* Will I lose my HOUSEHOLD goods?
October 20th, 2011 // 4:14 am @ gaechannells
No! Unless you have a house full of valuable items (antiques, paintings etc.) or valuable jewellery, you are able to keep all the normal household goods like a computer, TV, washing machine, refrigertor etc.
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* Can I use my PASSPORT whilst bankrupt?
October 17th, 2011 // 6:20 am @ gaechannells
YES, though you will need to notify the Bankruptcy Trustee some time before you intend to travel overseas to obtain permission to leave the country during the 3 years of your bankruptcy. They will ask the date you intend leaving then the date you intend to return. They may ask you if the trip is [...]
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* Will my FRIENDS & FAMILY know about my bankruptcy?
October 17th, 2011 // 5:58 am @ gaechannells
NO! Not unless you choose to tell them! The only people who are notified of your bankruptcy are your creditors – the people that you owe money to!
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* Will the SHERIFF come to my home?
October 14th, 2011 // 5:22 am @ gaechannells
NO! When you declare yourself VOLUNTARILY bankrupt, it’s a different thing to a Court-ordered bankruptcy so there is no sheriff involved! If you do NOTHING about your outstanding debts, you could eventually be taken to Court and then you would be in danger of losing your car and some personal belongings so it’s best to [...]
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** Will I have to attend COURT?
September 29th, 2011 // 1:59 am @ gaechannells
NO! Voluntary Bankruptcy is a little different from the normal bankruptcy. I prepare all the necessary Legal Documents from the information you provide me with and they, along with your proof of income, becomes your Formal Application. This application is signed and dated by you then sent to the Government Bankruptcy Trustee who take 1-2 [...]
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** How much can I earn whilst I’m bankrupt?
September 27th, 2011 // 10:23 am @ gaechannells
It just depends on how many dependants you have – see amounts below. This is called the Income Threshold. If you earn over this amount, then you will be required to pay 50 cents in every $1 that you earn OVER the Threshold to the Bankruptcy Trustee during the 3 years of your bankruptcy. The [...]
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** All DEBTS are in my name only – Will my PARTNER be affected if I declare bankruptcy?
August 2nd, 2011 // 9:32 pm @ gaechannells
NO the only time your partner would be affected by your bankruptcy is if you had any JOINT debts. In that case your partner would be responsible for the WHOLE of the debt once you are bankrupt.
Read More »** Will I lose my CENTRELINK payments if I declare myself bankrupt?
August 2nd, 2011 // 7:57 am @ gaechannells
NO – if you were eligible to receive Centrelink payments prior to applying for bankruptcy, then those payments will still be paid to you.
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** Will the SHERIFF come to the house?
August 2nd, 2011 // 1:01 am @ gaechannells
Many people mistakenly believe that the action of declaring themselves bankrupt will involve the Sheriff coming to your home to check out what you own! That is NOT the case! All the particulars of your assets and liabilities (what you own and what your owe) is contained in your bankruptcy application so it would not [...]
Read More »Voluntary Bankruptcy
July 29th, 2011 // 5:06 am @ admin
VOLUNTARY BANKRUPTCY Taking this option allows you to control your debt situation BEFORE one of your creditors takes you through the court system and / or the Sheriff comes knocking at your door with a warrant to repossess all your goods. Your personal debts, called Unsecured Debts, which might include credit cards, store card [...]
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