Bankruptcy is designed to help people who simply can no longer afford to repay their debts and cannot negotiate a reasonable and suitable arrangement with their creditors. To declare bankruptcy, you will need to meet various criteria and disclose specific information to your trustee.
Although bankruptcy can provide relief if you are unable to repay your debts, there are restrictions, concerns and many legal consequences which you should know before you make such claim. The consequences of bankruptcy are serious and cannot be cancelled if you change your mind. Being aware of these consequences can help you decide if this is the best option for you.
ARE YOU ELIGIBLE
You can apply for bankruptcy if you meet these 2 requirements:
- you’re unable to pay your debts when they are due (insolvent) and
- you’re present in Australia or have a residential or business connection to Australia.
There is no minimum or maximum amount of debt or income you need to be eligible. There is no fee to apply for bankruptcy. If you’re currently in a debt agreement and want to apply for bankruptcy, contact your administrator. You must terminate your debt agreement first before applying.
WHAT ITEMS ARE YOU ELIGIBLE TO RETAIN?
Bankruptcy allows you to keep most ordinary household items of reasonable value, such as your furniture, tv & computer and appliances. You can also keep other items if they are below a set amount, such as your car and tools you use to earn a living.
WHEN SHOULD YOU CONSULT A LAWYER ABOUT ENTERING INTO BANKRUPTCY?
It is highly recommended that you talk to Brydens Lawyers who have experience in bankruptcy matters if you feel you are unable to control your debts.
WHAT IS YOUR
You should contact Brydens Lawyers to make an appointment to discuss your debt.
WHY ARE BRYDEN’S LAWYERS THE RIGHT REPRESENTATION FOR YOU?
Brydens Lawyers’ dedicated Commercial Team assists individuals and small businesses in financial difficulty. We can help navigate Australia’s bankruptcy law regime to get the best outcome for you and to help you through the process.
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An article published by insurancenews.com.au on 22 November 2019 references a reported $876 million net loss by NSW State owned Icare for its workers compensation Nominal Insurer scheme last financial year amid rising medical costs and falling bond yields.
It is reported that gross premiums were in the order of $2.5 billion while net claims expenses/scheme costs were just over $4 billion. That is, there was a reported underwriting loss of almost $2.4 billion while Icare received a net investment revenue of just over $1.6 billion.
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