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Choose Bankruptcy To Stop the Worry And Start Financially Afresh

If your financial situation has become overwhelming, and you’ve explored all other viable avenues, bankruptcy may be your best option. Bankruptcy is a legal process that releases you from your unsecured debts, allowing you to make a fresh start. 

While it has some notable consequences, the positives typically outweigh the negatives. You’re eligible for bankruptcy if you can’t pay your debts as and when they fall due and you are present in Australia or have a residential or business connection in Australia. There’s no minimum or maximum amount of debt required to enter the process. 

You can become bankrupt in two ways: a creditor’s or debtor’s petition. In the first, a creditor forces you to become bankrupt. In the second, you decide to become bankrupt. Our bankruptcy specialists can manage the process for you, helping you with the paperwork and working as your registered bankruptcy trustee. 

Staying on target

Benefits of a Bankruptcy

  • You are freed of your obligation to repay your provable debts and have a clean slate from which to rebuild your finances 
  • Your creditors are notified of the Bankruptcy and unsecured creditors will stop pursuing you for payment of your debts 
  • You may be able to continue to operate a business while Bankrupt, however if you trade under an assumed name (ie. Partnership or firm name) you must disclose that you are Bankrupt to everyone that you deal with. However, you cannot manage a company whilst a bankrupt.  
  • You may keep most ordinary household or personal items as well as: 
    • Tools used to earn an income up to a set limit 
    • Vehicles, cars and motorbikes less than the set limit. 
    • Funds kept in a registered & regulated superannuation fund. 
    • Compensation for a personal injury. 
    • Assets held by you in trust for another person (ie. Child’s bank account). 
    • Awards of a sporting, cultural, military or academic nature.  

Considerations and Consequences of a Bankruptcy

  • You may have difficulty securing finance and must disclose your status as a bankrupt when you  borrow more than a set amount during the Bankruptcy period.  
  • Your credit file will be impacted during the Bankruptcy period, plus a further two years.  
  • Your name will be listed on the National Personal Insolvency Index for life. 
  • You cannot  be involved with the management of a company without permission of the Court.  
  • You may not be able to remain employed in particular trades or professions. 
  • Some certificates/licenses may be affected. 
  • Your trustee may pursue current or future assets to benefit your creditors including: 
  • Houses, apartments, land, farm and business premises including leases. 
  • Motor vehicles above a set limit (see above).  
  • Shares and other investments including shares held in your employer’s business.  
  • Tax refunds for income earned before you became Bankrupt.  
  • Proceeds of a deceased estate where a person dies before or during your Bankruptcy.  
  • Lottery winnings and competition prizes.  

The Bankruptcy Process

Loading A Petition
1 - 2 days

Complete our online application process to provide the details of your financial circumstances. Your personal Customer Success Specialist will help you fill out the relevant forms and lodge a debtor’s petition to become bankrupt.

Provide information on your financial circumstances via online application

Receive your personalised financial solution and engage Revive Financial

The AFSA Decision
21 to 35 Days

Your personal Customer Success Specialist will finalise your application and send to the Australian Financial Securities Authority (AFSA). The decision typically takes 24-48 hours. You’re unable to change your mind after lodging.

Review of your application details by our internal Compliance Team 

Finalised proposal signed and presented to your creditors for negotiation

Trustee Takes Control
3 years +1 Day (Typically)

After appointing us as trustee, we take control of your property and debts. In order to pay creditors, we’ll sell some assets, recover any income, and investigate your financial situation. The period of bankruptcy is typically three years and after that you can take back financial control.  

Your finalised proposal is accepted by your creditors 

We collect your affordable repayments and distribute to your creditors

Leigh

Bankruptcy

$60,000 in Debt

Cashflow Issues

Home Owner & Vehicle Asset

Find out how we helped Leigh

Our Solution

Helping Leigh With His Debt

When he reached out to us, we could sense his distress and spent time discussing his situation and allowing him to offload the burden, which he had been dealing with largely on his own. After assessing his finances, the only viable option at this stage was bankruptcy.

Our bankruptcy solution included entering a deed of forbearance, ensuring he kept his home. This allowed him to make affordable payments over the bankruptcy period towards his bankrupt estate whilst continuing to pay off his vehicle.

Positive Outcome

Leigh Finds Stability

Unsecured Debts Wiped

Leigh was able to save over $45,000 through the bankruptcy and is now discharged.

Kept His Home And Vehicle

The deed of forbearance ensured he kept his home. He was also able to repay his vehicle, allowing him to retain the vehicle.

Freedom To Start Over

With no more harassing calls and better cash flow, he could breathe and start afresh.

Why Choose Revive Financial?

Navigating Bankruptcy can be complex, but you don’t have to do it alone. Revive Financial’s specialised team can guide you through the process, ensuring you find the most manageable solution for your unique situation. Our experts will work with you to craft an agreement that alleviates your financial pressure and sets you on the path to a brighter financial future.

You're In Safe Hands

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Judgement-Free

At Revive Financial, we care about the stress and impact being in debt has on your wellbeing. We want to help you take back control with no judgement, just a helping hand.

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Financial Professionals

Revive Financial is proudly Australian owned and lead by a team of Chartered Accountants. Our qualified team have been helping Australians become debt free since 2005.

Tailored Solutions

Industry Leaders

Our dedicated team have been trusted by over 10,000 Australians to help take back control of their financial futures. It's what we do best so you can rest assured.

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Download Our eBook

Learn how to turn negative to positive today with a FREE ebook produced by our team of finance professionals, just for you. This helpful guide outlays all of the debt management options available and will assist you in understanding how you can take back control of your financial future.

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Take the First Step Today

Don’t let debt control your life. With Bankruptcy, you can take proactive steps towards financial freedom. Contact Revive Financial today to learn how we can help you create a sustainable debt management solution and take back control of your financial future.

Frequently Asked Questions

When will my creditors stop calling me?

Once your Bankruptcy is accepted by AFSA and your Bankruptcy begins, your creditors will be notified of your Bankruptcy and contact will cease. Should you receive contact from any creditors after your bankruptcy is accepted, you should simply provide them with your Bankruptcy Number and end the call. If creditors persist, your trustee can be contacted to address the creditor on your behalf.

Can I stop a garnish on my income before the Bankruptcy is finalised?

By completing and lodging a Form 5 – Declaration of Intention to Present a Debtor’s Petition, you may be able to delay your wage being garnished for 21 days.

Will I be allowed to travel overseas?

Permission via an online application form. You will generally also need to pay an application fee only if your Bankrupt Estate is administrated by AFSA. Travelling overseas without permission or staying for longer than your allowed time can result in your Bankruptcy being extended to 5 years.

Will I be allowed to borrow money once my Bankruptcy has finished?

A Debt Agreement can impact your employment, especially if you hold a professional license or work in certain industries. Some employers may have policies regarding employees entering into Debt Agreements, and certain professional licenses may be affected. It's important to check with your employer or professional licensing body to understand any potential implications for your career.

Will Bankruptcy affect my employment or income?

The Bankruptcy Act does not impose direct restrictions on employment but certain industry associations and licensing authorities improse restrictions, should a member or licensee become Bankrupt. You should check with your relevant licensing authority or professional organisation to determine any impact on your ability to continue in that trade or profession prior to applying for Bankruptcy. Your employer should not be notified, however we recommend reviewing the terms of your employment to ensure you do not have any contractual obligation to remain solvent with your employer Your income will be capped depending on your situation (For example, the threshold for people with dependents is higher than the threshold for a single individual). Any money earned above the set threshold will become a contribution and be distributed among your creditors. If you are made redundant or receive a pay-out after losing your job, some of that money can also be made a contribution and distributed to your creditors.

Will I be allowed to keep my house?

Your house may be realised during the bankruptcy if the value of that property (in excess of secured loans) can be used to satisfy any debt amounts included in the Bankruptcy. There are ways you may be able to keep your family home. You, your spouse/partner or another party may be able to purchase your share of the equity as an alternative to the trustee selling the property. The equity could be purchased through a lump sum amount paid to your Trustee, or could be paid through agreed installments during the Bankruptcy.

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