To become bankrupt, you will need to complete a Bankruptcy Form. This is a new form which was issued by the Australian Financial Security Authority (AFSA) in January 2020. Prior to January 2020, to become bankrupt you needed to complete a Statement of Affairs and Debtor’s Petition.
How do you complete the Bankruptcy Form?
You can complete the Bankruptcy Form online by accessing AFSA’s website.
Alternatively, you can ask AFSA to provide you with a paper copy of the Bankruptcy Form and you can return it to them by post, or you can ask a private bankruptcy Trustee to provide the form and lodge it on your behalf.
How do you appoint your own bankruptcy Trustee?
If you wish to appoint your own bankruptcy Trustee, such as those at Pearce & Heers, you need to contact them before you complete the Bankruptcy Form. If you contact us, we will be able to discuss your circumstances with you and provide guidance on any issues which may arise in your bankruptcy. We will also help you complete the Bankruptcy Form and if necessary, submit it to AFSA on your behalf.
What else should you do before bankruptcy?
The consequences of bankruptcy are serious and generally can’t be cancelled if you change your mind. You should get advice before you go bankrupt including on what assets can be sold in bankruptcy and other effects of bankruptcy.
Contact us for advice and assistance
If you are considering bankruptcy we are here to help. We can help you with general advice on the bankruptcy procedure and its effects. We can also help you complete a Bankruptcy Form and answer any questions you may have. If you are going to appoint us as your bankruptcy Trustees we won’t charge you for this advice and assistance.