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Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt. The term can also be used metaphorically to cover moral obligations and other interactions not based on economic value. For example, in Western cultures, a person who has been helped by a second person is sometimes said to owe a "debt of gratitude" to the second person.

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  1. J

    NSW Debtor's ability to pay debts

    Hi, if a debtor (pty Ltd company) cannot afford paying a debt, does the debt has to be forgiven even though a court judgement is obtained? Is there anyway we can find out their ability to pay before commencing court actions? The debtor/company is not listed on ASIC for undergoing...
  2. S

    NSW Caveat for ex's business debts

    Hi all - the following requires a mixture of family law, property law and bankruptcy law knowledge. Background...After many years of hell, I finally left my abusive partner only to discover he had racked up significant debts from gambling and drug use. The debts he amassed were mostly...
  3. L

    VIC Form 80 - q36 - had any outstanding debts ?

    Hi Guys, I am on a TR visa in Aus and am filling form-80 for my PR application. For question 36, in the last part, there is a question which needs to be answered in yes or no. The question is: "had any outstanding debts to the Australian Government or any public authority in Australia...
  4. F.Bowen

    QLD Any High Court Rules Regarding Debt Settlement?

    Hi, Could anyone please direct me to where I can find specific rules regarding legal procedures for debt settlements? Possibly involving the wording incorporeal property?
  5. J

    QLD Debts to continue after bankruptcy

    So in 2017, I went bankrupt by my choice for an amount of $60k roughly and recently I did a credit check on myself for pure interest and discovered that two of my creditors have defaulted me. The two creditors who have defaulted me were included with the rest of the other creditors when I went...
  6. A

    WA Bankruptcy and a Property Seizure and Sale Order?

    Hello, I have a tricky situation. Recently I was terminated from my employment. Not long after this, my wife became ill and the debts kept growing. Add to this, I had my only car seized by the sheriff's office. I was in the middle of becoming bankrupt due to the overwhelming debt. The debt...
  7. P

    VIC Property Settlement Issues - What to Do?

    Hi all, here's my situation. Husband, deponent: We were married for 25 years. On Sept 2016, we split (I moved out, wife and 2 kids stayed). 2 kids are both healthy 21 years old and 17 year old. House value is $1,200,000 (owed $380K) with shared liability. Factory value is $650,000 (owed...
  8. M

    WA Separation - Ex Won't Give Info for Financial Agreement?

    Hi everyone. Son is going through ugly separation / divorce. He has sent an email to her requesting information to fill in the agreement. All he got back was I don't agree and won't give him any information. i.e. bank details. What does he do now? They were only married for a year. Bad choice...
  9. C

    NSW Executor of Will has Conflict of Interest?

    My mum died in January. We couldn’t find a will. My brother “found” a will naming him as executor of will and got probate. We all have doubts about the validity of the will, but as the will divided all my mums’ property equally between her six children we decided not to contest it as it was what...
  10. OptionalSettings

    NSW Ex Dissipated Asset Pool - Property Settlement Options?

    My ex and I are separated one year and trying to reach a financial and property settlement via consent orders. When we separated my ex raided our joint savings account taking a significant five figure amount. Since then they have spent one third of the savings and run up debts of nearly $10k...