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Bankruptcy Questions

How am I supposed to pay you your fees if I am going Bankrupt as I have no money?

We keep our fees low by keeping our overheads low. We let you pay our fees at your own pace. They will likely be less than what you are currently paying to your unsecured creditors in one month.

How much debt do I need to have to declare Bankruptcy?

An unsecured creditor can bankrupt you for $5,000 of unsecured debt. By contrast, you can declare yourself bankrupt with any amount of debt. 

Can I still apply for credit if I am Bankrupt?

Yes, you are still able to apply for credit from any one creditor to the amount of $5,882 (as of 1 July 2020) without having to volunteer the fact of your bankruptcy. On the other hand, the financial institution might do a credit check and find out about your bankruptcy that way. And so it is not guaranteed that you will be accepted.

Does being Bankrupt stop me from applying for rental properties and service utilities?

No.  Being bankrupt does not stop you from applying to rent a place to live or from connecting gas, electricity, etc. You might, however, be asked to pay extra by way of bond or security.

How long does applying for Bankruptcy take?

That depends on you. Generally though, it takes on average around 3 to 10 working days. BUT it can take as little as 2 days.

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I would like to thank everybody who has dealt with me and my debts. I am finally managing to see the light at the end of the tunnel and it is all thanks to all of you at Declare Bankruptcy Australia.
Please accept my heartfelt thanks

Gerard H

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