Bankruptcy Means Test

Bankruptcy is a solution for overwhelming debt – it removes permanently most if not all of your debt – protects your wages - allows you to keep necessary assets so as you can live – allows you to reset to get going again on your terms and gives you a future without being overburdened by debt you just cannot pay.

The protection provided for your wages is generous and based on how many dependants you have. We recommend the following article on our website Wages Super and Spending click here, for details on the protection amounts provided for your wages.

Your normal household furniture and effects are protected without a limit on value. Having said that, if your furniture and effects includes items that appreciate in value, you would will lose those appreciating items to your bankrupt estate.

Your car and tools of trade are protected up to amounts that are regularly adjusted for the CPI. The current protection amounts can be accessed in our article: Can I own anything? Click here

Superannuation you have accumulated over the years is protected without limit.

Your savings from your wages during bankruptcy are protected without limit.

We are here to help. If you have any questions please give us a call on 1300 794 492 or email hello@understandingbankruptcy.com.au