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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44151
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Is any part of my redundancy payment exempt from bankruptcy

Customer Question

Is any part of my redundancy payment exempt from bankruptcy calculations
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Morning

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

Unfortunately no they are not.

Any payment that you are entitled to receive in your name for your benefit is subject to your bankruptcy.

So when you receive it the Trustee can request to collect it.

If it forms part of your future income and you do not have a job you can argue to retain it if it keeps your annual income level under the threshhold but it can be taken.

Here is the information from AFSA confirming it forms part of your income

https://www.afsa.gov.au/debtors/bankruptcy/bankruptcy-overview/employment-income-contributions

I hope this makes sense and is of assistance. I am sorry I could not give you anything more positive.
If there is nothing further

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If I have missed anything, or you have any further questions please let me know

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Regards

Leon

Expert:  Leon replied 1 year ago.

Good Afternoon

Is there anything else I can assist you with?