Debt
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Bankruptcy
Help

If you’re unable to pay off your mounting debts, you may feel that declaring personal bankruptcy is the only way to relieve the pressure of your financial situation. It’s important to know that declaring bankruptcy is a significant decision that will affect you for years to come.

At Debt Busters, our financial experts understand the benefits, implications, and drawbacks, and can help you decide if declaring bankruptcy is the right solution for you.

How It Works

Bankruptcy is a legal process that releases you from most, if not all of your debt. It’s a way to achieve a fresh start while you regain your financial footing. Individuals can declare bankruptcy when they’re unable to pay their debts on time or in full.

To begin the bankruptcy proceedings, you’ll need to complete a bankruptcy form online, which provides essential details about your financial situation. When you have been declared bankrupt, you agree to give up the control of your finances and assets to a registered Trustee.

In exchange, your debts will be cleared and you’ll be protected from legal action being taken against you by creditors. You also won’t be contacted by those creditors anymore.

The Australian Financial Security Authority is responsible for managing bankruptcy and debt agreements to ensure they meet legal requirements, and the National Personal Insolvency Index keeps a record of all bankruptcies in Australia so you can better understand how your case compares to others.

Eligibility

In order to apply for bankruptcy assistance, you will need to:

eighteen-plus-icon
Be 18 or over
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Be an Australian resident
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Provide documentation
(ID, passport, driver’s license)
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Share some information
about your financial situation

How Debt Busters Can Help

If you’re struggling to pay your bills on time and you’re worried about the calls from creditors or debt collectors, now is the time to take action. It can be intimidating to take the first step, but you’ll be glad you did it. Bankruptcy is a huge undertaking: it can be a life-changing, effective way to free yourself from a seemingly endless cycle of debt. At the same time, it might not be the right choice for you, and it’s important to talk to a finance professional or a financial counsellor in order to understand the implications of declaring voluntary bankruptcy.

If you owe money and are feeling overwhelmed, organisations like Debt Busters can help you assess your situation and explore the best debt relief options available. 

Contact us today or call a member of our team on 1300 368 332 for a confidential discussion regarding your financial situation and how we can help.