Bankruptcy - There are alternatives available for Australians
: "Do I Need to Become Bankrupt?
With creditors pressing you for payment, bankruptcy may seem attractive, however it should be avoided if at all possible. Once bankrupt it is difficult and expensive to undo if you change your mind.
Before going bankrupt it is important to consider first speaking with Fox Symes & Associates to see if there may be other options available to you.
If you would like one of our staff to contact you to discuss bankruptcy or for guidance about alternatives to bankruptcy please fill in our short contact form.
How do I become Bankrupt?
You can become bankrupt voluntarily or you can become bankrupt on the actions of a creditor. Once you have spoken with Fox Symes & Associates and after reviewing your options you have decided that voluntary bankruptcy is your best option, Fox Symes & Associates will assist you in taking the necessary steps to become bankrupt.
Is there a minimum amount I need to owe before I can go Bankrupt?
No. You can become bankrupt voluntarily owing any amount. A creditor cannot make you bankrupt unless the debt is $2,000 or more.
Who would handle my Bankruptcy?
ITSA will administer your estate if no registered trustee has provided a consent to act.
How long would I be Bankrupt?
The period of a bankruptcy is 3 years from the date a statement of affairs is filed. This period may be extended by an objection entered by the trustee.
What objections will extend my Bankruptcy?
To 5 years if a bankrupt:
fails to disclose all debts and creditors
fails to disclose any beneficial interest in any property
fails to attend an interview or examination
fails to notify a change of address
fails to attend a creditors' meeting
continues to manage a corporation
engages in misleading conduct"