Bankruptcy Advice from the Horse’s Mouth

During bankruptcy can I keep my tax refunds?

Yes, however, the Australian Taxation Office (ATO) is entitled to keep any refunds during bankruptcy to offset a debt owing to them. If you have no debt owing to the ATO, the tax refunds you receive for income earned prior to your bankruptcy are payable to the Trustee, and any tax refunds received during bankruptcy … Read more

Will bankruptcy cause me to lose my job?

The Bankruptcy Act does not place restrictions on employment, however, the only circumstance foreseeable where you may lose your job due to bankruptcy is if there is a term in your employment agreement that specifies that your employment will be terminated if you become bankrupt. You should also check with your industry body if your … Read more

During bankruptcy will my Trustee have access to my bank account?

No, however, the Trustee can claim money in your bank accounts as at the date of bankruptcy. Having said that, the Trustee is required to leave an amount in your account to allow for the payment of ongoing living expenses. Nicholls & Co allow a bankrupt to retain $2,000 while the Australian Financial Security Authority … Read more

During bankruptcy will it be difficult to rent a place to live?

No. Real Estate Agents cannot discriminate against you because you are an undischarged bankrupt. As long as you meet the criteria to service the rent and have good rental references, then you should not have difficulties obtaining the same. If you have any questions on bankruptcy, call 1300 060 122 or email your question to, … Read more

During bankruptcy, can I save money from my wages?

Yes, and there is no limit to the amount of money you can save in your everyday bank account whilst bankrupt. If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our ebook to … Read more

Are tax returns required to be lodged while bankrupt?

Yes, because your obligations to the Australian Taxation Office remain during bankruptcy. If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our ebook to you. It has great content; we receive a lot … Read more

During bankruptcy can I start tertiary studies with HECS?

Yes, however, you would need to disclose your bankruptcy to HECS. If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our ebook to you. It has great content; we receive a lot of … Read more

During bankruptcy can I continue my tertiary studies with HECS?

Yes, however, you would need to disclose your bankruptcy to HECS. If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our ebook to you. It has great content; we receive a lot of … Read more

Does Child Support continue without change if I become bankrupt?

Bankruptcy does not clear Child Support debts, and you will continue to be obligated to pay Child Support whilst bankrupt and after your discharge from bankruptcy. If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to … Read more