I have a liability to a costs debt from loss of a Tribunal case NSW. The amount is yet to be determined as it has to be assessed, where the process has not been started by the winning party as yet. It will be a significant sum as the other side had 2 different Barristers batting for them.
I only have Centrelink benefit now as income and due to start income stream from superannuation (qualify under disability) as my long term income, Centrelink will go eventually. The only asset of value is my home, paid off. I want to save it from the creditors. How?
I thought I might be able to declare myself bankrupt, either sell my home and put money into my current super whilst I haven't been served with an amount to pay, or transfer my home into an SMSF (move out, run it as an Air BNB where income goes to SMSF).
I am under preservation age. Will this trigger unlawful conduct or can I get it through?
Also have some shares in family trust account. The trust was started during the proceedings, is that safe or should I sell them and spend the money?
I only have Centrelink benefit now as income and due to start income stream from superannuation (qualify under disability) as my long term income, Centrelink will go eventually. The only asset of value is my home, paid off. I want to save it from the creditors. How?
I thought I might be able to declare myself bankrupt, either sell my home and put money into my current super whilst I haven't been served with an amount to pay, or transfer my home into an SMSF (move out, run it as an Air BNB where income goes to SMSF).
I am under preservation age. Will this trigger unlawful conduct or can I get it through?
Also have some shares in family trust account. The trust was started during the proceedings, is that safe or should I sell them and spend the money?