Twice a year, the Indexed Amounts are updated. “What are Indexed Amounts?” I hear you ask?? Well! These are the limits applicable to certain aspects under The Bankruptcy Act, such as; The amount of income you earn whilst Bankrupt, before being required to make contributions to your bankrupted debts; The limits applicable to the value… Read more
Articles in category Bankruptcy
Assets you could lose in Bankruptcy
If you’re struggling with serious debt, bankruptcy can be a real solution to your problems. What you may not know though, is that there are also serious consequences to this solution. These serious consequences include your trustee being able to claim and sell some of your most-prized possessions. So, what exactly could you lose if… Read more
Bankruptcy is not failure
Bankruptcy. It’s not exactly a positive word. Nor is it a position which any of us want to find ourselves in. However, whether we like it or not, the situation does happen to thousands of Australians, every year. If you can’t meet all your debts and bankruptcy is a possibility, then it’s safe to say… Read more
Bankruptcy surge hits young WA families
A recent article from ABC news has detailed the bankruptcy surge to hit Australia, noting that more than 32,000 Australians declared bankruptcy during the 2018 financial year, with households in resource-dependent WA and Queensland doing it particularly tough. As alarming as this topic may be, we feel it’s important for fellow Australians to be in… Read more
Options To Avoid Bankruptcy – Debt Agreements with Life After Debt ®
If you can’t meet all your debts, then it’s safe to say you’re probably feeling worried, stressed, overwhelmed. You may even be concerned about how to avoid bankruptcy. Don’t worry – There are options to avoid bankruptcy and you’re definitely not alone. Debt Agreements are just one of those options and Life After Debt ®… Read more
What is a ‘Means Inquiry’?
Drowning in debt is a scary place to be. Sometimes you may simply feel as if there is no hope; you don’t know what to do, or where to turn. The many rules and regulations, legal terms, debt collection agencies and everything else in between, can often contribute towards the feeling of hopelessness. At Life… Read more
What legal action can my creditors take against me?
Recently, we talked about dealing with debt collectors and provided you with some useful information on your rights and responsibilities. But what about if your dealings with debt collectors were to go that one step further? What about legal action? Today, we explain what legal action your creditors can take against you and what you… Read more
The dangers of ‘credit repair’ companies
You got yourself into some debt and have now discovered that your credit score isn’t great. Naturally, you want to repair it, but you don’t know how to do it or where to start. In our latest blog, we warn you about the dangers of ‘credit repair’ companies and paying to try to fix your… Read more
Hardship Variation: What is it and how do you apply?
Drowning in debt? Finding it hard to meet your loan repayments? Feeling stressed and not sure how you are ever going to get out of the debt-trap? We hear you, you’re not alone and there is something you can do about it. In our latest blog, we explain what a hardship variation is and how… Read more
Beware of Payday Loans
In the US, there are more payday loan lenders than there are McDonald’s stores (crazy right?!). In the UK, the industry is worth more than $3.6 billion. In Australia, annual turnover of the payday loan industry is just over $1 billion. The lifeblood of this industry is hardship and financial stress and unfortunately, recent times have… Read more
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