Bankruptcy

Debt Solutions

Australian bankruptcy is the most extreme personal insolvency regime to deal with your unmanageable debts and it may result in you losing your personal assets. If you are an insolvent debtor you may wish to explore the options to avoid formal bankruptcy, including a Debt Agreement or a Personal Insolvency Agreement.

Australian bankruptcy should be regarded as the last resort to deal with unmanageable debs after you have explored all other options in an attempt avoid bankruptcy like:

Australian bankruptcy typically lasts for 3 years however it can be extended up to 5 years or in extreme cases 8 years (in total). Your trustee may ask you to surrender your passport which may limit your travel overseas. You will also need to all reasonable requests for information from your Trustee and if you fail to fully co-operate with your trustee, your trustee may apply to court to publicly examine you or your associates. You will also most likely lose your personal assets (subject to certain exemptions) and you may be required to make compulsory income contributions.

For those considering bankruptcy you may wish to enquire about a private bankruptcy service by our Registered Bankruptcy Trustee. Our Registered Bankruptcy Trustee is a Chartered Accountant a member of the Insolvency Practitioners Association Australia and also an executive director for the Debt Agreement Practitioners Association. A Registered Bankruptcy Trustee can act as the trustee of your bankrupt estate providing you obtain a consent to act prior to filing for bankruptcy. A Registered Trustee may make the bankruptcy experience more palatable by providing a dedicated case manager that will you can reach at all times. We will also thoroughly explain the bankruptcy process and your obligations from the outset so you don’t fall into any bankruptcy traps.

Please view our Frequently Asked Questions regarding bankruptcy.