Business as usual. We're open for face to face meetings, phone and video calls.

Drowning in Debt?   We Can Help with Free Bankruptcy Advice.   Call, Text or Whatsapp on 0439 844 422 for Bankruptcy, Liquidations, and Insolvency Advice.   We are Your One-Stop-Shop.

Can I Lose My Superannuation in Bankruptcy?

Can I Lose My Superannuation in Bankruptcy?

What Does the Law Say About Your Superannuation When You Are Declared Bankrupt? This is a valid concern as it doesn’t just affect you now. It also impacts the people around you if you cannot care for yourself later in life.

Is superannuation protected from creditors?

Fortunately, the Australian Bankruptcy Act does classify superannuation as a protected asset.
In most situations, superannuation is protected from creditors and will not be considered when all assets are liquidated and distributed among your creditors.

There Are Exceptions

These exceptions regarding Superannuation in Bankruptcy to prevent people from moving assets around in an unethical manner, specifically paying money into superannuation to hide it for protection, only to move it out again after the bankruptcy process has concluded.

Using the Federal Government Super Fund database to search for your investments, we can advise you on the best way to proceed with bankruptcy and superannuation.

Despite the protected status of your superannuation, be mindful that there are exceptions. It can lose its protection status if:

  • Your superannuation fund is not held in a regulated fund
  • It is not held in an approved deposit fund
  • If it is a government / public sector scheme, those rules and protections will be excluded from the Bankruptcy Act’s definitions.
  • Suppose you withdrew any funds before you entered the Bankruptcy process. For example, if you used a lump sum to pay off your house, the house itself becomes an asset. Pensions are different and do not enjoy the same level of protection as superannuation.
  • Pensions are seen as an income which changes the definition of its application in a Bankruptcy process. There is a scale to determine how much pension income can be considered an asset during a Bankruptcy process.

What Is the Best Course of Action?

While we can guide you, we strongly advise you to consult with one or more trusted advisors or your financial advisor about your financial situation before taking action. There are many statutes surrounding superannuation that can impact the bankruptcy process. Understanding the laws about bankruptcy and superannuation and how you are entitled to certain protections beforehand is essential.

Help with Superannuation in Bankruptcy?

“Superannuation in the Bankruptcy process is an important consideration. Nobody wants to be financially struggling when they retire, but you can lose those funds if the process isn’t handled correctly. We understand and empathise with how much stress and upheaval are caused when making these important life decisions. We’ll work with you to find the best solution for all your assets within the framework of the law and try our best to ensure your future security.”

If you are seeking Bankruptcy advice in Sydney, Melbourne, Brisbane, Perth or anywhere around Australia. We can help you make informed choices before selecting your best options. Get a complimentary first consultation by calling 1300 887 210. We can help you with questions about Superannuation in Bankruptcy.

          

Reviews

  • I made an appointment with Andrew after finding him on google. I was nervous and apprehensive about what to expect but he made the process of bankruptcy extremely uncomplicated and stress free, allowing myself the opportunity to get the fresh start I was so desperate for. Thank you Andrew I could not recommend you enough.

    Kristy
  • Making the decision to go bankrupt was not easy however once I had spoken to Andrew i felt all my anxiety disappear. Andrew does not judge you and he has an innate ability to put you at ease. He took care of the whole process for me again reducing the stress involved with completing paperwork.
    Thank you very much.

    Hayley Eastough
  • I will definitely recommend Andrew Bell to anyone contemplating bankruptcy. Don't wait! Andrew is there to help. With his knowledge, he can advise you of the best path to take and assist with the mind boggling paperwork.

    Best of all, he is there for you through your entire bankruptcy period. Get your life back, it's not as bad as you think. Thank you Andrew for lifting the burden and allowing me to move on.

    Karilyn Mahon
  • I saw Andrew for 'advice only' on possible bankruptcy due to a divorce. Left an hour later with the paperwork all done and feeling like a new person!

    Andrew was extremely welcoming and made me feel so comfortable with my decision to proceed immediately.

    This was the best investment I have ever made and cannot speak highly enough of Andrew. He doesn't just give excellent service his follow up afterwards is amazing. Thankyou Andrew you made my 'new' life so easy to achieve!

    Vicki Johnston
  • Andrew was very helpful in helping me through the bankruptcy process, as a single mother left with a massive debt from my ex and our previous marriage. I was struggling to keep my head above water on a week to week basis.

    Andrew made me feel at ease immediately and helped me every step of the way, he happily and professionally answered any and all questions I had before, during and after the process. Thanks so much for your help Andrew!

    Aisha Edmonds
  • Would highly recommend Andrew to anyone having financial difficulties. Andrew made me feel very comfortable - he took care of everything and keep in regular contact with me throughout the whole process.

    Service was fantastic and he also keep in regular contact with me when everything had been finalised Thanks Andrew! can now get my life back on track.

    Cassandra Walsh
  • Very prompt service and excellent source of knowledge and information, I highly recommend Andrew's service for a quick turn around of circumstances.

    Eve Damjanovich
  • Andrew put my mind at ease in one easy appointment. Very satisfied with the outcome and service provided. Highly recommend Andrew.

    Tracey Douglas
  • Andrew was a steadying hand with his advice.Showing that things aren't as bad as first thought nor any obstacle insurmountable. If you have questions needing answers, Andrew is the person to ask. Thanks for your advice Andrew.

    Shane Thompson
  • Andrew was very knowledgeable, caring, helpful and compassionate when I went and saw him. He made me feel that I wasn’t the loser and failure that I thought I was being. Even down to the box of tissues on the table.. which I needed. Highly recommend to go see Andrew if your struggling. There is life after!

    Joanne Parker
  • Andrew and his team do an excellent job of helping their clients with bankruptcy advice and it is a pleasure to work with him.

    Gareth Lane
  • Don't hesitate contacting Andrew, I was stressed, struggled sleeping through debt. Andrew put me at ease. He listened to my situation and we decided on my next move. Andrew is professional and easy to talk too. I would recommend highly to anyone who wants help to give him a call. I appreciate your support Andrew. Regards Brett.

    Brett
  • Andrew has given me back my life!!! After living paycheck to paycheck, I didn’t know what to do. Until I made the big step and booked an appointment with Andrew. As soon as I left his office I felt a huge weight lifted!!!

    Deezy H
  • Andrew was prompt, organised, friendly and efficient with the processing of my documents and made everything very simple for me so I didn’t need to deal with the added pressure and stress. Thank you Andrew for allowing me to start afresh and getting it done within a matter of weeks.

    Kristy-lee

Fill the form below to download our Free Expert Bankruptcy Guide

What you need to know before declaring bankruptcy