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Thank you for your question. To Introduce myself I am a sydney based Solicitor and will do my best to provide you with relevant information to assist you.
When you say it is a structured fund what exactly do you mean?
generally the trustee in bankruptcy cannot touch your superannuation.
In order for them to be able to access your superannuation, you must be beneficially entitled to it at the time you are bankrupt. This means you have a right to access the money.
Because superannuation funds are not able to be accessed until the age of 60 and over, the trustee in bankruptcy cannot touch them either.
Use the majority of your fund even though it is structured preserved until you reach retirement age?
Yes, I am only in my early forties
I also noted on the bankruptcy application that they want the income of my de facto partner specified. Why is this?
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there is just one more question. As I have far more creditors than resources available. All are unsecured. How is the Trustee likely to pay them? Is there any system? The only asset of value I have coming in is a settlement payment from my ex Husband in six months of $58,000. IF he pays will this be regarded as income for me or an asset to divide amongst creditors? My only other income is centrelink and minimal CSA.
will the $58,000 be considered as income or an asset?
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I hope this is of assistance. If I have missed anything, or you have any further questions please let me know before leaving any feedback.