Bankruptcy
Get the clarity and support you need to move forward; start your fresh financial chapter today.
If you’re feeling overwhelmed by debt and unsure where to turn, bankruptcy may be a pathway to relief and a genuine fresh start. It’s a legal process that can clear unsecured debts and provide space to reset when financial stress becomes unmanageable.
Bankruptcy isn’t a decision to take lightly as it does come with consequences, but it can also bring peace of mind, pause creditor pressure, and give you the opportunity to begin again with the support you need. If you live in New South Wales or have ties to Australia through your home or business, and you’re unable to pay your debts as they fall due, you may be eligible to declare bankruptcy.
We’ll begin by talking through your situation in detail. Bankruptcy is just one of several debt solutions available, and it’s important to consider all options. If there’s a more suitable path — such as debt consolidation, a Part IX Debt Agreement, or a Part X Personal Insolvency Agreement — I’ll walk you through these alternatives so you can make an informed decision.
If bankruptcy is the right option for you, I’ll support you through each step of the paperwork and submit the necessary forms to the Australian Financial Security Authority (AFSA) on your behalf. Once lodged, your application is usually processed within 24–48 hours
Once your application is accepted, you’ll be formally declared bankrupt. If I’m appointed as your trustee, I’ll take on the responsibility of managing your financial affairs — including your assets and debts — with fairness, clarity, and care.
During the standard three-year bankruptcy period, I’ll manage your estate in line with the Bankruptcy Act. This may involve the sale of certain assets, collecting income contributions if required, and communicating with your creditors — always with your best interests and wellbeing in mind.
There’s no minimum or maximum debt threshold to apply, and bankruptcy can begin in two ways:
As a Registered Trustee and personal insolvency specialist, I’m here to guide you with empathy, respect, and practical support. I’ll walk with you through the process, ensuring everything is handled with care, clarity, and discretion.
You are not just a case number. I understand the emotional and practical toll of financial hardship and provide tailored advice with genuine care.
With deep knowledge of Australian bankruptcy law and hands-on experience helping NSW residents, I ensure your matter is handled to the highest legal and ethical standards.
As a registered trustee and licensed professional, I take care of everything, from documentation to ongoing management, so you can focus on rebuilding.
Bankruptcy generally lasts for 3 years and 1 day from the day your application is accepted. In some cases, the period can be extended up to 8 years if you fail to comply with your obligations.
Most unsecured debts are cleared in bankruptcy, including:
However, some debts can not be wiped out, such as
Not always. Your interest in real estate and vehicles will be assessed. Depending on your equity and financial situation, you may be able to keep your home or vehicle. Each case is reviewed carefully, and I will explain all options clearly.
You can still work and earn an income. However, if your earnings exceed a set threshold, a portion may need to be paid to the trustee. This ensures fairness to your creditors and is calculated based on your dependents and household situation.
In most cases, you can continue working. However, bankruptcy may affect certain professions, such as real estate agents, lawyers, and company directors. We will review your employment situation and discuss any licensing implications.
Yes, but you will need to get written permission from your trustee before traveling internationally. If you remain cooperative, travel requests are usually approved.
If you are a sole trader, you may continue to operate, though there are disclosure rules if you trade under a business name other than your own. You cannot, however, be a director of a company while bankrupt.
No. You can keep essential household items, tools of trade up to a certain value, and your superannuation (as long as it’s in a regulated fund). I will ensure you understand what you can retain and what may be sold.
Yes. Bankruptcy can be annulled in two ways:
I can assist you with this process and work towards an early exit if that becomes the right step for you.
Once you are discharged, your credit file will note the bankruptcy for 2 more years, and your name will remain permanently listed on the National Personal Insolvency Index (NPII).
Rebuilding after bankruptcy is possible. I will help you develop a plan for restoring your creditworthiness through responsible money habits, budgeting, and support from trusted financial partners.
Bankruptcy is not the end, it’s a new beginning. With the right support, you can regain control, reduce stress, and move toward a financially stable future.
Get in touch today to book a free confidential consultation and start your path to financial freedom with trusted legal guidance.