bankruptcy

Increase the threshold for bankruptcy from $5K to $20K

Currently, a debt of just $5000 can allow creditors to bankrupt Australians in financial difficulty. Along the way, charges, trustee fees and other legal fees imposed can add tens or hundreds of thousands of dollars to the initial debt. The threshold, in place since 2010, is far too low and in many cases gives creditors the power to force the sale of the family home to recover what started out as a reasonably small debt to a credit card provider or utility company.