Category: Bankruptcy Insights
Cancellation of Bankruptcy Options
You may be surprised to find out that bankruptcy is not permanent. In fact, you can actually have it cancelled or annulled, and life will be like it never happened. The vast majority of bankruptcies last for three years and end with the bankrupt person being discharged. Being discharged releases the person from bankruptcy. Their […]
4 Bankruptcy Warning Signs
Bankruptcy rarely happens overnight. In fact, there are several clear indications that a person might be headed for for financial strife. Are you headed for bankruptcy? Take a look at these five bankruptcy warning signs and see if any apply to you: 1. Always Living Payday-to-Payday Many of our client’s incomes barely cover their monthly […]
Superannuation in Bankruptcy
Superannuation is a protected asset in bankruptcy. If you file for bankruptcy, your trustee generally can’t access your superannuation to pay out your creditors. This makes good sense for the majority of bankrupts, given that superannuations will be relied upon to fund retirement. However, I’m sure you can see this poses a way for creditors […]
List of Famous Bankrupt People
Updated September 2016 50 Cent, Lindsay Lohan, Lady Gaga, just a few of the names that have filed for bankruptcy in the past ten years. However, it makes you feel better to know that you’re not alone in the world of money troubles. It’s important to know that you’re not alone when it comes to […]
Will Bankruptcy Restrict Overseas Travel?
Can Australians travel overseas after declaring bankruptcy? Fortunately, the answer is “yes” – but only if they get permission from their trustee beforehand. In most cases, if you have been meeting the terms of your bankruptcy, there should be a decent chance for you to travel abroad. However, the process is a little more complicated […]
Private Schools Making Parents Literally Bankrupt; Is It Worth It?
There is a certain prestige among those who attend private schools. It is no wonder parents go the extra mile to ensure that they could send their children to private schools. Aside from prestige, it is also linked to social and academic standing. All of these come at a hefty price tag. Let’s delve deeper […]
What happens to debt after bankruptcy?
What happens to your debt after bankruptcy? If you file for bankruptcy, you will be bankrupt for 3 years (this period may be extended in some circumstances). During this time your Trustee will sell assets that can be sold under the act and collect any income contributions from you that you are required to pay. […]
How to Avoid Bankruptcy
Some might consider bankruptcy a broad and easy way out of debt obligations, but the truth is that a bankruptcy done wrong can drastically reduce your chances of reaching financial stability. Technically, bankruptcy does indeed release a person from most of their debts. However, the process is not so straightforward. Australians may voluntarily apply to […]