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I've just come across an interesting website re bankruptcy and working out ways to keep the house. http://www.bankruptcyandhouses.com.au/

I believe the lenders generally don't check the National Personal Insolvency Index ("NPII"). However, the application forms often ask the question about bankruptcy and if you answer "yes" they possibly then would. Not disclosing the information to the lender would be an offence. This is a...

Thanks for that info Propertree. I didn't know that was the case. I have a friend who was bankrupt, but made an offer and had it annulled, so I will get her to check her credit report to see what shows up.

thats right. And any increase in value will be the trustee in bankruptcy's.

One more point. When you go bankrupt any money you earn over a certain amount (approx $50k pa, varies depending on how many kids etc) Once you are bankrupt, if you continue working and earn over a certain amount then a % of your income goes to your trustee in Bankruptcy to help pay...

Actually, I am not sure if you could avoid it in this situation. A trustee is appointed once you enter bankruptcy. I think what would happen is you would be, or could be, released from Bankruptcy early. You would still have the stigma of having been bankrupt though.

The Trustee in Bankrutpcy may call a meeting of creditors and the creditors may need to vote on certain things - such as accepting a payment of x cents in the dollar (money which you could get from friends) in exchange for you to avoid bankruptcy. I think things are decided on a majority vote of...

and a tax debt of $320,000 is extremely large. You would have had to earn close to $1mil to have a tax debt so big. The bankruptcy trustee may need to looking into your situation to see where all the money went. Transactions over the last 5 to 10 years could be looked at.

Hi I am not sure of the thresholds, but it could be possible to enter into an agrangement to pay and avoid bankruptcy, an insolvency agreement maybe?

This may be a way out of the mess. Part IX Debt Agreement

The ATO doesn't usually turn up at creditor meetings - they have too many to attend to them all. If they are not there then they can't vote, and other creditors may control the meeting.

I made a spelling mistake in the quote - I meant the family would get to keep the place (not price).

Banks will allow title in one name but both spouses on title. But, I doubt they would want to allow things to change now, especially if they think one of the borrowers is going bankrupt.

Do you mean the Cummins case? I though it was determined that the wife was acting as trustee for the husband's 50% of the house. This matter is different. If the wife were to purchase the house at market value it would be, probably, ok. The family would get to keep the price. The funds the...

I can't see how this would be of any benefit. If someone lends you money, then you have the money. It would only work if you spend the money and it was not available to creditors. But this is dangerous as the intent is to defeat creditors if there is not commercial reason to enter into such a...

A refinance is a changing of loans from one lender to another. A transfer is a change in legal ownership. I think changing banks now would not provide any benefits as the equity in the properties will still be there and will be available to satisfy the judgment debt. Transferring the property...

Hi Wunderbar. This is not really correct. It could be voidable if it was done: - undervalue, s120 Bankruptcy Act - to defeat creditors, s121 Bankruptcy Act Assuming the wife has the funds it could be possible to transfer the properties to her name.