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ARTICLE · 19 FEBRUARY 2024

Discharged from bankruptcy?

JB Solicitors
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Being discharged from bankruptcy marks a fresh financial start, but the story of your bankrupt estate isn't over yet.

AustraliaInsolvency/Bankruptcy/Re-Structuring
John Bui
John Bui
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Discharged from bankruptcy? Let's first discuss bankruptcy before defining the term. Bankruptcy is a legal process that helps individuals or businesses unable to repay their debts get a fresh start. It offers relief from overwhelming debt and allows for a reorganisation of finances. So what can happen if you declare bankruptcy?

  • You'll be assigned a trustee: This is a licensed professional who will manage your bankruptcy estate, which includes your assets and liabilities.
  • Your assets may be sold: The trustee will assess your assets and sell any non-exempt ones to pay off your debts as much as possible. Exempt assets typically include essential items like your home (up to a certain value), car (up to a certain value), and household goods.

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