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If your debts are totally unmanageable, we can help you file for Bankruptcy

Don’t be worried though. Bankruptcy isn’t as bad as it once was; it could instead be the start of a new beginning for you

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Bankruptcy is serious, but it’s not the end of the world

Bankruptcy happens to all sorts of people and for many different reasons.

Regardless of whether you’ve been good with managing your finances or not, it’s not an offence to file for bankruptcy, so don’t be too hard on yourself about it.

Your debts cleared and no more phone calls,
in just 2 - 3 days

Bankruptcy immediately stops all creditors from calling you for payment, and it’s usually very fast. After filing for bankruptcy, your Trustee will notify your creditors (both secured and unsecured) within a few days of filing, and you’ll no longer be responsible for payment.

Your Trustee will handle all communication with creditors and oversee your financial affairs for the 3 year period that you’ll be declared Bankrupt.

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It’s not easy, but it’s better than struggling for years to come

It’s likely that you’ll lose your home
You can’t travel overseas without getting permission from your Trustee first
You can’t own any assets or investments (other than exempt assets)
You can’t manage a Pty Ltd business or be a director; and if you trade under a business name, you must declare on all stationary that you are an ‘Undischarged Bankrupt’
Your income is restricted to certain limits, above which you must contribute to your Bankrupt Estate
You’ll be listed on the National Personal Insolvency Index (NPII) for 5 years as having declared bankruptcy

There are some upsides to Bankruptcy though

  • You can save as much money as you like during your administration period

  • Your superannuation fund is safe from creditors

  • You can still travel overseas; as long as you get permission first

  • You can still run a business in your own name (as a Sole Trader)

  • You can retain a car that’s under finance, as long as the equity in it is less than $7,700, the finance company agrees and you can afford the payments

  • You can immediately walk away from all other debts and have money spare each week


Don’t let the worry of debt get the better of you

Bankruptcy, while not a good thing, does have some positive outcomes for people in a terrible financial situation.

Bankruptcy can be looked at as a new beginning, because it takes away the immense stress and worry of unmanageable debts and allows you the time to rebuild yourself financially.

It also saves lives – because it provides a ‘safety net’ for people rather than letting the anguish of unmanageable debts get the better of them and their health (no amount of money is worth that).

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