Bankruptcy

Bankruptcy is administered by the provision of the Bankruptcy Act 1966. It provides financial relief for individuals who find their financial position untenable.

The type of relief debtors can obtain by filing for bankruptcy, includes:

• discontinuance of all legal action,
• retention of household furniture and effects,
• maintain a motor vehicle and tools of trade subject to certain values,
• retention of superannuation entitlements.

Other matters to be considered prior to bankruptcy include:

• Some assets are sold for the benefit of creditors,
• Assessable annual income contributions is payable to their bankrupt estate and subject to income thresholds,
• May restrict employment opportunities.

For more information regarding Bankruptcy please contact our office.

G T Lean & Associates can help you find a resolution for your financial difficulty.