bankruptcy or other arrangement under the Bankruptcy Act. The oversea the bankruptcy act in Australia including debt agreements and personal insolvency agreements
[Bankruptcy] [Debt Consolidation] [Debt Consolidation Loans]
