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Bankruptcy Overview

Here is an overview of what to expect from Bankruptcy.

1. Your Debts

Most of your debts will be cleared immediately by Bankruptcy. To find out which specific debts will be cleared, it’s best to tell us about your debts so we can let you know.

2. Bankruptcy Period

For most people, bankruptcy will run for 3 years.

3. Your Credit File

Your bankruptcy will normally stay recorded on your file for 5 years before being wiped.

4. Your Assets

If you have major assets, your trustee will investigate whether they are worth selling after paying any secured debts. The general rule is that you can keep assets like a car up to a certain value, household and personal items, tools of trade among other things. See further below.

5. Your Income

If your income is above a certain level, you may be required to pay some money to your trustee.  The number of your dependents and how much child support you pay are taken into account when working how much that is.  Call us to find out more.

6. Keeping Your Car

Generally speaking, if you keep up your finance payments on your car, then you’ll be able to keep it.  If your car is above a certain value, you may also have to come to an arrangement with your trustee to keep it.

7. Keeping Your Home

This is a bit more complicated. However, under certain circumstances you might not have to lose your home. Call us for more details.

8. Being in Business

You can still run a business as a bankrupt subject to following certain rules.  But you can’t be a director of a company until you are discharged.

9. Overseas Travel

You can still travel overseas with written permission from your trustee, who in most cases will be the government trustee (Australian Financial Security Authority). We can help you with the application if you need assistance.

 

If you’re ready to get on top of you debt challenges, then Contact Us Now using the form below.

Call 1300 855 388 for an obligation free chat

I sought help from many different companies who put me off bankruptcy. Through this I ended up in more debt, stress and trouble.

At the time I was pregnant and dealing with considerable stress.

When I first contacted Declare Bankruptcy Australia, you made me feel welcome and didn’t make me feel stupid for the mistakes I had made.

I found you to be very helpful and I found the information to be factual and not misleading. I didn’t understand my legal rights within the law but you assured me that I was doing the right thing. If it wasn’t for your help I don’t know where I would be now.

Thank You

Maryanne P

Call 1300 855 388.

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    The team at Declare Bankruptcy Australia is ready to assist you. Give us a call to discuss your debt situation with one of our friendly, supportive team members. Contact us now.

     

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