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The threshold for involuntary bankruptcy will rise to $20,000 and bankrupts will have their official records cleared after seven years, under an overhaul of personal insolvency laws being unveiled on Monday.
The Albanese government will also extend the time frame for responding to a bankruptcy notice from 21 days to 28 days, and will scrap debt agreements as an act of bankruptcy under the legislation.
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Read the full article at: https://www.afr.com/politics/federal/labor-reveals-personal-bankruptcy-overhaul-20240707-p5jroa
