Bankruptcy Support You Can Trust
Facing bankruptcy can be overwhelming, but you don’t have to go through it alone.
What is bankruptcy?
During bankruptcy, your assets may be liquidated to repay creditors, and you will need to comply with various legal obligations. Understanding the intricacies of bankruptcy is crucial to making the right decisions for your future, and that’s where our expertise comes in.
How we can help.
Frequently asked questions.
01 What are the consequences of declaring bankruptcy?
Bankruptcy can relieve you of certain debts, but it also has significant consequences, such as the potential loss of assets, a negative impact on your credit rating, and restrictions on obtaining credit. It’s important to fully understand these implications before proceeding.
02 How long does bankruptcy last?
In Australia, bankruptcy typically lasts for three years and one day, starting from when your bankruptcy is declared. However, certain conditions can extend this period, depending on your specific circumstances.
03 Can I keep any assets if I go bankrupt?
Some personal items and household goods may be exempt from bankruptcy, but larger assets like real estate, vehicles, and investments may need to be sold to repay your creditors. We can help you understand what assets you may be able to keep.
04 What is the process for declaring bankruptcy?
Declaring bankruptcy involves completing and submitting a bankruptcy form to the Australian Financial Security Authority (AFSA). The process includes listing your assets, liabilities, income, and expenses. We assist you in preparing and filing this paperwork to ensure everything is done correctly.
05 What happens after I declare bankruptcy?
Once you declare bankruptcy, a trustee is appointed to manage your bankruptcy. They will take control of your assets and distribute any proceeds to your creditors. You will also need to comply with various obligations, such as providing financial information and attending meetings. We help you navigate these requirements to ensure a smooth process.