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Bankruptcy law in Epping operates under the national Bankruptcy Act 1966. This law provides a legal process to help individuals, who are not able to pay their significant unsecured debts, to resolve their financial difficulties. It allows them a fresh start while ensuring their assets are distributed fairly among their creditors. The process typically lasts for 3 years, but it could be extended.
You might require the assistance of a bankruptcy lawyer if you're unable to service your debts and financial obligations or it's not clear what assets you can keep when you're bankrupt. If you're considering filing for bankruptcy, it's crucial to have a lawyer guide you through the process to ensure your rights and interests are adequately protected. Bankruptcy lawyers are also instrumental in handling disputes that arise during the bankruptcy case.
In Epping and throughout Australia, you can become bankrupt voluntarily or a creditor who you owe at least $5,000 can make you bankrupt. When you're bankrupt, a trustee will manage your finance, and some assets might be sold to repay your debts. You may have to make compulsory payments if your income exceeds a certain limit, and you'll face some travel restrictions. Bankruptcy usually lasts for three years, but can be extended under certain circumstances.
Yes, you can operate a business while you're bankrupt. However, you may face certain restrictions and obligations you need to meet, such as disclosing your bankruptcy to all involved parties. It's recommended to seek legal advice for more details.
Bankruptcy can affect your employment, particularly if you work in certain professions. The terms of your employment contract or industry regulations may impose limitations on bankrupt employees.
Bankruptcy generally lasts for three years, but it can be extended to five or eight years in some situations.
Not everything. Certain assets are protected under bankruptcy, including most household items, tools of your trade up to a certain value, life insurance policies and some types of pensions.
Your bankruptcy may affect your spouse or family if you own assets jointly, if they've guaranteed your debts, or if they're co-borrowers on some of your loans.
The key governmental body that governs bankruptcy and provides resources and information about it in Australia is the Australian Financial Security Authority (AFSA). AFSA's website contains a wide array of bankruptcy-related information such as how to apply for bankruptcy, bankruptcy restrictions, and obligations of a bankrupt person. You can also access state-specific legal clinics or legal aid centres for free or low-cost advice.
If you're considering filing for bankruptcy and need legal advice, you should find a reputable bankruptcy lawyer in Epping. They will be able to provide you with personalised advice based on your financial situation. Before meeting with a lawyer, it would be helpful to gather all relevant financial documents including debt records, asset records, and income records.
