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What happens to the rates and body corporate fees owing on my property?

FAQs | Bankruptcy and Your House

If you have any outstanding rates and body corporate fees owing on your property, they will be paid at settlement when the property is sold.

If you wish to remain living at the property and the co-owner buy the equitable interest of the bankrupt estate in the property, the outstanding rates, and body corporate fees will need to be paid. If the outstanding rates are not paid, the Council can recover the rates by selling the property.

When the property is sold, the outstanding rates and body corporate fees will be paid prior to the mortgage debt.

For further information on bankruptcy, we recommend our articles ‘Pathways to Bankruptcy – Essential Facts’, ‘Life During Bankruptcy’ and ‘The Bankruptcy Option Explained’.

Nicholls & Co have a complementary ‘help desk’ to answer your questions on bankruptcy. Call Nicholls & Co on 1300 060 122 or email helpdesk@nichollsco.com.au.

Alan Nicholls - Registered Trustee

Alan Nicholls’ no obligation help desk

Nicholls & Co provide a free, no obligation ‘help desk’ for people considering bankruptcy – we discuss and explain bankruptcy and answer questions for anyone who is considering bankruptcy. The Nicholls & Co help desk can be accessed by phone  
1300 060 122  or helpdesk@nichollsco.com.au . Alan Nicholls, Registered Trustee in Bankruptcy is also available to answer your questions to enable you to decide if bankruptcy is right for you.