WHAT YOU NEED TO KNOW
The below outlines the simple steps required to voluntary declare bankruptcy in Australia:
Firstly, it pays to obtain advice on your bankruptcy options and current financial situation from a qualified registered trustee in Bankruptcy. This will allow you to obtain all the facts and gain a true understanding of the Bankruptcy process and impacts. The Partners of Rapsey Griffiths are both registered trustee’s in bankruptcy.
Obtain a Debtors Petition (Form 4) and a Statement of Affairs (Form 6) from your proposed trustee or alternatively download from the Australian Financial Security Authority (AFSA). Complete the forms which will require all of your personal details, details of debts, assets, income and business operations (if any). If you are taking advice from a registered trustee, they will be able to assist in completing the forms.
Upon completion of the forms, they are required to be lodged with AFSA. AFSA is very strict when accepting the forms or rejecting them. Email us a copy of your forms and we will review and ensure they have been completed correctly before they are lodged.
If you want to use us as your private trustee, they will arrange for the forms to be lodged with AFSA. If not, you can lodge with AFSA.
Upon lodgement of the forms, AFSA will process and you will become bankrupt within approximately 48 hours. You will receive a letter from AFSA and your trustee advising of your bankruptcy number.
For more information on bankruptcy and personal insolvency review the resources below or contact us today.