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Yeah because everyone who goes bankrupt is an Alan Bond or Christopher Skase

lol. The ignorance displayed by some of these posters is beyond belief

It's ok in Canada they don't understand the free market. They don't even let you pay for your own surgery. Let her be

That is akin to someone being convicted of a minor offence and then having that record prevent them from ever finding a job and rebuilding their lives. Believe it or not, but people do make mistakes and need an opportunity to start again - if you were lucky not to have gone down that route then...

You're kidding right?

And I suppose we should all throw people into debtor's prison as well to pay for their sins with debt eh? Don't you just love socialism?

It's not the same thing. It is suffocating and hateful. FML

Tom, most of the people here aren't familiar with business risk. They assume that property investing is 'business' and therefore they are entitled to speak on the subject.

Get off the high horse! Especially coming from the Communist Colony of Canadia... In business, sometimes you win, sometimes you lose. Big deal. For every millionaire there's 1000 people living in poverty somewhere else. It's a fact of life. Plus - just because he 'owes' $320k doesn't mean he...

Communicate with your trustee. He'll know what to do

Er since his debt is $320k - it surpasses the maximum threshold for a Part IX (which is around 45k)

Yes but at the very least they would/should be aware as to what's on offer

haha the ATO - always the last one to get paid! They might do a deal - it's in taxpayer's interests that they do. I guess you just gotta play poker with them and say 'this is all I got, if u don't take it you get nothing anyway'.

If the loan is to be in her name, the title has to be in her name too. It's standard bank protocol because it's part of their responsible lending i.e. the person borrowing the money has to have an interest (i.e. ownership) of the property.

You see smileyface - if you really want to keep the house, and you are certain that your wife/family/friends have enough money to bail you out, then you can do a Part X arrangement. This means that you avoid bankruptcy as third parties will contribute and pay off some of the debt for you, and...

It is easy to justify it. Since he's going bankrupt for non-property reasons - he probably has a business. It is so easy to burn 70k cash in a business that is going south - everyone in business knows and expects this. Obviously you don't buy things that can be traced like property

If he was to refinance with another bank - the purpose would be to extract as much equity as possible out of it to deny that money to the creditors. It's not to refinance for the sake of refinancing - that is pointless

Since he knows about his impending bankruptcy he obviously falls under s121. Which is why I said a transfer of title is pointless since it will be reversed anyway. Let's not forget the High Court case where the barrister's property transfer to his wife 20 years ago was reversed because he knew...

Yeah I know I work for one of them so I realise how stupid they are

Well if his valuations are correct, then I don't see why they would refuse it. They get paid out first anyway so whether he has 10 mortgages or not has no bearing on their decision!