Becoming Bankrupt – Your Do’s & Do Not’s Checklist - Nicholls Co

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Becoming Bankrupt – Your Do’s & Do Not’s Checklist

Becoming Bankrupt – Your Do’s & Do Not’s Checklist

Once you have made the decision that bankruptcy is the solution for you, your attention will shift to what actions you need to take as you complete your paperwork and prepare to become bankrupt.

To assist, we have prepared our checklist on what you should and should not do as you prepare to become bankrupt.

Here is our DO’S checklist:

  • Identify bills that relate to your ongoing living requirements and keep paying them. These bills may include electricity, gas, internet, phone, rent, car payments, etc
  • Identify bills that bankruptcy will capture and stop making payments on these. Examples of these bills may include credit card debt, personal loans, bank debt, tax debt, etc
  • Make sure you have cash to buy groceries and fuel for a couple of days – just in case your bank temporarily freezes your bank account for a day or two when they are notified you have become bankrupt. It is rare for this to happen but if this does happen, it will occur during the first few days after you have become bankrupt.
  • Cancel direct debits from your bank account for payments to creditors for bills that will be caught by your bankruptcy and obligations you will not be continuing once you become bankrupt.
  • Stop responding to your creditor\’s phone calls, text messages, and letters for payment. You no longer need that stress. They will be notified shortly of your bankruptcy by your bankruptcy trustee. Focus on getting into bankruptcy and your future life.
  • If you have outstanding tax returns to lodge, they do not have to be lodged prior to when you become bankrupt. However, they will need to be lodged. Do not stress about preparing and lodging your outstanding tax returns. Any tax liability generated from their lodgement will be caught by your bankruptcy.
  • If you are a high-income earner or have a house, give us a call to discuss options legally available for you to get your best result from bankruptcy. Bankruptcy works best when you and your trustee are on the same page. We can introduce you to Alan Nicholls, a registered trustee for you to have a chat with him and discuss your circumstances. Knowing your options and identifying how bankruptcy will work for you, will significantly decrease your stress. Also, having a chat with Alan Nicholls will give you comfort, having the opportunity to discuss your circumstances with him and observe he is an approachable normal bloke who will do whatever he can within the law to help you.

Here is our DO NOT’S checklist:

  • DO NOT incur any further debt. Stop using your credit cards, after pay, bank overdraft, etc
  • DO NOT sell or transfer assets. This can expose you to an investigation by your creditors once you become bankrupt – causing unnecessary stress and potential problems.
  • If you legally have access to monies in your superannuation fund, DO NOT take monies from your super fund prior to bankruptcy.
  • DO NOT use credit or borrow to pay for assistance to become bankrupt.
  • If you have an insolvent company, you will need to put the company into liquidation prior to becoming bankrupt. If the company does not have sufficient funds to pay a liquidator – DO NOT borrow monies to pay the cost of putting the company into liquidation. If this is your situation, take no action to put the company into liquidation, proceed to file for bankruptcy, and once bankrupt lodge Form 296 with ASIC. Once the company becomes directorless, ASIC will deregister the company at no cost to you. If you need to find a liquidator for your company, give us a call and we will put you on to a creditable liquidator.

If you would like to have a chat about Nicholls & Co administering your bankruptcy, give us a call on 1300 060 122 or email helpdesk@nichollsco.com.au.

If you would like to receive a copy of the Nicholls & Co eBook, call us on 1300 060 122 or email your name, phone number, and email address to helpdesk@nichollsco.com.au.

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