A person who wants to voluntarily become bankrupt can do so by completing a Debtor’s Petition and a Statement of Affairs (which is a form setting out the person’s assets, creditors and other information) and filing these documents with the Australian Financial Security Authority, which is a Commonwealth Government agency.
A bankrupt is required to pay income contributions to his or her trustee if the bankrupt’s net (after tax) income exceeds a certain amount. The amount of after tax income which a bankrupt is able to earn prior to being liable to pay income contributions increases if a bankrupt has children or other people who are financially dependent on the bankrupt for support. The amount of income that a bankrupt is able to earn before being liable for more controbutions is available at the following link (page opens in new tab).
Generally a bankrupt will be able to pay income contributions by weekly, fortnightly or monthly instalments.
A bankrupt is required to provide his or her passport to their bankruptcy trustee to be held for the period of their bankruptcy.
A bankrupt can only travel overseas with the consent of his or her bankruptcy trustee. A request by a bankrupt to travel overseas will generally be decided on a case by case basis.