Bankruptcy – Snapshot of Benefits - Nicholls Co

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Bankruptcy – Snapshot of Benefits

Bankruptcy – Snapshot of Benefits

When considering bankruptcy, it is important for you to explore and understand how bankruptcy will help you.

In this blog, we provide a snapshot of some of the benefits bankruptcy can provide, for you to consider when assessing whether bankruptcy is right for you.

Convenience & Privacy

  • You can file for bankruptcy without leaving your home. There is no Court involvement.
  • If you are unable to pay your debts when they are due and are a resident of Australia, you can file for bankruptcy. There is no minimum amount you must owe and no lodgement fee.
  • Nicholls & Co can assist you to complete and lodge the 23-page Form on your financial affairs for you to become bankrupt.
  • No one will be advised about your bankruptcy except your creditors, bank, solicitor, and accountant. Your bankruptcy is not advertised in the papers.
  • You can declare bankruptcy quickly and be out of debt in a week or two.

Relief When Bankruptcy Commences

  • The phone calls and debt collection action by creditors will stop.
  • You will be released from the stress of having overwhelming debt, allowing you to start sleeping again and thinking about your life going forward.
  • All debt caught by your bankruptcy is gone permanently.
  • Bankruptcy is not just about getting rid of the debt it is also about protecting your health, relationship, and family.
  • Bankruptcy does save lives and relationships.

Immediate Benefits of Bankruptcy

  • Your household furniture and effects are protected.
  • Your tools of trade are protected up to a dollar limit.
  • You can keep cars and motorbikes up to a dollar limit.
  • You can keep cars and bikes subject to a lease or hire purchase with no equity, provided you keep making the monthly loan payments. If the financed vehicles have equity, you can keep them provided the total equity of your cars and motorbikes does not exceed the dollar limit. You will need to keep making the monthly loan payments,
  • Your income is protected to make sure you have money to live. If you are a high-income earner this protection is maintained but you may have to pay some money to your bankrupt estate. This is called income contributions.
  • Your creditors and their debt collectors will stop hassling you, as you no longer owe the money. They are unable to continue debt collection against you.
  • The super you have accumulated over time in your super fund is protected and remains with your super fund for your retirement.
  • The statutory super your employer pays to your super fund during bankruptcy is also protected for your retirement.

Your Life During Bankruptcy

  • You can travel overseas while bankrupt, you just have the inconvenience of first obtaining your trustee’s written permission.
  • Once you are bankrupt, you can save from your wages and there is no limit on the amount you can save. Your savings are protected provided they remain in your ordinary bank account.
  • If you are at retirement age and bankrupt, lump-sum amounts you receive from your super fund are protected and not available for your bankrupt estate. Assets you purchase with these monies from your super fund are also protected.
  • There are some rules you will have to follow but you can operate a business in your own name while bankrupt, without disclosing your bankruptcy.
  • You can commence or continue tertiary studies while bankrupt and apply for or continue to receive HECS during bankruptcy.
  • Pension, monies, and benefits you receive from Centrelink are not implicated by your bankruptcy.
  • You can replace and buy household items, white goods, and furniture during bankruptcy.
  • You operate your own bank account during bankruptcy.
  • You can gift money from your wages during bankruptcy.
  • From your wages, you can repay money to family members during bankruptcy.

Working During Bankruptcy For Your Life After Bankruptcy

  • There is no limit on how much you can save from your wages during bankruptcy and your savings are protected provided they remain in your ordinary bank account.
  • During bankruptcy, you can pay extra contributions to your super fund from your wages.
  • During bankruptcy, you can spend money from your wages for your car maintenance and repairs.
  • During bankruptcy, you can upgrade your household white goods and furniture.
  • During bankruptcy, you can use money from your wages to repay family debts
  • During bankruptcy, you can use money from your wages to gift money to family members.
  • During bankruptcy, you can continue and/or commence further studies.
  • Whilst bankrupt you can seek a promotion to advance your career and income. If you are a high-income earner once you are discharged from bankruptcy – your wages will not be subject to income contributions.
  • During bankruptcy, you can save from your wages for domestic and overseas holidays.
  • During bankruptcy can spend money from your wages on personal care, clothing, and grooming.
  • Whilst bankrupt you can commence rebuilding your credit record

Your Life After Bankruptcy

  • You are discharged automatically from bankruptcy 3 years and 1 day after the commencement of your bankruptcy.
  •  When you are discharged, savings from your wages that remain in your ordinary bank account are yours.
  • Bankruptcy will only remain on your credit record for 2 years after your automatic discharge from bankruptcy.
  • Monies that have accumulated over time in your super fund, continue to grow and remain available for your retirement.
  • After your bankruptcy, if you are at retirement age, the money you receive from your super fund as income or a lump sum is safe.
  • You can buy assets like company shares, boats, and caravans.
  • Your discharge from bankruptcy will have no effect on you continuing to receive Centrelink.

If you have any questions about bankruptcy or would like to discuss your situation, give us a call Nicholls & Co on 1300 060 122 or email helpdesk@nichollsco.com.au and we will answer your questions.

For details on the services Nicholls & Co provides, click here.

 

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