If you find yourself in a position whereby you are unable to pay your debts, you may wish to consider filing for bankruptcy.
Bankruptcy is a formal process whereby you declare that you are unable to pay your debts and a Bankruptcy Trustee is appointed to administer your bankrupt estate. Bankruptcy generally lasts for 3 years and 1 day. For further information regarding the effects and consequences of bankruptcy, please see our articles on what happens to your assets in bankruptcy, what are the effects of bankruptcy and what happens to your income. Our website also contains further information.
In some cases, someone you owe money to (known as a creditor) may issue you with a Bankruptcy Notice and apply to court to make you bankrupt. In that scenario, you would be made bankrupt by the court and, generally, that creditor would also find and appoint someone of their choosing to be your Bankruptcy Trustee.
However, rather than waiting for a creditor to make you bankrupt, you may wish to find your own Bankruptcy Trustee and file for bankruptcy voluntarily.
To voluntarily apply for bankruptcy, you may:
- Speak with a Registered Trustee, such as those from our firm. We and our staff are more than happy to have preliminary, obligation-free discussions with anyone seeking advice about bankruptcy. If bankruptcy is the best option for you, we can assist you with filing for bankruptcy and consent to be appointed as your Bankruptcy Trustee.
- Apply online to go bankrupt with the Official Trustee (Australian Financial Security Authority). For further information, visit AFSA’s website. Depending on your affairs and assets, the Official Trustee may transfer your bankruptcy estate to an external Registered Trustee of their choosing.
Further Information Regarding Bankruptcy
If you wish to discuss this article, or your circumstances, please don’t hesitate to contact Pearce & Heers Brisbane or Gold Coast office and our experienced staff will be able to assist you.
