Bankruptcy - What happens to our house if my spouse is made bankrupt?
Date: December 01, 2008
Authors: LAC Lawyers
My spouse is about to become bankrupt. Will I lose our home?
The trustee has to deal with any equity or interest you have in a property, for the benefit of your creditors. This may mean that the property has to be sold. If the property is jointly owned the trustee may consider selling his interest in your property to a non-bankrupt joint owner. A house property that is subject to a Defence Service Homes mortgage cannot be sold by the trustee without the approval of the Secretary of the Department of Veterans' Affairs.
A secured creditor could sell your property should you be unable to meet the mortgage repayments. Any shortfall will be a debt in your bankruptcy. If a surplus exists following sale, these monies will be paid to your trustee.
If only one joint owner becomes bankrupt the trustee will become registered as a 'tenant in common' of the home with the non-bankrupt owner, or will lodge a caveat on the title to protect the bankrupt's interest. The registration of the trustee does not prevent the mortgagee selling the property if the mortgage payments fall into arrears. The jointly owned home may be sold in any of the following ways:
- the other owner has first option to buy, either for cash or by instalments, the bankrupt's interest (or share) in the home from the trustee.
- a joint owner who cannot afford to buy the bankrupt's share may agree with the trustee to sell the home. Both the trustee and the non-bankrupt joint owner usually receive equal shares of any money left over after the mortgages and expenses are paid depending on the tenancy.
- if the joint owner refuses to co-operate, the trustee can apply to the Supreme Court under the Law of Property Act 1936, for an order that the property be sold and the proceeds divided between them.
Insolvent Trading
Date: September 22, 2010
Author(s): LAC Lawyers
Insolvent trading occurs when a company incurs a debt when it is unable to pay its debts as and when they fall due. LAC Lawyers' Bankruptcy & Insolvency team offer expertise in all aspects of Bankruptcy & Insolvency Law. Get instant results - call LAC Lawyers today on 1300 799 888 .
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Date: September 01, 2010
Author(s): Michael Pickering B.A., LL.B. (Hons.), LL.M., M. A.
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Date: July 30, 2010
Author(s): Michael Pickering B.A., LL.B. (Hons.), LL.M., M. A.
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Date: May 10, 2010
Author(s): LAC Lawyers
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Date: May 10, 2010
Author(s): LAC Lawyers
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Date: January 13, 2010
Author(s): LAC Lawyers
Family law property settlements or applications for spousal maintenance may be further complicated where one spouse is bankrupt or considering bankruptcy. In these circumstances, a conflict clearly arises between the competing interests of a trustee in bankruptcy and the separated non-bankrupt spouse in determining how property should be distributed between the parties.
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Date: August 04, 2009
Author(s): LAC Lawyers
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Debt Recovery - Personal Insolvency Agreements
Date: August 04, 2009
Author(s): LAC Lawyers
If you find that you are overwhelmed with debt and cannot pay all those debts as and when they are due but at the same time you do not want to be declared a bankrupt, you may still have the option of entering into a Personal Insolvency Agreement (“PIA”).
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Date: April 29, 2009
Author(s): LAC Lawyers
The global economic crisis has no doubt affected millions of people and businesses world-wide. Australia is not immune and coupled with record high unemployment and talks of recession, it is not surprising that many people cannot pay their debts and the instance of bankruptcy proceedings being commenced by creditors has increased as a result.
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Date: March 07, 2009
Author(s): LAC Lawyers
You run a successful business supplying quality products to a hungry market. Generally your clients are very good with payment however due to the economic downturn some clients have not been able to pay their invoices on time and you have noted that recently that your company has sent out a few reminder letters prompting payment. The majority of those prompted eventually made payment.
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Date: September 24, 2008
Author(s): LAC Lawyers
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Voluntary Administration
Date: May 04, 2008
Author(s): LAC Lawyers
If a company is having cash flow problems, unable to pay its debts as and when they fall due such as GST, superannuation or creditors then a Director must consider voluntary administration. This enables the company to avoid continuing to incur debts while it is insolvent.
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Date: November 20, 2007
Author(s): Michael Pickering B.A., LL.B. (Hons.), LL.M., M. A.
Notwithstanding the spectacular growth of the share market and of superannuation funds, the matrimonial house remains the single greatest asset for most people.
Insolvent Trading and Director's Liability
Date: October 12, 2007
Author(s): LAC Lawyers
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What to expect when you call LAC Lawyers
Date: December 13, 2006
Author(s): LAC Lawyers
LAC Lawyers is a full service firm dedicated to the provision of superior legal services in Australia. Our aim is to provide unrivalled client satisfaction coupled with high quality service and advice. When you call LAC Lawyers our friendly reception staff will spend time with you to identify the area of law your enquiry relates to then pass you on to one of our qualified solicitor's who can help you.
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Date: August 16, 2006
Author(s): LAC Lawyers
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Date: August 01, 2006
Author(s): LAC Lawyers
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