A trustee is the person or entity that manages your bankruptcy. They work with you, and your creditors to achieve a fair and reasonable outcome for all. During bankruptcy, you have an obligation to provide information to your trustee, including changes to your circumstances. This may involve supplying books, bank statements and other documents that the trustee asks you to provide.

When you apply for voluntary bankruptcy, you can nominate a registered trustee of your choice. If you don’t nominate a trustee, we normally appoint the Official Trustee (AFSA). In some cases, the Official Trustee may transfer the administration of your estate to a registered trustee.

Sometimes is the answer, you must request permission from your trustee to travel overseas. It's an offence to travel overseas without consent in writing. Your trustee may ask for further details to consider your request. The circumstances of your bankruptcy will impact the Trustee’s decision to approve you leaving or making you stay in Australia.

This is where Blackbox Finance may be able to help, if you have a Home or other Assets, we may be able to work with your Trustee and the Banks to look at refinancing your Home / Assets to consolidate your debts and pay them out. You will still be classified as Bankrupt on the registers, however once all debts are paid back you will be filled as “Bankruptcy Discharge” which in financial terms is much easier for you.

You can keep:

• ordinary household goods

• tools up to a limit of $3,750 used to earn an income and

• vehicle(s) with a value up to a $7,900.

Your trustee can sell other assets including your house and property.You must not dispose of any property belonging to the trustee. You must declare any assets you have when you apply for bankruptcy and any you receive during bankruptcy.

For more information about which assets a trustee can claim see:What can be taken or sold in bankruptcy?

If you apply for credit over a $5,726*, you must inform the credit provider of your bankruptcy. credit reporting agencies keep a record of your bankruptcy for:

• 5 years from the date you became bankrupt or
• 2 years from when your bankruptcy ends (also referred to as your Discharge Date), whichever is later.

At Blackbox Finance we fight for you to stay out of Bankruptcy as the banks like “risk free applicants” which means for those who have filed Bankruptcy or have achieved a Bankruptcy Discharge you are looked at a HIGH-RISK applicant, which depending on the banks could mean they want you to:

• Have a larger deposit, most banks want you to have at least a 20% deposit

• Some will allow up to 10% deposit however your interest rate may be higher, and they may go through every bank account you own with a fine-tooth comb.

• Some lenders / banks simply won’t accept a home or business loan application from someone who has filed for Bankruptcy.

*Amount accurate as at 2 August 201                       For more information see: Who will know I'm bankrupt?

The short answer is YES (if you reach the threshold). Every dollar you make after you reach the threshold will require you to pay 50% of it. For example, if you have no dependents and earn $56,674.80 per year (after tax), after $56,674.80, you will have to pay back 0.50 cents on every dollar earnt.

No dependents - $56,674.80 (After Tax)

- 1 Dependent - $66,876.26(After Tax)

- 2 Dependents - $71,977.00 (After Tax)

- 3 Dependents - $74,810.74 (After Tax)
- 4 Dependents - $75,944.23 (After Tax)
- Over 4 dependents - $77,077.73 (After Tax)

Limits are updated twice a year: 20 March and 20 September. Above limits accurate as at 2 August 2018

For up to date numbers refer to the Australian Government Site 

We recommend speaking with our Financial Strategist about your situation, the best outcome is always keeping you OUT OF BANKRUPTCY. After a 15-30-minute Fact. Find we can advise of options and if we can see a path to help you out of insolvency, consuming debt and the possibility of declaring yourself Bankrupt.

If your struggling with debts and hoping it will get better, contact us now and we can review your financial situation in the eyes of the banks and review options with you. We have helped many people keep their homes and livelihood by unlocking the equity in their existing home. We may be able to do this for you before it’s too late. Many of our clients kept their heads in the sand too long, we helped them but the had filed bankruptcy already. Act today and let’s see if we can get you on the right path.