Bankruptcy Lawyers Brisbane

If you’ve been served with a bankruptcy notice, we can help you challenge it. We can also help you deal with other bankruptcy-related matters and sort out your financial situation. Speak to our experienced solicitors today!

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Do you need a bankruptcy lawyer?

If you’re an individual or a business owner who faces overwhelming debt, foreclosure or repossession threats, you might need to file for bankruptcy or your creditors may serve you a bankruptcy notice.

Bankruptcy is a legal process that allows you to start afresh by forgiving debts that cannot be paid and allows creditors a chance to recover some measure of payment.

In bankruptcy, you are required to relinquish control of your finances to a trustee whose role is to ensure that your assets are sold and distributed appropriately to your creditors.

As bankruptcy litigation experts in Queensland, we can help you challenge a bankruptcy notice. We can also provide legal advice and ensure you’re aware of your legal rights and obligations so you can protect your assets to the extent allowed by law, and provide protection from creditors’ harassment, if necessary.

We can also negotiate with creditors if possible, offer legal representation in disputes, and ensure you understand your rights and responsibilities throughout the process.

bankruptcy
bankruptcy

Bankruptcy Cases We Can Resolve

We work with individuals to sort out their financial situation and guide them through the bankruptcy process.
  • Bankruptcy
  • Bankruptcy notices

How to get started

Litigation can be complex and daunting, but we’ll make the process easier for you. Book a complimentary call today.
1

Tell us your
legal matter

Speak to one of our litigation lawyers via phone for free and provide the necessary details and documents so we can better understand your situation.
2

We’ll let you know
where you stand

If we think that you have a good argument, we’ll devise a strategy for you on how we will take on your matter, and give you legal guidance and a fee estimate. All for free.
3

You Decide

It’s ultimately your decision whether to hire us or not based on the strategy and fee estimate we gave you. There’s no obligation and no pressure to proceed.
1

Tell us your legal matter

Speak to one of our litigation lawyers via phone for free and provide the necessary details and documents so we can better understand your situation.
2

We’ll let you know where you stand

If we think that you have a good argument, we’ll devise a strategy for you on how we will take on your matter, and give you legal guidance and a fee estimate. All for free.
3

You Decide

It’s ultimately your decision whether to hire us or not based on the strategy and fee estimate we gave you. There’s no obligation and no pressure to proceed.

Why Gibbs Wright

Our team of litigation lawyers are committed to protecting your rights and getting the best possible outcome for your situation.

What we do is very simple: we sue people, defend people when they get sued and negotiate resolutions to disputes to prevent proceedings from commencing. It’s the only thing we do and we do it really well.

Having done this for many years, we know the law and the legal processes like the back of our hands. But more importantly, we know how to win. No matter the industry you’re in or how complex your situation is.
When we take on your legal matter, you know that our team of expert litigation lawyers will fight for you not just for the sake of it. We will fight relentlessly so you can get back to business as soon as possible.  

Hear it from our satisfied clients

Expert litigators, ready to fight for you.

Spencer Wright

Litigation Director

Spencer leads the strategic operations at Gibbs Wright, with a wealth of knowledge on Queensland law and business operations.

Jessica Carroll

Litigation Solicitor

Jessica holds interests in defamation, corporate and contract law, and works closely with all team members of the firm to ensure the client receives the best result.

Emma Bettridge

Special Counsel

Emma is an experienced commercial litigator committed to giving her clients practical and solutions-oriented advice.

Melany Dowse

Special Counsel

Melany represents a range of clients from individuals and small businesses to body corporates and insolvency practitioners.

Mitchell Caldwell

Senior Litigation Solicitor

Mitchell has degrees in both law and aviation management and has an extensive background in customer service.

Jannah Riley

Litigation Solicitor

Jannah is the newest member of the team with keen eye for litigation and a passion for client success.

Kathryn

Manager

Frequently Asked Questions

  • How does bankruptcy work?

    Bankruptcy requires the person to relinquish control of their finances to a trustee.

    The trustee’s role is to ensure the bankrupt’s assets are identified, sold and distributed appropriately to creditors.

    Bankruptcy allows the person to start afresh by forgiving debts that cannot be paid and allows creditors a chance to recover some measure of payment.

    In Australia, bankruptcy is governed by the Bankruptcy Act 1966 (Cth) (the Act) and is regulated by the Australian Financial Security Authority (AFSA).

  • How does a person become bankrupt?

    There are only two ways a person can become bankrupt:

    • debtor’s petition: the debtor voluntarily submits a petition and statement of affairs to AFSA to be declared bankrupt; or
    • creditor’s petition: a creditor applies to the Federal Court for an order to declare the debtor bankrupt (a sequestration order).

    Bankruptcy cannot be declared until a formal process is complete.

    Once a sequestration order has been made, the debtor has 14 days to file a statement of affairs with AFSA. This statement sets out the debtor’s personal information, and assets and liabilities. The appointed bankruptcy trustee uses this information to begin administering the debtor’s financial affairs.

    The trustee will notify all known creditors that the debtor has been declared bankrupt, that a bankruptcy trustee has been appointed, and that the trustee is in the process of determining how best to deal with the debtor’s outstanding debts given the information they have, and their investigations about the debtor’s assets and liabilities.

    Bankruptcy will usually last three years and one day after the day the debtor’s petition is accepted.

    In some cases, a trustee can apply to extend the bankruptcy for up to eight years.

  • What are the consequences of bankruptcy?

    Conditions are imposed on a bankrupt person, as well as the trustee. These include:

    • A trustee in bankruptcy: an applicant for voluntary bankruptcy can nominate a registered trustee. Otherwise, the  AFSA’s Official Trustee is generally appointed.
    • Bankruptcy and employment: if a person earns over the amount prescribed by AFSA, they may need to make compulsory payments. A trustee should be advised if the bankrupt person has a change in employment or income.
    • Debts: bankruptcy covers most secured and unsecured debts, but does not include court-imposed penalties, child support, and unliquidated debts.
    • Overseas travel: under the Act, a bankrupt person must have written consent from a trustee to travel overseas.

    The implications of bankruptcy extend to a person’s ability to:

    • Obtain credit: a person’s bankruptcy status must be disclosed to lenders in some credit applications.
    • Be a company director: the Corporations Act 2001 (Cth) automatically disqualifies a person from being a company director or secretary, as well as from managing companies throughout their bankruptcy.
    • Pursue legal proceedings: unless there is permission from the trustee or a court, some legal proceedings involving the bankrupt person will be suspended.
    • Hold licenses: a bankrupt’s ability to hold a license will be impugned where a licensee is required to be a fit and proper person. Eg. building contractor.
  • Should I declare my assets after bankruptcy?

    Once a person becomes bankrupt, they must declare all their assets. Strict penalties may apply if all assets are not declared.

    Assets are either divisible (available to a trustee) or non-divisible. The trustee assumes control over all divisible assets.

    Divisible assets include all property or property rights held at the time of bankruptcy or acquired during the bankruptcy.

    Non-divisible assets generally include:

    • household property;
    • tools of trade used to earn income (subject to the value threshold);
    • a vehicle used as a means of transport (subject to the value threshold);
    • property that has sentimental value; and
    • Superannuation
  • Does bankruptcy cover all debts?

    Bankruptcy does not cover all debts.

    If a debt is a secured debt tied to a particular asset (such as a mortgage or car loan) a creditor may take possession of the asset and sell it to recover all or part of the debt.

    A creditor of an unsecured debt (such as a credit card or utility bill) does not have a right to pursue any particularasset directly.

    A bankrupt person will still be liable to pay certain debts such as:

    •   student assistance or supplement loans;
    •   court-imposed fines and penalties;
    •   child support payments; and
    •   debts incurred through fraud.
  • Can I cancel my bankruptcy?

    There are three ways in which you may be able to cancel or “annul” your bankruptcy:

    •   you can pay your debts in full (including interest, realisation charges and your trustee’s fees and expenses);
    •   your creditors accept an arrangement called a composition (part payment) of the debt owed (for example repayment of  a specified percentage of the full debt); or
    •   you successfully apply to the court for an order annulling your bankruptcy.

     

    An order to annul a bankruptcy will only be made where the court is satisfied that the sequestration order should not have been made, or the bankruptcy appointment should not have been accepted by the trustee.

  • Do I have to engage a lawyer for bankruptcy matters?

    Engaging a lawyer is not compulsory when dealing with bankruptcy matters, but proper legal advice is vital to ensure that you are protecting your rights, as well as maximising your chances of achieving the best possible outcome.

    Gibbs Wright’s insolvency lawyers can offer advice on all options to ensure an effective resolution. Call us for no-obligation, confidential consultation.

  • What can a bankruptcy lawyer do?

    A bankruptcy lawyer can offer advice on matters such as:

    •   negotiating with creditors in a bid to avoid bankruptcy;
    •   alternatives to bankruptcy such as personal insolvency agreements;
    •   how to challenge a bankruptcy notice;
    •   which assets are likely to be vested in a trustee; and/or
    •   what to expect during the bankruptcy process.
  • Will I need to go to court?

    Court proceedings can be costly, time-consuming and stressful, so our lawyers at Gibbs Wright will always attempt to negotiate a resolution before recommending your matter be litigated in a court.

    If you are required to go to court for your matter, we will be with you every step of the way.

Explore your legal options with Gibbs Wright Litigation Lawyers - Brisbane’s Leading Litigation Firm.

Our expert litigators will let you know where you stand and give you legal guidance.