What does bankruptcy mean in Australia?

Answer Bankruptcy is a system of last resort for consumers in Australia with unmanageable debt. Bankruptcies in Australia are managed by a governmental agency called the Insolvency and Trustee Service.Ins... Read More »

Top Q&A For: What does bankruptcy mean in Australia

In Australia what does lounge mean?

"Lounge" in Australia has several meanings: a room in one's house for relaxing, reading, etc, and often where the whole family will gather together for watching TV to just sit around, relaxing, and... Read More »

What does it mean to file bankruptcy?

Filing for bankruptcy means that someone is undergoing a legal process that asserts that they are unable to pay their outstanding debts. Chapter 7 and Chapter 13 bankruptcies are the most common.So... Read More »

What does it mean to declare bankruptcy?

Declaring bankruptcy involves clearing a person's debts in order to give him a fresh start. In Chapter 7 bankruptcy, a person forfeits all non-exempt property and debts are discharged. In Chapter 1... Read More »

What does bankruptcy testing mean?

A bankruptcy means test is required to qualify for Chapter 7 bankruptcy. It helps the judge determine who can and cannot pay back their debts. If your income is equal to or less than the median in ... Read More »