BankruptcyManaging your assets in the event bankruptcy
The impact of bankruptcy on separating parties can be complex and long-lasting. If a party declares bankruptcy, a trustee will be appointed to take control of that person’s income and assets, and to make sure debts are paid.
If you, your spouse or de facto partner is bankrupt, or about to become bankrupt, it is important to seek prompt legal advice. At Clancy & Triado, our accredited family law specialists will listen to your story and expertly advise you on any claims you may have to assets that the trustee in bankruptcy may seek to recover. We can also advise you about your personal liability to repay creditors and on any property that is protected from the trustee in bankruptcy.
All bankruptcies are emotionally stressful. It’s our aim to smooth the process as much as possible, by advising you on the best course of action that will minimise loss and by representing you in Court proceedings against the trustee in bankruptcy.
Protecting the needs of your children is essential in the event of bankruptcy.
If either you or your former spouse declares bankruptcy, Court Orders can be made to ensure that spousal maintenance and / or child payments continue. Payments may be made from deductions of the bankrupt person’s wages, or their taxation refund.