Bankruptcy is a legal process allowing individuals or other entities to seek relief from debts they are unable to repay. It may be entered into voluntarily or a creditor may petition for bankruptcy if a debt of $5,000 or more is owed to them. Below are our answers to some of the frequently asked questions about bankruptcy.
Bankruptcy can have serious consequences that are long-lasting. Such consequences may include:
If you become bankrupt, a trustee will be appointed to take over your financial affairs. In order to pay creditors, the trustee can sell your unprotected assets, recover any income you earn over a certain amount, investigate your financial affairs, and recover property that you have transferred to another person before going bankrupt.
The trustee may allow you to keep some assets when you become bankrupt. These may include:
You will still have to pay some debts despite being bankrupt. These may include:
Bankruptcy usually lasts for 3 years and 1 day. This period may be extended to up to 8 years in certain circumstances.
Please note, that the decision to petition for bankruptcy should not be made without first seeking legal advice. For more information about indexed amounts and bankruptcy in general, visit the AFSA website.
To make an appointment to speak with one of our experts about your options, contact us today. At Axia Litigation Lawyers, every move matters.
Contact Axia Litigation Lawyers direct and speak with an expert today.
Axia Litigation Lawyers are experts in dispute resolution and litigation.
Contact us today to understand how you can effectively and efficiently reach a resolution in your matter.
Adam and staff have been very helpful throughout the whole process. Very happy with the service and final outcome.
We have used Axia Legal on two occasions over the last three years with great success and I am happy to recommend Adam Brown from Axia Legal
The team at Axia Litigation were first class, when guiding us through two consecutive legal matters. We received regular communication, with each of the legal steps explained in full.
Thank you for your outstanding help & I couldn't be happier with the help AXIA have given me.
After my initial consultation with Axia Litigation Lawyers, I felt the tension and stress fall away. They were both compassionate and understanding of my case and were diligent and thorough in their work ethic.
I have no hesitation in recommending them. They were always very informative and answered all of my questions and always kept me in the loop and well informed of my progress.
Axia were competent, diligent and excellent to work with.
Axia Lawyers are an excellent litigation firm that handle cases in a professional manner and pay attention to details. The customer service was outstanding, I would highly recommend this firm.
After multiple attempts at trying to find reliable counsel in Australia to act on an advisory basis to our firm, we found ourselves feeling reassured and feel as though we have gained a solid ally with Axia Litigation.