Hi,this is my first post so I hope I can explain it.
So my husband is going bankrupt this week. He has a huge ATO bill that is impossible to ever pay off, so we are resigned to this happening.We sold our house 18 months ago in preparation, paid all of our other debts off, including a large amount owed to a family member so we ended up with nothing and found a place to rent.
Basically, I'm wondering about life after the bankruptcy happens. I do not want to end up here again. He will have to obviously put his tax return / gst away weekly (he failed to do so in the past). I will be making sure he keeps on top of this and have a bookkeeper now too to make sure everything is done properly.
My biggest concern is that he does earn a fair amount, so once we take our $1,300 a week (approx) then we keep 50% of the extra and give 50% to the ATO? Does the trustee do this? Is it a weekly thing?
This is where I don't want him to go off track again. Gets messy as well as he needs money for materials etc., so not sure if that comes out first or what. I'm finding it very hard to get the info anywhere.
Also, as we will be bankrupt as of next week.Do we have to find a trustee? Or are we appointed one?
Sorry, so many questions, I know.
Thank you to anyone who has read this far.
So my husband is going bankrupt this week. He has a huge ATO bill that is impossible to ever pay off, so we are resigned to this happening.We sold our house 18 months ago in preparation, paid all of our other debts off, including a large amount owed to a family member so we ended up with nothing and found a place to rent.
Basically, I'm wondering about life after the bankruptcy happens. I do not want to end up here again. He will have to obviously put his tax return / gst away weekly (he failed to do so in the past). I will be making sure he keeps on top of this and have a bookkeeper now too to make sure everything is done properly.
My biggest concern is that he does earn a fair amount, so once we take our $1,300 a week (approx) then we keep 50% of the extra and give 50% to the ATO? Does the trustee do this? Is it a weekly thing?
This is where I don't want him to go off track again. Gets messy as well as he needs money for materials etc., so not sure if that comes out first or what. I'm finding it very hard to get the info anywhere.
Also, as we will be bankrupt as of next week.Do we have to find a trustee? Or are we appointed one?
Sorry, so many questions, I know.
Thank you to anyone who has read this far.
