5 Things you should know about Bankruptcy

1 – HECS / HELP Aust Government student debt is not included or wiped clean as part of the Bankruptcy. 

2 – Credit Cards / personal loans and most other unsecured personal debts are wiped clan as part of bankruptcy.

3 – You are allowed to earn the same income as before – you just have to pay back a portion of the net amount you earn once you go over the income thresh hold (approximately $78k gross PA for no kids and up to about $108k PA with 4 kids).

4 – You do not have to lose your home.

5 – If you try and sell things undervalue or give away assets before going bankrupt your trustee will investigate and could claw back that transaction.