What happens when you file bankruptcy in Australia?

What happens when you file bankruptcy in Australia?

In Australia, Bankruptcy is governed by the Bankruptcy Act 1966 and is regulated by the Australian Financial Security Authority. Once you have been declared Bankrupt you give up control of your finances and assets to a Trustee in exchange for protection from legal action being taken against you by a person or entity…

Can a Kiwi file for bankruptcy in Australia?

hi yes I too am a kiwi living in australia and filed to go bankrupt in new zealand from australia. I went to frankston council to get help doing it, so if you go to your nearest council and ask to see someone there that can help you file to go bankrupt. Once New Zealand received my forms I was declared bankrupt within three days.

Can you go bankrupt in New Zealand while living in Australia?

We moved to Australia recently and have a lot of debt left in NZ due to crisis etc. Our two properties and car loan etc- all up have around 200-300K of negative equity. Lots of things went wrong for us in NZ and it feels like we will never be able to get a life and have children if we do not go bankrupt in NZ.

Can a debt be recovered from a New Zealand bankruptcy?

overseas debt — Any debts owed to a creditor that is based overseas are included in the New Zealand bankruptcy. However, if you return to the country where the liability was incurred then that creditor is able to recover any of the debt that you still owe in that country. Certain debts are not included in your bankruptcy by law.

Do you have to declare assets in bankruptcy?

You must declare any assets you have when you apply for, and any you receive during, bankruptcy. There are penalties for not disclosing information to your trustee. Below is information about what your trustee can and cannot claim. Will bankruptcy affect my partner’s assets?

What happens in a no asset bankruptcy case?

In a no-asset case, you don’t lose any property and your creditors get nothing. By contrast, in an asset case, not only do you have to give up property, but your creditors stand to get paid if they follow the correct procedures. Here’s how it works. The court alerts creditors that you’ve filed for bankruptcy by sending out a notice.

What are the assets that can be sold during bankruptcy?

During bankruptcy, your trustee [?] may be able to claim, and sell, some of your possessions (assets). Your trustee can use proceeds from the sale of your assets to repay money you owe to creditors [?]. Assets may include, but are not limited to, real estate, vehicles, bank balances, tools, lottery winnings.

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