ADR-01 Online Secure Portal Debtors Petition
DEBTORS PETITION PRESCRIBED INFORMATION You must read the following information before signing the declaration. You should call your creditors and ask about their hardship provisions.Your Options to Deal with Unmanageable Debt Talk to your creditors: some creditors could give you more time to pay, agree to renegotiate repayments or accept a smaller payment to settle the debt. Some creditors have hardship provisions which you can use to vary the terms of your contract.
THE INFORMATION PROVIDED IN THIS SECURED PORTAL IS STRICTLY USED ONLY FOR THE APPLICATION TO SUPPORT YOUR CLAIM FOR BANKRUPTCY.
This component of your application the Government Petition requires you to answer all question relevant to you, remembering this is a LEGAL document you are filing to the Government all answers must be accurately any false information can lead to court action against you and a possible jail term.
Consequences of Proceeding with a Petition for Bankruptcy.
A trustee will administer your bankruptcy: you may ask a registered trustee to administer your bankruptcy. If you do not choose a creditors can change your trustee. You must assist your trustee at all times. You must immediately notify your trustee in writing of any they recover.
Your assets may be sold: you will be able to keep ordinary household goods, tools (up to a certain value)* used to earn an income and vehicles (up to a certain value)* but other assets – including your house – can be sold by your trustee. You cannot conceal, remove or dispose of any property inside or outside Australia. If you do, you may be subject to criminal prosecution.
Your income, employment and business may be affected: if your income exceeds a set limit*, you may be required to make contributions from your income. You cannot be a director of and/or manage a company. Some professional/licensing bodies may restrict or prevent you from continuing in that trade or profession. You may not be able to hold certain public positions. If you are in business and trade under a business name different to your own, you must tell everyone you deal with that you are bankrupt. If you don’t, you may be subject to criminal prosecution.
You may not be released from all debts: you are released from most of your unsecured debts (eg credit cards, personal loans, store cards) once you are discharged from bankruptcy. Some types of debts are not covered by bankruptcy (eg debts incurred by fraud, on a house or a car) and you do not maintain repayments, that creditor can repossess and sell the asset; however the shortfall, if any, will be covered by bankruptcy.
Your ability to travel overseas will be affected: you will not be able to travel overseas without the written permission of your trustee required to pay an overseas travel application fee.
Your name will be on the public register (NPII) forever: it will also be recorded on a commercial credit record for 5 years, or longer in some circumstances.
Your ability to obtain credit and certain services may be affected: provider that you are bankrupt. If you enter into a hire purchase agreement or a contract for the hiring or leasing of any goods whereby by promising to supply goods or render services, you must tell the purchaser that you are bankrupt. If you don’t disclose your bankruptcy in these circumstances, you may be liable to criminal prosecution.