In this episode of Tax Yak, George Housakos sits down with Nicholas Giasoumi, a seasoned chartered accountant, registered liquidator, and trustee in bankruptcy, to demystify the complex world of bankruptcy. This is the second instalment in our three-part series with Nicholas.

In Episode 66, we explored ATO-issued notices such as Director Penalty Notices, Statutory Demands, and more.

Now, in Episode 67, Nicholas addresses the burning question: Will I lose my house if I declare bankruptcy? Topics include:

What happens to mortgaged houses
Equity considerations
Joint ownership and its implications
Trustee actions regarding personal property and partner assets
Outcomes for your house after bankruptcy concludes

Nicholas also shares case studies—successes and challenges in his role—and clarifies other common concerns, including asset retention and the duration of bankruptcy.

Don’t miss Episode 68, where we discuss Small Business Restructures in 2024 and eligibility requirements!