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Bankruptcy Trustee Services

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Bankruptcy Trustee Services

Thousands of Australians choose to go Bankrupt every year. Financial difficulty can be a strain on all aspects of someone’s life. It not only affects your own mental health, but also puts pressure on your family, friends and work. No matter the circumstance, if you’re struggling with debt, Bankruptcy provides you with the opportunity to start fresh and help you resolve your debt.

Unfortunately, many businesses claim to be registered Bankruptcy experts but are illegitimate and provide incorrect advice, which makes the thought of Bankruptcy even worse. We understand the Bankruptcy process can be confusing, so being able to trust the Bankruptcy advice you receive from a professional is paramount to clearing your debts and finding financial relief.

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What is a Registered Bankruptcy Trustee?

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A Bankruptcy Trustee is a fully qualified personal insolvency practitioner who is registered with the Australian Financial Security Authority (AFSA) to administer Bankrupt estates. If you declare Bankruptcy, your financial affairs (assets and liabilities) become subject to the control of an independent Bankruptcy Trustee..

There are two types of Bankruptcy Trustee:

  1. Official Trustee in Bankruptcy (OT) — The Official Trustee in Bankruptcy is the body corporate created under the Bankruptcy Act. The OT, through the Government body AFSA, administers bankruptcies and other personal insolvency arrangements when a private trustee or other administrator is not appointed.
  2. Private Trustee – A private trustee is a person who becomes registered as a Bankruptcy Trustee and is part of an organisation that is not connected with the government.

Benefits of using a Private Registered Bankruptcy Trustee

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Confidential Advice

You’ll be assigned a Case Manager as soon as you engage us for Bankruptcy who will be easily contactable throughout the Bankruptcy process. Your Case Manager will have in-depth knowledge of your file. Your matter, enquiries and issues will be dealt with in a professional, easy and quick manner and you will not have to re-explain your situation.

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Protect Your Home

When dealing with the assets and income of your estate, a private Bankruptcy Trustee is more likely to consider other methods of realisations if the method presents a more beneficial outcome for creditors. This could allow some leeway for you when dealing with the assets and/or income contributions

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Travel Overseas

As long as you are co-operative with the Bankruptcy Trustee, all applications for overseas travel are made easily, at no costs and are generally approved.

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Professional Support

If you have large complex estates that holds a number of assets (such as properties), company dealings or your matter generally involve complex situations, engaging a private Bankruptcy Trustee will benefit you as they will have the resources, knowledge and expertise to deal with these matters in an efficient way.

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What does a Private Registered Bankruptcy Trustee do in Bankruptcy?

When you declare Bankruptcy, you accept that an independent Registered Bankruptcy Trustee will be selling your property (up to the threshold amounts) to settle your debt. The Bankruptcy Trustee will:

  1. Repay your secured debts.
  2. Repay your unsecured debts.

Appointing a private Bankruptcy Trustee will ensure the opportunity to:

  • Discuss your situation prior to being made bankrupt,
  • Understand what will be involved during the Bankruptcy,
  • Gain comfort in the process, and
  • Make informed decisions based on the advice provided that may suit your financial needs.
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Always Seek Bankruptcy Advice from a Qualified Professional

Illegitimate Bankruptcy experts who are not qualified tend to charge hundreds, if not thousands for inaccurate advice. Exorbitant fees and amateur advice you may receive from an illegitimate company can leave you stranded and confused with what to do next.

If you want to confirm whether a private trustee has the appropriate expertise and qualifications, you can check AFSA’s Register of Trustees. If the person you’re currently in contact with isn’t listed, then you know they are not registered and are likely not qualified to provide you with the proper advice.

Speaking to a private Registered Bankruptcy Trustee will give you the comfort of knowing what’s  involved during the Bankruptcy process, including the regulations and restrictions, so you can understand if Bankruptcy is right for you.

Learning about the Bankruptcy process can be complicated. You don’t need the added stress of trying to figure out if the information you’re receiving from a Bankruptcy expert is correct. Contacting our in-house private Bankruptcy Trustee will also allow you to clarify any information or questions you may have.

Worried about how Bankruptcy will affect you? For more information, get in touch with us today to arrange a confidential consultation to discuss your options.

Get a Free 30 Minute Consultation

We Are Here to Help

  • We offer a free, no obligation 30-minute consultation to anyone seeking information on Bankruptcy
  • Our friendly, experienced team have helped thousands of Australians go bankrupt and understand that everyone’s situation is different
  • We will walk you through the Bankruptcy process from start to finish
  • Our team are dedicated to providing the best outcome for you
  • You can go bankrupt in as little as 48 hours, freeing you from your debt so you can start fresh

Speak to a Registered Bankruptcy Trustee Firm Today

Revive Financial is Australia’s trusted insolvency firm. We specialise in providing debt relief solutions for Australian individuals and businesses. Our team of experts include Chartered Accountants, Registered Liquidators, Registered Bankruptcy Trustees and insolvency professionals with years of experience helping Australians get their finances back on track.

If you’re experiencing financial distress and unsure if Bankruptcy is the right option for you, we can assist. Get in touch with us today for a free, no obligation consultation.

Kym

“Very professional and understanding, took the pressure off me when I needed. Also very quick to finalise everything. Would definitely recommend them.”

What Makes Us Great

Liquidation

In-house ASIC Registered Liquidator

Bankruptcy-Trustee

In-house ASIC Registered Bankruptcy Trustee

Chartered-Accountants

CPA and CA Qualified Accountants

Business-Debt

Professional Members of TMA

Bankruptcy

Professional Members of ARITA

Business-Advisors

Rated 4.9 out of 5 on Trustpilot

Not sure if Bankruptcy is the right option for you? Get in touch with our debt specialists today to have your questions answered.

Get a Free 30 Minute Consultation

Bankruptcy Frequently Asked Questions

How Long does Bankruptcy Last?

Generally, Bankruptcy lasts for three years. However, depending on your circumstances, it can last for five or eight years.

Will Bankruptcy Affect my Credit Rating?

Once you are Bankrupt, your name will be listed on your credit file for 5 years and on the National Personal Insolvency Index (NPII) for life.

How Much Debt do I Need to Qualify for Bankruptcy?

The minimum amount of debt in which a Bankruptcy notice can be issued is $5,000. You should consider the Bankruptcy regulations and consequences involved before you decide to declare it. If you are only struggling with a small amount of debt, the impact Bankruptcy has on your life may outweigh the benefits of eliminating the debt.

What Happens to Your Debt when You Declare Bankruptcy?

Filing for Bankruptcy is the act of declaring to your creditors you don’t have enough money to repay the debts you owe. So when you file for Bankruptcy, a Bankruptcy Trustee is assigned to you to enforce a number of restrictions. These include taking possession of and selling your assets, garnishing your wages and limiting overseas travel.

This is all done in a bid to recover some of the money you owe to creditors. When the bankruptcy period is over, your debts are considered to be settled and creditors cannot pursue you for further payment of these debts.

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