Indexed amounts
The Bankruptcy Act and Regulations contain a number of thresholds.
The limits and other amounts that are regularly indexed (changed in line with the Consumer Price Index or the base pension rate).
The limits and other amounts that are regularly indexed (changed in line with the Consumer Price Index or the base pension rate).
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Description |
Value |
Tools of the Trade |
A bankrupt may keep tools used to earn an income up to this limit. |
$3,750.00 |
Vehicles |
A bankrupt may keep vehicles (cars or motorbikes) used mainly for transport up to this limit. The amount refers to the equity in the vehicles (the value of the vehicles less the sum owing under finance). |
$7,900.00 |
Credit Limit |
Above this limit, bankrupts must disclose their bankrupt or debtor status when seeking to obtain goods or services on credit, by hire purchase or cheque; when leasing, hiring or promising to pay for goods and services; or when seeking to obtain an amount by promising to supply goods or render services. |
$5,778.00 |
Dependants |
A person may earn income up to this limit during the contribution assessment period and still be considered a dependant . |
$3,642.00 |
Bankruptcy notice |
This is the minimum amount upon which a bankruptcy notice can be issued (it may be comprised of one or more final judgments/orders) |
$5,000.00 |
Income |
Base Income Threshold Amount |