Swamping debt that you are not able to pay is very dangerous for your health and wellbeing. It causes stress which can build over time to cause health, relationship, work, and socialisation problems.
Bankruptcy provides a reset. It removes overwhelming business and personal debt by isolating this debt into what’s called a bankrupt estate. A bankruptcy trustee is appointed to administer the bankrupt estate.
With your unresolvable debt gone, you have the opportunity for a fresh start.
Below are answers to essential questions on how bankruptcy works:
# Your household effects and bankruptcy
Your normal household effects are protected. Appreciating items like antiques and art are not protected. For more information here.
# Superannuation and bankruptcy
Funds that have been legally accumulated over time are protected for your retirement. For more information here.
# Your bank account and bankruptcy
You maintain control of your bank account. For more information here.
# Your passport and bankruptcy
With Nicholls & Co you keep your passport. For more information here.
# Your credit record and bankruptcy
Bankruptcy will be noted on your credit record for the period of your bankruptcy plus two years. For more information here.
# Cars and bankruptcy
You can keep your personal transport. There are some conditions, for more information here.
# Cash at bank and bankruptcy
With Nicholls & Co you can retain $2,000 as cash at bank when you become bankrupt. For more information here.
# Your home and bankruptcy
You can remain living in your home. For information on options regarding the family home here.
# Credit Cards and bankruptcy
During bankruptcy you can operate a Debit Card but not a Credit Card. For more information here.
# Overseas travel and bankruptcy
You can holiday and work overseas whilst bankrupt. You do need your trustee’s written consent, but you would have to of done something very wrong for the trustee to be prevented from authorising your travel. For more information here.
# Your income and bankruptcy
Bankruptcy is designed to make sure you have enough money to live, but the amount will depend on your family situation. For more information here.
# Your future and bankruptcy
Bankruptcy removes most if not all your debt. For information on how you can create your future we recommend the following articles:
If you would like to know more about bankruptcy, and how your life will work once you become bankrupt, call Nicholls & Co on 1300 060 122 or email email@example.com.