WA Bankruptcy suggested by ato buisness deregistered

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Tan23

Member
29 June 2019
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Hi just hoping someone can help answer a few questions please.
My husband’s buisness was deregistered 2 years ago due to running at a loss and we were both out of work for some time on no income, he has a very large debt over $100,000 owed to the ato from the buisness he has applied for a release of tax debt & a payment arrangement both being refused. The Ato has suggested Bankruptcy is the only option !! We have a house with the title being under my name only but the mortgage under both our names can the ato take our house ? I have been the only one paying the mortgage through salary sacrafice. We are a family of 5 and are extremely worried our house will be taken as the house was my deceased fathers. Also our cars are both under my name with no loans owing will these be safe
Thank you in advance
 

Rob Legat - SBPL

Lawyer
LawTap Verified
16 February 2017
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Gold Coast, Queensland
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House: probably safe. Your bank may find out about the bankruptcy and ask some questions towards serviceability that might cause you some issues. A car can be seized if it is worth over (currently) $7,900.