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Yes, that's what I said. I know what happens with regard to CBA's part, just not what happens with a 2nd mortgage or other kind of 'registration of interest' (I don't even know what terminology to use for doing that). I can see Kathryn's point of view; if interest stopped accruing, then I could...

I think some people maybe misunderstood what I was asking in my original post. I am NOT trying to make $70k 'disappear' or otherwise try to defeat creditors. I acknowledge that I have $70k, and acknowledge that the creditors are fully entitled to this and will be paid. Therefore my original...

No, I call it late because I always fully intended to pay it, but was unable to on time as it was tied up. What it was tied up in went south unfortunately and ceases to exist. It's not a 'dodge' to invest in the wrong business and end up losing everything. I didn't lose it all on purpose. Me...

Thank you this is very helpful because I thought bankruptcy was set in stone once you appointed a trustee. I didn't realise a bankruptcy trustee was a person who could also help you avoid it.

Not as simple as that. Yes I was late with some bills a long time ago when I earned a lot but the bills were large from a lack of 'dodgy tax minimisation'. Absolutely everything declared resulting in big bills. And have struggled for years to catch up with it with various payment plans but have...

Yeah but maybe accounting is a better analogy. Like some accountants are not property experts, so rather than waste time trying to teach your accountant about property, find one that's already experienced in that specifically. So I guess I'm trying to find a (non dodgy) trustee that is already...

It's personal income tax. I'm personally insolvent, not a company.

Trying to find a good one that I don't have to teach along the way :)

What is this meeting specifically and who sets it up? If you're trying to do a deal, is there someone better to call than just calling your creditors directly? Thanks again for the knowledge, it's really appreciated.

I thought I read somewhere that Part 9 under law only caters to debts up to $88,000. I have no idea where I saw that though.

That all sounds right to me, after all if my wife were paying proper market rates for the house, then I'd have $70k (minus fees) to pay creditors. The issue with that is, my wife doesn't work, and wouldn't qualify for $550,000 in loans, especially not at the LVR it sits at at the moment. The...

Okay debt is $320k... do you think the ATO would do a deal for $70k? :o

The purpose was actually just that the trustee said the loan would have to be in her name (which doesn't make sense to me). It wasn't to defeat the creditors or transfer any assets to my wife. (So yes, pointless in my view).

I think transferring title would be illegal (defeating creditors), so not looking at that option. Wunderbar, why does it need to be my wife's relative that registers an interest? Why can't it just be my wife? She's the one with the cash. The way I see it, the bankruptcy trustee shouldn't be...

Hi I hope someone can offer some advice or help regarding being able to keep my (2) properties while going bankrupt. Specifics are: Property 1: Loan is $150,000, Value is $220,000 Property 2: Loan is $400,000, Value is also $400,000 They are cross-collateralised with the same bank...