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The following money is protected from your creditors once you have filed bankruptcy:
- Personal Injuries Compensation
- Superannuation
If you are paying a secured debt e.g. a car loan, you can still keep the car, but you must continue to pay your creditor or risk it being repossessed.
You can also keep your car as long as it is valued at less than $6,700 (approx.) OR $12,300 (approx.) if the vehicle is in joint names.
Tools of Trade can be kept up to the value of $3,350 (approx.).
Some debts CAN'T be included in a bankruptcy, such as:
- Child Maintenance
- Fines and Penalties
- Student Loans / HECS Fees
- Debts Incurred After Bankruptcy
Your bankruptcy is listed with VEDA for 3 years and also a further 7 years with NPII (National Personal Insolvency Index).
Voluntary Bankruptcy provides a way of being released from most of your debts.
Once you have filed for bankruptcy your debts are wiped clear, and creditors can take no further action to recover their losses or money owed to them.
Most debts can be included in a bankruptcy, such as:
- Credit Cards
- ATO Debt
- Debt Owed on a Repossessed or Voluntarily Surrendered Car Loan
- Unsecured Personal Loans
- Old Utility Bills (that you no longer use the services of)
- Medical Bills
- School Fees
- Most Other Debts
NO, you are able to keep all of your household items, e.g. fridges, electrical appliances, phones, stereo, furniture, etc..
Sherrif days do not exist anymore.