Please note: The tables below relate to debts that were not incurred by fraud and that existed at the date of your bankruptcy or the date of your debt agreement.
Unsecured debts
| If I go bankrupt: | If I enter into a debt agreement: | ||||
|---|---|---|---|---|---|
| Type of debt (unsecured) | Can the creditor continue to demand payment? | Will I still have to pay the debt after my bankruptcy ends? | Will the debt be included in my debt agreement? | Can the creditor continue to demand payment? | Will I still have to pay the debt after my debt agreement? |
| Credit card | No | No | Yes | No | No |
| Store card | No | No | Yes | No | No |
| Personal loan (unsecured) | No | No | Yes | No | No |
| Unsecured business loan | No | No | Yes | No | No |
| Trade creditor (unsecured / no retention of title) | No | No | Yes | No | No |
| Gas, electricity, phone (including mobile), internet, pay-TV | No | No, but the supplier may no longer supply you or may require payment of a bond | Yes | Yes regarding ongoing supply but no regarding the debt covered by your debt agreement | No, but the supplier may no longer supply you or may require payment of a bond |
| Legal fees | No | No | Yes | No | No |
| Medical fees | No | No | Yes | No | No |
| Accounting fees | No | No | Yes | No | No |
| State fines | Yes | Yes | No | Yes | Yes |
| Non-court fines | Yes | Yes | No | Yes | Yes |
| Court-ordered restitution amounts | No | No, if the amount was fixed before you became bankrupt | Yes, if the amount was fixed before you entered into a debt agreement; no if it was not fixed | No, if the amount was fixed before you entered into a debt agreement; yes if it was not fixed | No, if the amount was fixed before you entered into a debt agreement; yes if it was not fixed |
| Pawn shop | No | No, but you won't get back the item/s you pawned | Yes | No | No, but you won't get back the item/s you pawned |
| Pay day lender | No | No | Yes | No | No |
| Taxation | No | No, but deductions from wages may continue during the term of and after bankruptcy if required by certain statutory orders, such as those issued by the Commissioner of Taxation, as these constitute the recovery of a secured debt | Yes | No | No, but deductions from wages may continue during the term of and after the debt agreement if required by certain statutory orders, such as those issued by the Commissioner of Taxation, as these constitute the recovery of a secured debt |
| Child support | Yes | Yes | No | Yes | Yes |
| Victims of crime* | See below* | See below* | See below* | See below* | See below* |
| Centrelink | No | No, but if Centrelink debts are incurred by fraud then the debt will be repayable after discharge. | Yes | No, but if Centrelink debts are incurred by fraud then the debt will be repayable after discharge | No |
| Centrelink Families Assistance | No, Except where the reconciliation of family assistance payment is carried out after the date of bankruptcy. | No, Except where the reconciliation of family assistance payment is carried out after the date of bankruptcy. | Yes, Except where the reconciliation of family assistance payment is carried out after the date of debt agreement proposal. | No, Except where the reconciliation of family assistance payment is carried out after the date of debt agreement proposal. | No, Except where the reconciliation of family assistance payment is carried out after the date of debt agreement proposal. |
| Outstanding rent where you currently live | No | No. Your rental agreement or local laws may give the landlord the right to terminate your tenancy agreement and you may have to find another place to live | Yes | No | No. Your rental agreement or local laws may give the landlord the right to terminate your tenancy agreement and you may have to find another place to live |
| Outstanding rent at a place where you used to live | No | No | Yes | No | No |
| Debts relating to property you damaged when you were a tenant | No | No | Yes | No | No |
| Overdrawn accounts | No | No | Yes | No | No |
| HECS/HELP/SFSS debts | Yes | Yes | No | Yes | Yes |
| Liquidated debts / liquidated damages | No | No | Yes | No | No |
| Unliquidated debts / unliquidated damages | Yes | Yes, Except where the debt is incurred by reason of a contract, promise or breach of trust. | No, Except where the debt is incurred by reason of a contract, promise or breach of trust. | Yes, Except where the debt is incurred by reason of a contract, promise or breach of trust. | Yes, Except where the debt is incurred by reason of a contract, promise or breach of trust. |
| Debts incurred after your date of bankruptcy or date of debt agreement | Yes | Yes | No | Yes | Yes |
| Provable debts incurred by fraud | No | Yes | Yes | No | Yes |
- *Victims of Crime debt information depends on factors such as your state's laws and when or if the debt was registered. Contact us for further information.
Secured debts
| If I go bankrupt: | If I enter into a debt agreement: | ||||
|---|---|---|---|---|---|
| Type of debt (secured) | Can the creditor continue to demand payment? | Will I still have to pay the debt after my bankruptcy ends? | Will the debt be included in my debt agreement? | Can the creditor continue to demand payment? | Will I still have to pay the debt after my debt agreement? |
| House mortgage | Yes | No, but it is most likely that either the trustee or mortgagee will sell your house | You must disclose the creditor and the creditor can decide whether to participate | Yes | Yes, if you wish to keep the house |
| Motor vehicle security | Yes | No. You may also have to surrender your vehicle if you fall into arrears (& if the vehicle equity is more than the indexed amount). | You must disclose the creditor and the creditor can decide whether to participate | Yes | Yes, if you wish to keep the car |
| Business loans secured by business assets | Yes | You will need to pay the debt or the secured creditor may sell the assets | You must disclose the creditor and the creditor can decide whether to participate | Yes | Yes, if you wish to keep the assets |
| Chattel mortgage | Yes | You will need to pay the debt or the secured creditor may sell the assets | You must disclose the creditor and the creditor can decide whether to participate | Yes | Yes, if you wish to keep the assets |
| Council rates | Yes | You will need to pay the debt or the Council can sell your house to pay the debt | No | Yes | You will need to pay the debt or the Council can sell your house to pay the debt |
| Water rates | Yes | You will need to pay the debt or the Council can sell your house to pay the debt | No | Yes | You will need to pay the debt or the Council can sell your house to pay the debt |
| Debts incurred after your date of bankruptcy or date of debt agreement | Yes | Yes | No | Yes | Yes |
| Secured debts incurred by fraud | Yes | Yes | No | Yes | Yes |
This publication is a guide intended to provide general information and is not legal advice.