Bankrupt, Declaring Bankruptcy, Bankruptcy
March 6, 2017 121

Bankruptcy in Australia – Voluntary or involuntary bankruptcy?

Posted by:Charles Bosse onMarch 6, 2017

When it concerns Bankruptcy, there are 2 kinds of people – those who have made a decision to declare bankruptcy and those declared bankrupt by others (Their creditors).

When it comes to Bankruptcy in Australia, typically lots of people aren’t aware that there could be both voluntary, and involuntary insolvency– and this is crucial because often people don’t become aware that others can declare them bankrupt– and also if this happens you have certain rights and’ obligations attached.

Involuntary bankruptcy:

Involuntary bankruptcy happens when an individual you owe money to involves the court to declare you insolvent. This will result in you being issued with a notice that, typically when you obtain one of these types of notices, you have 21 days to pay all the financial debt. If you don’t, then the creditor returns to the court and asks the court to provide a sequestration order that proclaims you insolvent. Throughout this time you are going to have a brief window wherein you can dispute and put your case forward as to the reason that it ought to not proceed to the next level and why you ought to not be declared insolvent. Once the decision has been made, you will be insolvent and going through the same measures as those who took that path voluntarily.

Having said that, when it concerns Bankruptcy you can picture that the involuntary procedure is full of much more tension, worry and fear since other people are taking control of your life. My biggest idea with Bankruptcy and involuntary bankruptcy is that if you think that it could happen, get professional guidance on bankruptcy as early as possible, even if you are just worried about financial debt and fear that it could continue to escalate. I am sure that you can picture that it is far better to realise what you can and can’t do before being forced into that situation. The moment you are insolvent, it’s generally far too late to take action.

What next?

Well if you have been declared insolvent, you will not really have numerous alternatives but to move through the process and you will definitely want to get competent recommendations to make sure you are declaring properly, not breaking any rules, and will have the bankruptcy discharged as soon as feasible.

The bright side is that in Australia the arrangements for bankruptcy are actually really generous: you could go bankrupt owing millions of dollars and after 3 years it’s all completed with no strings attached. Compared to nations like the United States, our bankruptcy laws are quite good.

I do not claim to know why that is, but a couple of hundred years ago debtors went to prison. In these times I presume the government believes that the faster it can get you back on your feet working and paying income taxes, the better. It makes more sense than locking you up which costs the taxpayer regardless.

Insolvency will wipe away the huge majority of your several financial debts, (including tax debts to the ATO) but bear in mind the few exceptions- the main ones being Centrelink Debts, Court Fines like parking and speeding fines, HECS or Fee Help loans, and money to pay for a car accident if the car was not insured.

There is a lot more that might be explained about this and Bankruptcy as a whole so if getting some recommendations, remember that there are often options when it includes Bankruptcy in Australia, so do some research, and good luck!

If you want to learn more about exactly what to do, where to turn and what questions to ask about Bankruptcy, then don’t hesitate to get in contact with Bankruptcy Experts on 1300 818 575, or visit our website: www.freshstartsolutions.com.au.

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