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. 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
  2. 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...
  3. 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...
  4. M

    NSW Bankruptcy discharge

    Once you are discharged from bankruptcy , can trustee extend your bankruptcy? I read cases on afsa website people were taken the court by their trustee after their discharge?
  5. R

    VIC Bankruptcy defamation

    Hi. So you send a concerns notice after your small family business was defamed by post on social media. The defendant ignores the concern notice. Assumed because they didn't have the finances for legal services. If the defamation case was to be pursude with taking court action if the defendant...
  6. T

    NSW Default date vs bankruptcy

    hello all, My debts incurred in 2015 . I declared bankruptcy in 2019 and will be discharged in 3 years. I check my credit report regularly and found out that all of the defaults are removed due to being listed 5 years ago. If i decide to annul my bankruptcy, does it mean i am no longer liable...
  7. G

    VIC s43 of Bankruptcy Act 1966

    If you don't have a business, can you (an individual) be made a bankrupt under s43 of Bankruptcy Act? Please advise recent cases to support your answer.
  8. B

    VIC people During bankruptcy

    Hi, I would like to hear people during their bankruptcy.. I have been bankrupt for 2 years.My trustee contacted me in the first few months and then no contact at all.. i also started my new job and saved some money.is it a good idea to annul my bankruptcy by offering my creditors 15 cents a...
  9. J

    Costs Orders in current litigation proceeding and Bankruptcy set-off

    Hi I am researching law on the ability of a person served with a bankruptcy notice trying to use a setoff in an unrelated legal proceeding (same parties). That is a cost order in other proceedings (same parties) but the costs are reserved and the proceeding has not been finalised. John
  10. J

    Court Costs (reserved) and Bankruptcy Notice Set-off

    Hi I am researching law on the ability of a person served with a bankruptcy notice trying to use a setoff in an unrelated legal proceeding (same parties). That is a cost order in other proceedings (same parties) but the costs are reserved and the proceeding has not been finalised. John
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