Bankruptcy is a legal financial status that can have positive and negative effects. It is strongly recommended that a debtor who is considering bankruptcy seek advice from an independent and qualified source. Bankruptcy can affect a person’s ability to get credit and employment opportunities.
This section includes the following topics:
- What is bankruptcy?
- Who can be made bankrupt?
- Who administers the bankruptcy law?
- What happens to the bankrupt’s property?
- What happens to the bankrupt’s income?
- The effect of bankruptcy on debts
- Leaving Australia
- Process of going bankrupt
- When does bankruptcy end?
- Other procedures under the Act
The law in this chapter is current as at 30 June 2018.
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