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Bankruptcy

Eliminate Your Debts and Look Forward to a Debt Free Future

How Bankruptcy Works

If you’re suffering with severe financial hardship, Bankruptcy allows you to make a fresh start by releasing you from your unsecured debts. When you decide to declare Bankruptcy, a Registered Bankruptcy Trustee will be appointed to your estate.

Declaring Bankruptcy in Australia is often seen as the last resort for people struggling with debt and there are a number of regulations and consequences that come with it. However, in some cases, the benefits of eliminating your debt will outweigh the potential consequences temporarily imposed on your lifestyle.

At Lanyana Financial Group, we’re Bankruptcy specialists. Our experienced team consists of fully qualified Chartered Accountants and Registered Bankruptcy Trustees. We have the skills and experience required to see you through your entire Bankruptcy – from completing and submitting the Bankruptcy documents to overseeing your Bankruptcy through to completion.

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The Bankruptcy Process

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Frequently Asked Questions

What's the minimum amount I need to declare Bankruptcy?

The minimum amount of debt before you can declare bankruptcy is $5,000. However, it is recommended you first try to speak with your creditors to sort out a payment arrangement or investigate alternative options.

What other options do I have?

Bankruptcy is often considered the last resort for debt relief solutions. That’s because it also has a number of obligations and restrictions which impact your life. There are other debt relief solutions available o you before you have to consider Bankruptcy. These include:

  • Debt Consolidation
  • Debt Consolidation through Mortgage Refinancing
  • Informal Debtstroyer Agreement
  • Part 9 Debt Agreement
  • Financial Counselling

A Debt Rescue Case Manager will be able to best advise you of your options.

What debts are covered through Bankruptcy?

When you declare bankruptcy you must disclose all your debts in a Statement of Affairs. Your Bankruptcy Trustee will determine what is a provable debt and what is not. Common examples of provable debts include:

  • Personal loans
  • Credit cards
  • Store credit
  • Utility bills where the service is now disconnected

If your home loan is secured, your creditor has the right to repossess and sell the asset to cover your debt. Any shortfall from the sale of the asset can then be considered a provable debt.

Non-provable debts include:

  • SPUR Debts
  • Penalties or fines imposed by a court
  • HECS-HELP debts
  • Debts you incur after the date of bankruptcy

How long is bankruptcy noted on my credit file?

It will remain on your credit file for the entire period (generally 3 years, but may extend up to 8 years). Once over, it will still remain on your credit file as a discharged bankruptcy for a further 2 years.

When you go bankrupt, your name will be put on the National Personal Insolvency Index (NPII). This is a register of all insolvency activity, which anyone can access for a fee. Banks will access the NPII to check for previous insolvencies. Your name is on the NPII for life.

Will bankruptcy affect my employment?

Bankruptcy doesn’t stop you from working. However, declaring bankruptcy may make it difficult for you to hold a particular licence, which may prevent you from being a member of that professional body or trade organisation. For instance, a bankrupt cannot hold a Real Estate license and, therefore, can’t operate as a real estate agent while they are bankrupt. There may also be limitations to operating as a sole trader and you cannot be a director of a company.

If you need a licence for your job, contact Debt Rescue to discuss your situation. Our Case Managers will be able to give you personalised information and advice.

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How Can We Assist You Today?

Business Debt
Personal Debt
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What Kind of Debts Do You Have?

Credit/Store Cards
Personal Loan
Pay Day Loan
Tax Debt
Utility Bill
Other
Please select at least one type of unsecured debt.

How is Your Business Structured?

Sole Trader
Partnership
Pty Ltd Company
Trust
Please select at business structure to continue.

How Much Money Do You Owe?

$10,000
$1,000
$100,000+

How Much Money Do You Owe?

$100,000
$10,000
$1,000,000+

Find Out How To Reduce Your Debt

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You've taken the first step to becoming debt free

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Congratulations

You've taken the first step to becoming debt free

Let's keep the momentum going, take the second step now and complete the assessment form.

By submitting this form you acknowledge that you have read and accept our Privacy Policy

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