Yes there are ways to annul your bankruptcy. Your Bankruptcy Trustee will issue a certificate of annulment when:
- all your debts and costs of administration of your bankruptcy have been paid in full, or
- you make an offer to your creditors which is accepted. Typically you will need to offer your creditors more than they would receive if your bankruptcy continued in the ordinary course. Typically this is achieved by a lump sum payment made y a family member or close friend. The proposal is put before a formal meeting of creditors and must be accepted by the majority of creditors; or
- if you believe that you should never have been declared bankrupt, you can make an application to the Court to have your bankruptcy annulled under Section 153B. You will need to satisfy the Court that the bankruptcy order should not have been made in the first place.
Frequently Asked Questions
- What happens if I have transferred my house or another asset of value to my spouse prior to bankruptcy?
- Are there offences under bankruptcy?
- Can a creditor still contact me insisting on payment once I have become bankrupt?
- Can I be publicly examined if I am made bankrupt?
- Can I continue to use my credit cards after bankruptcy?
- Can I have a bank/cheque account?
- Can I travel overseas whilst I am bankrupt?
- Can my bankruptcy be cancelled or annulled?
- Do I have to make payments from my income to the Trustee?
- Do I need to become bankrupt?
- Do I need to lodge tax returns?
- How do I become bankrupt?
- How does bankruptcy affect my employment?
- How long would I be bankrupt?
- Is my bankruptcy advertised?
- What about debts incurred after bankruptcy?
- What are my rights and responsibilities once bankrupt?
- What happens if someone has guaranteed some of my debts?
- What happens to a debt I forgot about at the time of becoming bankrupt?
- What happens to any assets that have not been sold by the trustee at the date of my discharge?
- What happens to my ABN or can I apply for an ABN now that I am bankrupt?
- What happens to my credit rating?
- What happens to my debts after bankruptcy?
- What if I have a car?
- What if I leave my employment during bankruptcy?
- What is bankruptcy?
- When are creditors notified of my bankruptcy?
- Who would handle my bankruptcy?
- Will I have to appear in court?
- Will I have to pay income contributions whilst I am bankrupt?
- Will I lose my assets?
- Will I lose my house?
- Will my financial records be examined if I am made bankrupt?