Bankruptcy Act – Statutory Thresholds

The Bankruptcy Act contains statutory thresholds concerning limits for:

• Income;
• Assets; and
• Unsecured debts

These statutory thresholds will govern which personal insolvency product you may be eligible for and will also govern what assets you can retain in bankruptcy and whether you will become liable for statutory income contributions in bankruptcy.

Income Contribution Calculator

These thresholds are updated by ITSA every six months and are indexed in accordance with the CPI.

Debt Free are industry experts and can explain how these statutory thresholds may be applied to your situation and which personal insolvency product is best for you.

To learn more about our products:

• Debt Agreeement;
• Personal Insolvency Agreement;
• Bankruptcy.