Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Liverpool, Australia Attorneys in related practice areas.
Bankruptcy and Debt law in Liverpool, Australia governs legal processes involving individuals or businesses that are unable to repay their debts. This declares them bankrupt, offering some form of relief while also protecting creditors to some extent. When declared bankrupt, individuals or businesses' assets are measured and, if possible, used to repay some portion of the outstanding debt. Bankruptcy can be a highly complex process and seeking professional guidance is highly advisable.
Legal advice can be crucial in numerous situations related to Bankruptcy & Debt. For instance, if lenders are pressuring you, or if you are contemplating bankruptcy as a solution, a lawyer can help you understand your options and rights. Similarly, if you're a business owner, a lawyer can help you work through liquidation, administration, or a debt agreement. Lawyers experienced in Bankruptcy & Debt law can provide valuable insights and offer the best course of action for your specific situation.
In Liverpool, Australia, the Bankruptcy Act 1966 (Commonwealth) is the main law governing bankruptcy and debt proceedings. This law focuses on repaying debts and providing financial relief to the debtor. Key aspects of these laws include the concept of insolvency, where a debtor is unable to pay their debts when they are due. Bankruptcy laws also touch on voluntary administration, a process where an external administrator is appointed to investigate an insolvent company's affairs, report to creditors, and recommend a suitable way forward. It's important to remember that bankruptcy can significantly affect your credit score and future borrowing capabilities.
1. How long does bankruptcy last in Australia?Usually, bankruptcy lasts for three years, but it can be extended in some circumstances.
2. Can I keep my home if I declare bankruptcy?It largely depends on your equity in the home and the specific circumstances surrounding your bankruptcy.
3. Can I run a business whilst bankrupt?Yes, though with certain restrictions such as informing those you do business with of your bankruptcy.
4. Will bankruptcy wipe off all my debts?Not all type of debts are cleared by bankruptcy. Unsecured debts are wiped however, debts like court fines, HECS-HELP, or child support are not.
5. How does bankruptcy affect my credit rating?Bankruptcy will remain on your credit report for five years from the date you became bankrupt or two years from when your bankruptcy ends, whichever is later.
Australian Financial Security Authority (AFSA) and the Australian Securities & Investments Commission (ASIC) are two bodies that provide resources and information relevant to Bankruptcy & Debt law. People seeking legal help can use these services to better understand their rights and obligations.
If you need legal assistance relating to Bankruptcy & Debt in Liverpool, Australia, it's advisable to consult a local lawyer who specializes in this area. Preparing for a consultation is key: gather and organize all relevant documents, make a list of your questions, and be ready to discuss your financial situation in detail.
