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top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
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Govt set to introduce new bankruptcy laws

By Staff Reporter
26 August 2009 | 1 minute read

The federal government has unveiled changes to bankruptcy laws for householders suffering mortgage stress.

Under the proposed changes, the minimum debt for which a creditor can petition for bankruptcy will rise from $2,000 to $10,000 while the stay period from filing a debtor’s petition to when creditors get their hands on assets would go from seven days to 28.

The amendments come as bad debts soar and personal insolvencies hit record levels thanks to the ongoing effects of the global financial crisis.

According to a report in The Australian Financial Review, attorney general Robert McClelland, who will release the draft legislation later today, is determined to make good on his promise to release people from bankruptcy after one year – a suggestion that has been fiercely opposed by banks and non-bank lenders.

Lenders want the current three year period retained as they believe being released from income contributions after one year would make bankruptcy a more attractive way to escape debts.

Govt set to introduce new bankruptcy laws
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.