Debt & Bankruptcy
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What are the different types of bankruptcy in Australia?
Each type has different eligibility criteria and legal implications for the debtor.
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How can I declare bankruptcy in Australia?
To declare bankruptcy, you must complete and submit a Bankruptcy Form to the Australian Financial Security Authority (AFSA).|||It is advisable to seek legal or financial advice before proceeding with a bankruptcy declaration.
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What assets are protected in bankruptcy?
Protected assets typically include household goods, tools of trade, and a limited amount of equity in your home.|||Certain personal items and a vehicle with limited value may also be protected from seizure.
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How long does bankruptcy last in Australia?
Bankruptcy usually lasts for three years and one day from the date it is declared.|||In some cases, the bankruptcy period can be extended up to eight years if the trustee determines misconduct.
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What are the consequences of bankruptcy?
Consequences of bankruptcy include loss of assets, impact on credit rating, and restrictions on obtaining credit.|||You may also face limitations on running a business and certain travel restrictions.
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Can bankruptcy be avoided through debt agreements?
Debt agreements can be an alternative to bankruptcy, allowing you to pay back a portion of your debts over time.|||Entering into a debt agreement requires the approval of your creditors and can avoid the need for bankruptcy.
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What is the role of a bankruptcy trustee?
A bankruptcy trustee is responsible for managing your bankruptcy, including selling assets and distributing proceeds to creditors.|||The trustee also investigates your financial affairs and ensures compliance with bankruptcy laws.
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How does bankruptcy affect credit rating?
Bankruptcy significantly impacts your credit rating, making it difficult to obtain credit in the future.|||The record of bankruptcy remains on your credit report for up to five years or longer in some cases.
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Can I travel overseas if I am bankrupt?
You can travel overseas while bankrupt, but you must obtain written permission from your trustee.|||Failing to get permission can result in penalties, including extending your bankruptcy period.
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What is the difference between bankruptcy and liquidation?
Bankruptcy applies to individuals, while liquidation is the process of winding up a company's affairs.|||Both processes involve selling assets to pay creditors, but the legal implications and procedures differ.
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