A person may become Bankrupt in a number of ways – either voluntarily or due to the action of unpaid creditors.
To become bankrupt voluntarily, you will need to complete a Debtor’s Petition and a Statement of Affairs. The forms involved are quite detailed and can be complicated. The Bankruptcy Advice centre can assist with the completion of these forms thereby making this time of your life less stressful.
To complete the forms, we will need your assistance in providing a listing of all creditors together with their addresses. We will also need you to indicate whether the debts are business or personal. We will also need details of your property and it is critical that these forms be completed fully and honestly.
In addition, you will need to provide us with details of your personal income, bank accounts and money owing to you from other people. We will also require details of any vehicle or property you may own.
Once the forms are completed, and when the forms are accepted by the Official Receiver you become bankrupt. You have the option of appointing a Private Trustee or the Official Receiver.
Frequently Asked Questions
- What happens if I have transferred my house or another asset of value to my spouse prior to bankruptcy?
- Are there offences under bankruptcy?
- Can a creditor still contact me insisting on payment once I have become bankrupt?
- Can I be publicly examined if I am made bankrupt?
- Can I continue to use my credit cards after bankruptcy?
- Can I have a bank/cheque account?
- Can I travel overseas whilst I am bankrupt?
- Can my bankruptcy be cancelled or annulled?
- Do I have to make payments from my income to the Trustee?
- Do I need to become bankrupt?
- Do I need to lodge tax returns?
- How do I become bankrupt?
- How does bankruptcy affect my employment?
- How long would I be bankrupt?
- Is my bankruptcy advertised?
- What about debts incurred after bankruptcy?
- What are my rights and responsibilities once bankrupt?
- What happens if someone has guaranteed some of my debts?
- What happens to a debt I forgot about at the time of becoming bankrupt?
- What happens to any assets that have not been sold by the trustee at the date of my discharge?
- What happens to my ABN or can I apply for an ABN now that I am bankrupt?
- What happens to my credit rating?
- What happens to my debts after bankruptcy?
- What if I have a car?
- What if I leave my employment during bankruptcy?
- What is bankruptcy?
- When are creditors notified of my bankruptcy?
- Who would handle my bankruptcy?
- Will I have to appear in court?
- Will I have to pay income contributions whilst I am bankrupt?
- Will I lose my assets?
- Will I lose my house?
- Will my financial records be examined if I am made bankrupt?