Frequently Asked
Questions
21. What If Someone Is Bankrupting Me; Is There Anything I Should Do?
What If Someone Is Bankrupting Me; Is There Anything I Should Do?
If someone is trying to bankrupt you, the first thing you should do is get good advice. Although bankruptcy is the same whether it is voluntarily or enforced, the process is significantly different. If you are forced into bankruptcy it is a very stressful procedure that usually involves the court system. You should try as hard as possible to avoid this scenario.
To find out how Bankruptcy Dandenong can assist you through this, call 1300 795 575.
22. What If My Company Has Received a Demand or Wind-Up Notice; Can I Still Go Bankrupt?
What If My Company Has Received a Demand or Wind-Up Notice; Can I Still Go Bankrupt?
Yes. It is possible to still declare bankruptcy after receiving a demand or wind up notification. It is however, a challenging process and we suggest you get some expert guidance before declaring bankruptcy. If it is managed incorrectly, it could be a devastating experience. For a free consultation call Bankruptcy Dandenong on 1300 795 575.
23. Do I Need to Contact My Creditors?
Do I Need to Contact My Creditors?
No, you will not need to contact your creditors. This can be a really emotional and stress filled experience, so at Bankruptcy Dandenong we do that for you. Actually, we function as a buffer or a midway point between you and your creditors, so you are not required to notify them of your bankruptcy, we look after all that for you. To learn more about our bankruptcy services call us on 1300 795 575.
24. How Long Does Bankruptcy Last?
How Long Does Bankruptcy Last?
In Victoria bankruptcy will typically last 3 years. However, there are circumstances, if you do not remain compliant during this period, that the bankruptcy can be extended. To find out how Bankruptcy Dandenong can help you to stay compliant throughout your bankruptcy phone us on 1300 795 575.
25. How Long Does It Take to Declare Bankruptcy?
How Long Does It Take to Declare Bankruptcy?
In Victoria, it typically takes about two weeks to submit the paperwork and be declared bankrupt. Bankruptcy Dandenong can help you throughout the application process and then support you right through up until the conclusion of your bankruptcy. For a complimentary initial consultation call us on 1300 795 575.
26. What If Someone Else Signed for a Loan (Joint loan or guarantor) and I Go Bankrupt; Will They Still Be Liable for the Debt?
What If Someone Else Signed for a Loan (Joint loan or guarantor) and I Go Bankrupt; Will They Still Be Liable for the Debt?
If somebody goes bankrupt with a joint loan or with a guarantor on a loan, the loan lender is within their rights to pursue the other person on the loan documents for payment. Although the bankrupt is absolved of the debt the sum total of the outstanding money owing on the loan now becomes the responsibility of the co signatory or guarantor. For more guidance on this call Bankruptcy Dandenong on 1300 795 575.
27. What Happens to a Debt I Failed to Remember at the Time of Becoming Bankrupt?
What Happens to a Debt I Failed to Remember at the Time of Becoming Bankrupt?
Do not panic! If you forgot a debt and remember it later, just call your trustee with the name of the creditor, address, date the debt was incurred, amount of debt, and any account or reference number/s supplied by the lender. Your trustee will include the creditor to your bankruptcy and send out a notification to the creditor. This debt should then be cleared as long as it was incurred prior to your bankruptcy. Bankruptcy Dandenong can help with more information on bankruptcy procedures so contact us on 1300 795 575.
28. Do I Have to go to Court If I Go Bankrupt?
Do I Have to go to Court If I Go Bankrupt?
No, in Victoria you should not need to go to court if you declare bankruptcy. The bankruptcy process exists to safeguard you from action from your creditors. There can be some exceptions to this so call Bankruptcy Dandenong to make sure on 1300 795 575.
29. What If I Have Gambled a Bit of My Income and I Go Bankrupt; Will I Get in Trouble?
What If I Have Gambled a Bit of My Income and I Go Bankrupt; Will I Get in Trouble?
If you are a gambler, and you lose some of your earnings, this is ordinarily not a problem, so don’t worry. What the trustee does not like is a gambling inconsistency. For instance, if you have never gambled in your life and all of a sudden you lose $50,000 on the horses, then you may have some explaining to do. If you are uncertain give us a call on 1300 795 575.
30. Can My Bankruptcy Be Done Over the Phone?
Can My Bankruptcy Be Done Over the Phone?
No matter whether you reside in Dandenong, remote Vic or anywhere in Australia, your bankruptcy can be done over the phone. Any documentation that is required can be handled via post or e-mail. To get the process started pick up your phone and call Bankruptcy Dandenong on 1300 795 575.
31. What If I’m Living in Another Country; Can I Still File for Bankruptcy?
What If I’m Living in Another Country; Can I Still File for Bankruptcy?
It is possible to be declared bankrupt in Australia even if you are living overseas. There are, however, some criteria that must be satisfied. Normally, you will need to have a property or business in Australia to make an application for bankruptcy here. This can be rather a difficult process so call Bankruptcy Dandenong on 1300 795 575 to get more information.
32. Can I Include My Overseas Debts in My Bankruptcy?
Can I Include My Overseas Debts in My Bankruptcy?
If you have an overseas debt but are now resident in Victoria, when you file for bankruptcy the overseas debt is simply detailed on your bankruptcy documentation. In most cases, the creditor overseas will wipe out the debt. It is possible and legal for them, however, to reject your application, and if you go back to that country you might be subject to their bankruptcy laws. To discover more contact Bankruptcy Dandenong on 1300 795 575.
33. How Will the Trustee Know What Assets I Have?
How Will the Trustee Know What Assets I Have?
There are a few ways the trustee can discover what assets you have but the most effective and simplest way is for you to let them know when the bankruptcy documentation is done. There is also a government site which has all major assets listed. Bankruptcy Dandenong can help you with advice about your assets and bankruptcy, so contact us on 1300 795 575.
34. Can I Keep an Inheritance If I File for Bankruptcy?
Can I Keep an Inheritance If I File for Bankruptcy?
It is not usually possible to keep an inheritance when you are bankrupt. Inheritance is a complex part of bankruptcy but generally any inheritance you receive will be put against your debt. This is an area where you will want the right guidance, so if you require more information about inheritances call Bankruptcy Dandenong on 1300 795 575.
35. Will I lose my Pension or Workers Compensation payments if I go bankrupt?
Will I lose my Pension or Workers Compensation payments if I go bankrupt?
If you receive Centrelink payments, Workers Compensation or a pension you will not lose these by going bankrupt. The income limits for bankruptcy are the same for everybody so no matter how you get your money you need to earn about $50,000 each year before your income will be impacted. To get more information call us on 1300 795 575.
36. Will I Be Able to Keep My Tax Returns Once I’m Bankrupt?
Will I Be Able to Keep My Tax Returns Once I’m Bankrupt?
If you owe the ATO tax money prior to going bankrupt, you will not be able to keep any income tax return during the course of the three years of bankruptcy. This money will go back to paying off your ATO debt. Another reason you may not be able to keep your tax return is if your net income is over the allowable bankruptcy threshold, this income tax return money is then treated as additional income and forfeit towards your debts. In many other cases you should be able to keep your return. For more clarity on this tricky subject call Bankruptcy Dandenong on 1300 795 575.
37. What About Child Support?
What About Child Support?
In Victoria, if you have a child support debt bankruptcy will not wipe it out, you will still be required to pay it. Throughout your bankruptcy you will be required to continue paying child support with this money being deducted from your gross income. Your net income will consequently become what you have left after you pay your tax and child support. It is very important to keep in mind that if you are receiving child support while bankrupt this will be added to your total income. For clarity on where you stand with Bankruptcy and Child Support call Bankruptcy Dandenong on 1300 795 757.
38. Can I Buy Shares and Make Investments While I’m Bankrupt?
Can I Buy Shares and Make Investments While I’m Bankrupt?
You can buy shares and make investments; however, it is quite an involved process and not encouraged as a good idea. Owning assets while you are bankrupt can be troublesome. Purchasing shares while you are declaring bankruptcy is allowed, but the trustee will take them off you once you are in bankruptcy, as they are considered an asset. To get guidance on bankruptcy matters phone us on 1300 795 575.
39. What Assets Can I Keep If I Go Bankrupt?
What Assets Can I Keep If I Go Bankrupt?
In Victoria, you can keep just about everything when declaring bankruptcy other than big things like houses, vehicles, shares, rentals and inheritances. It is sometimes possible that things like homes and cars may also be able to be saved. Just give us a call at Bankruptcy Dandenong on 1300 795 575 before you make any rash decisions.
40. Liquidators Are Not Your Friend?
Liquidators Are Not Your Friend?
When appointed either voluntarily or under duress, liquidators are not there to support you. The role of the liquidator is to represent the creditors, all their actions once they have control of your business will be to clear debt in any way they can. To find out what your choices are call us on 1300 795 575.
