Declaring bankruptcy

Step 1: Seek advice

Firstly, it pays to seek advice on your bankruptcy options and current financial situation from a qualified registered trustee in bankruptcy.

This will ensure you get all the facts and gain a true understanding of the bankruptcy process and its impact. We’re registered trustees in bankruptcy and can help.

Step 2: Complete paperwork

Obtain a ‘Debtors petition’ (Form 4) and a ‘Statement of affairs’ (Form 6) from your proposed trustee. Alternatively, download from the Australian Financial Security Authority (AFSA).

You’ll be required to include all of your personal details, details of debts, assets, income and business operations (if any) on the forms. If you’re taking advice from a registered trustee, they’ll be able to help you complete them.

Step 3: Check your forms are completed correctly

After completing your forms, you must lodge them with AFSA. AFSA is very strict when accepting or rejecting these forms. Email us a copy of your forms, and we’ll review them to ensure they’ve been completed correctly before you lodge.

If you use us as your private trustee, we’ll arrange for the forms to be lodged with AFSA. If not, you can lodge with AFSA.

Step 4: Lodge your forms with the AFSA

After lodging your forms, AFSA will process them and you’ll become bankrupt within approximately 48 hours. You’ll receive a letter from AFSA and your trustee advising you of your bankruptcy number.