Property Fees During Bankruptcy

What happens to the rates and body corporate fees owing on my property during bankruptcy?

The rates and body corporate fees owing will be paid when the property is sold. The reason for this is if they are not paid when the property is sold, the purchaser will become liable for the rates and body corporate fees which remain owing from when you owned the home. The rates and body corporate fees owing are paid before any funds are paid to discharge the mortgage loan held on your property by your lender.

If your rates and or body corporate fees are significantly in arrears the Council or Body Corporate can sue and bankrupt you for monies owing.

Further Reading: We recommend our article ‘What is Bankruptcy? How Does It Work?‘.

Yes, Understanding Bankruptcy recommend you read this website and write down any further questions you might have. That way when you call we can answer all of your queries, to enable you to make an informed decision on whether bankruptcy is the right solution for you.

If bankruptcy is the correct solution for you, once bankrupt, your creditors and their debt collectors will leave you alone, and you can get on with your life.

If you would like to discuss bankruptcy further call 1300 794 492 or email hello@understandingbankruptcy.com.au. Rest assured, there is a way forward.

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

Further Reading: We recommend our article ‘What is Bankruptcy? How Does It Work?‘.

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