Should you make an Application to register you home under the Joint Family Homes Act 1964. It could be an advantage if you have your own business and this will could provide protection from creditors. In effect the property could be registered if:
1. You are the registered owners.
2. You are able to pay all debts.
3. You are not the joint owners of any other home registered under the Act
4. You live in dwelling on the land.
5. The dwelling is your principle place of residence.
If you meet the criteria the effect of registration is that your land is settled as a Joint Family Home. Therefore an interest of $103,000.00 from the proceeds of the sale of the home will be protected from any creditors.
As part of your Application you may request your Application be advertised in the Public Notices, this will inform creditors that you are applying.
If you choose not to advertise and are bankrupt within 2 years of making the Application you will not receive the protection of the Act, as registration will be void against the official assignee.
Regards Kim
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment