A lawyer holding a pen near a gavel during a consultation.

Bankruptcy Services Australia: Find Your Financial Confidence

Take charge of your life and embrace a fresh start by becoming debt free through the bankruptcy process, ultimately gaining the financial confidence you deserve!

Get in Touch

Bankruptcy in a nutshell

Hand holding a yellow card with 'DEBT' text, surrounded by office supplies.

· What Debts Are Included? The majority of your debts, if not all, will be completely discharged—no further payments required.

· How long? Bankruptcy typically lasts for just 3 years. For many people that is better than struggling for years trying to pay off debts they cannot afford only to face the same question as to whether they should file for bankruptcy. If you must do it, do it sooner rather than later.

· What About My Credit File? Your credit file may be affected for up to 5 years, but this is a small price to pay for a fresh start.

· More Information? Scroll down for detailed information on how bankruptcy impacts your car, home, income, and business.

· What About My Situation? Get a no-obligation, free assessment of your situation today.

· Want to Live Stress Free? Break the shackles and look forward to a brighter financial future.

Take Control of Your Financial Future

Start your journey toward financial freedom today with expert guidance and unwavering support. Don’t wait any longer— your new life, free from debt, is just a step away!

Frequently Asked Questions

If you can’t find the answer to your questions, please feel free to contact us at bankruptcyinfo@mail.com. We’re here to help!

BANKRUPTCY AND YOUR CAR

1. Car Ownership with No Secured Loan

If you want to keep your car and own it outright, with no secured loan against it, the value must not exceed $9,400. This limit applies regardless of whether you own one vehicle or several, as long as the total value of all vehicles does not exceed this threshold.

2. Joint Ownership of a Car

If the car is jointly owned (e.g., with a partner or another person), divide the value of the car in half and then apply the threshold.

3. Car Used as Loan Collateral

If the car is leased or used as collateral for a loan, the value of the car no longer matters, as long as the loan payments are manageable and you wish to keep the car. However, the equity in the car must not exceed $9,400.

· Important: If the loan is paid off before the bankruptcy is completed, the car might become an asset of the bankrupt estate.

BANKRUPTCY AND INCOME

A common misconception is that bankruptcy automatically results in the loss of part of your income. However, this is not always the case. There is a protected amount of income that you are entitled to keep.

Currently, the protected weekly income amount is $1,386.00 after tax for an individual with no dependants.

The more dependants you have, the higher the protected income amount.

Protected Income Amounts (after tax)

Dependants Weekly Income

0 $1,386

1 $1,636

2 $1,761

3 $1,830

4 $1,858

More than 4 $1,886

BANKRUPTCY AND HOUSES

If You Have a Mortgage

If you are purchasing a home and have a mortgage, the equity in the home will vest with the Trustee. Depending on your circumstances, there may be the opportunity to keep your home. We strongly recommend seeking advice before proceeding with bankruptcy. Contact us today, and we’ll explain how this process could work for you based on your specific situation.

If the Home is Owned Outright (No Mortgage)

If you own your home outright and declare bankruptcy, your share of the property will vest with the Trustee. In this case, the Trustee will sell the home to pay off your creditors unless another family member buys back your home.

If You Are Renting

If you are renting your home, bankruptcy will not affect your ability to continue renting, as long as you can keep up with your rent payments.

BANKRUPTCY AND TAX DEBT

Tax debts are wiped by bankruptcy

ABN HOLDERS AND RUNNING A BUSINESS

Being bankrupt does not mean you cannot run a business. The rules are clear: you can still trade under an ABN. However, if you are a director of a company (Pty Ltd), you will not be able to continue in that role while a bankrupt. In such cases, it’s important to seek advice specific to your circumstances.

We’ve helped many company directors avoid unnecessary fees and penalties when filing for bankruptcy. Our experience can guide you through the process and help you manage your situation effectively.

What If Your Business Is Struggling?

If your business is not generating income and is weighed down by debt, bankruptcy may be the fresh start you need—especially if you don’t have another viable way to earn significant income. We can provide

general guidance about winding down the business, including facilitating the release from any business leases.

Outstanding Tax Returns

You can still file for bankruptcy even if your tax returns are outstanding. There is no requirement to have up-to-date returns or be unemployed to declare bankruptcy—this is an old misconception.

BANKRUPTCY AND TRAVEL OVERSEAS

It depends on the Trustee if you have to surrender your passport. In any case, you must obtain permission from the Trustee if you plan to travel overseas during bankruptcy. The good news is that the Trustee should give you permission if you are travelling overseas for a legitimate reason (which includes business or a holiday).

Make sure to seek approval before making any travel arrangements to avoid complications

FEEL FREE TO Contact Us

Better yet, talk to us by text or Email

We understand that navigating the bankruptcy process and managing your debts can be stressful and overwhelming. Let us help you take the first step toward becoming debt free and achieving financial confidence.

Bankruptcy Help Australia

Nationally Australia

0452 622 311

Hours

Open today

08:15 am – 10:30 pm

Please make an appointment if necessary for us to call you.

Bankruptcy Services Australia: Find Your Financial Confidence

fast, easy & reliable

LIFE FREE OF DEBT

Bankruptcy in a nutshell

DON’T HESITATE TO CONTACT US WITH ANY QUESTIONS : CONSULTATION IS FREE - NO OBLIGATIONS

Frequently Asked Questions

FEES

FEEL FREE TO Contact Us

Better yet, talk to us by text or Email

Bankruptcy Help Australia

Hours

Send Message

Subscribe

Bankruptcy Services Australia: Find Your Financial Confidence

fast, easy & reliable

LIFE FREE OF DEBT

Bankruptcy in a nutshell

DON’T HESITATE TO CONTACT US WITH ANY QUESTIONS : CONSULTATION IS FREE - NO OBLIGATIONS

Frequently Asked Questions

FEES

FEEL FREE TO Contact Us

Better yet, talk to us by text or Email

Bankruptcy Help Australia

Hours

Send Message

Social

Subscribe

This website uses cookies.