Declaring bankruptcy in Australia
Declaring bankruptcy in Australia means facing long term financial restrictions and even loss of your assets. Before you declare bankruptcy, you should exhaust all other options. If there are no other options available you are able to appoint a trustee to act on your behalf throughout the bankruptcy process to act on your behalf throughout the bankruptcy process. My Debt Help have helped thousands of Australians through this process, we will fight to help you keep the maximum assets that you're entitled to, and ensure you have the right support through this difficult time.
How do I go about declaring bankruptcy in Australia?
If you have more than $5000 in debts and are completely insolvent, you can go directly to AFSA (the government agency that handles bankruptcy claims in Australia) or you can appoint My Debt Help to act on your behalf. We'll ensure all your rights under the law are protected.
What can I keep if I declare bankruptcy in Australia?
Depending on the value of your items you can usually keep tools of your trade, a low value vehicle, your furniture and household items, money secured in a personal injury claim, superannuation, life insurance and Centrelink payments.
You may lose if you go bankrupt:
Your place of residence and any investment property or land that you own; your vehicle; some items that you "co-own" with a partners; anything you receive in a will; lottery wins; tax refunds from prior to bankruptcy; shares and investments.
Your trustee will act on your behalf to ensure you keep everything that is legally yours.
What are the long term consequences of going bankrupt in Australia?
You will also face restrictions on future credit, travel and business start-ups. There are long term consequences to going bankrupt, which is why we make sure we investigate ALL of your options before settling on a declaration of bankruptcy.
You may be required to appear in court and your actions will be subject to the Bankruptcy Act. If you, for example, have a gambling problem, continuing to incur debts through gambling may result in charges being laid under the Bankruptcy Act. Committing a violation under the Bankruptcy Act carries a prison sentence of up to three years.
I don't want to declare bankruptcy! What are my alternative options?
Your options depend on your situation, but may include:
What is the next step in sorting out my debts?
The next step in sorting out your debts is to speak to a My Debt Help Personal Debt Mentor about your options. We'll work one-on-one with you to find the best possible debt solution for your circumstance.
Before you declare bankruptcy, talk to us about the alternatives to declaring bankruptcy in Australia, we'll do our best to help.
RELIEVING DEBT, REGAINING LIFESTYLE