bankruptcy

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Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency.

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  1. Y

    NSW Release of property after bankruptcy

    Due to a failed business my husband and I filed for bankruptcy in 2018 and then was released in 2021. At time of filing we were allowed to stay in the house we owned because there was no equity in it. After release the trustee told us they still hold the title and for it to come back to us we...
  2. M

    VIC Personal Bankruptcy & Trustee

    Summary - I have a mortgage with Westpac since 2014 which is up to date & no issue, however when i got into mortgage westpac offered / promote me a personal loan for furniture & etc.. I agreed with the condition that they will add this into my mortgage in 12 months time. they confirmed & said I...
  3. T

    Bankruptcy Notice - Debtor disputes service date

    Hello, I have served a Creditor's Petition on the debtor , after obtaining an order for Substituted Service, however the debtor disputes the date of service of the Bankruptcy Notice. He claims that it was 2 weeks after the actual service date. My question is: If the Registrar believes the...
  4. P

    QLD TPO in QLD court has been VACATED - 22mths still no trial

    So we have just received a letter from our lawyer advising the aggrieved who put in a false Temp Protection Order 18mths ago has requested the case to be VACATED due to her lawyer being elderly an d in hospital and out of action, well we have waited way too long and she keeps prolonging by...
  5. W

    QLD How to legally plan ahead to protect family home?

    Hi everybody, Could I please discuss a scenario. Apologies if too much detail is presented, I'd just rather go with too much than not enough :) A couple are in the market to buy their first family home. This will never become an investment property. They have been together for more than 10...
  6. S

    NSW Timeline for petitioning for bankruptcy

    Have a quick question. My son has just been advised a creditor is petitioning for bankruptcy. My son has quite a few assets totalling around 2mil which are not encumbered by outstanding debts. Over the past few years he has struggled with debts due to an illness. Part of the reason for the...
  7. harjeetkohli

    WA meaning of idemnify

    in the attached ptc order can you please confirm if the defendants have gone bankrupt can the claimant still entitled for the claim. Would like to understand the term or meaning of the word indemnify.
  8. B

    NSW Bankruptcy reducing to 1 year

    Hi, I heard bankruptcy default time may be reduced to 1 year instead of 3. When can this be possible? Thanks
  9. B

    QLD Inheritance in bankruptcy once removed

    My husband is currently a bankrupt. His mother changed her will prior to him becoming bankrupt, disinheriting him in favour of his son (her grandson, my stepson). My mother in law has since died and my stepson is due to inherit. If he transfers any money to me (not my husband) could that be...
  10. Charmaine17

    VIC Savings from income acquired during Bankruptcy

    I’ve been bankrupt for almost 2 years and in that time I’ve saved up around $20k. Am I allowed to give this money as a gift to my dependents or another family member? Or am I allowed to give money as an interest free loan to another family member to use for a business start-up? I will have no...
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