OVERVIEW
Bankruptcy can be a confronting time for an individual, and having the support of a professional and experienced team is essential. At Rapsey Griffiths we’ve been offering expert personal insolvency advice for years, guiding people from all walks of life through what can be a complex process.
At a basic level, we assist people to declare bankruptcy or enter into alternative arrangements with their creditors. There are actually two ways an individual can become bankrupt – either voluntarily (debtor’s petition) or involuntarily (creditor’s petition).
VOLUNTARY BANKRUPTCY is when you declare yourself bankrupt. If you’ve been unsuccessful in seeking an informal arrangement with your creditors or the amount owed to creditors is so insurmountable, you can file for this.
INVOLUNTARY BANKRUPTCY OR CREDITORS PETITION is when you can’t pay your debts and a creditor applies to the court to have you made bankrupt.
Bankruptcy: what to expect
Bankruptcy is not only an emotional time, but a confusing one too. At Rapsey Griffiths we’re here to take you through the entire process and help you stay in control.
- You will provide details of your debts, income and assets to your trustee.
- Your trustee notifies your creditors that you’re bankrupt, preventing most creditors from contacting you about your debt.
- Your trustee can sell certain assets to help pay your debts.
- There will possibly be compulsory payments if your income exceeds a set amount.
Useful resources
- Get the answers to some of our frequently asked questions about Bankruptcy and its consequences
- Learn the simple steps to declaring voluntary bankruptcy in Australia
- Understand more about assets, debts and income in Bankruptcy
- Read the Australian Governments resources on personal insolvency and bankruptcy.
Let’s talk today and tackle bankruptcy together.
OTHER PERSONAL SERVICES
AN EASY TO UNDERSTAND GUIDE TO INSOLVENCY
We’ve been offering expert personal insolvency advice for years, guiding people through what can be a complex process.
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OUR INFO
PHONE
1300 727 739
FAX
(02) 4926 8888
MAIL
PO Box 613,
Newcastle NSW 2300
EMAIL
enquiries@rgia.com.au
We are experienced and registered: As Registered Liquidators and Registered Trustees in Bankruptcy we have the expertise and authority to act.
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