Bankruptcy is a legal process where you're declared unable to pay your debts. It can release you from most debts, provide relief and allow you to make a fresh start.
You can enter into voluntary bankruptcy. To do this you need to complete and submit a Bankruptcy Form. It's also possible that someone you owe money to (a creditor) can make you bankrupt through a court-definition process. We refer to this as a sequestration order. Bankruptcy normally lasts for at least 3 years and 1 day.
You can apply for bankruptcy if you meet these 2 requirements:
• you're unable to pay your debts when they are due (insolvent) and
• you're present in Australia or have a residential or business connection to Australia.
There is no minimum or maximum amount of debt or income you need to be eligible.
There is no fee to apply for bankruptcy.
If you're currently in a debt agreement and want to apply for bankruptcy, contact your administrator. You must terminate your debt agreement first before applying.
What you need to apply for bankruptcy
To apply for bankruptcy, you need to complete and submit a Bankruptcy Form.When completing a Bankruptcy Form, you will need to give details of:
- • your income
- • your assets (things you own)
- • your debts (money you owe)
- • any businesses, companies and trusts that you're part of
- • any court cases that you're involved in.
To support the information you provide, you may need things such as payslips, Centrelink statements, bank statements, and account numbers.
You need to provide 2 forms of identity documents to prove who you are, such as:
- • Medicare card
- • Australian Driver's license
- • Birth Certificate
- • Australian Passport
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