You’re not alone. In fact, in 2019-20 more than 12,000+ personal bankruptcies were declared in Australia*. So, if you’ve thought it, somebody has probably asked it before.
*Source: afsa.gov.au
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Is there a limit on how much I can earn, to be eligible to apply for bankruptcy?
No, to be eligible for bankruptcy you are only required to meet the following requirements:
– You are unable to pay your debts when they are due; and
– You are present in Australia or have a property or business in Australia.
If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our eBook to you. It has great content; we receive a lot of positive feedback.
Is there a minimum amount I must owe to be eligible to apply for bankruptcy?
No, to be eligible for bankruptcy you are only required to meet the following requirements: –
- You are unable to pay your debts when they are due; and
- You are present in Australia or have a property or business in Australia.
If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our ebook to you. It has great content; we receive a lot of positive feedback.
Do I have to go to Court to apply for bankruptcy?
No. If you are filing for bankruptcy, then you would simply fill in a Bankruptcy Form and lodge same with the Australian Financial Security Authority (AFSA). If you have a private trustee willing to consent to act, then they would also need to complete same prior to your Bankruptcy Form being lodged.
If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our ebook to you. It has great content; we receive a lot of positive feedback.
Can my creditors stop me from filing for bankruptcy?
No, they are not involved in the process.
If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our ebook to you. It has great content; we receive a lot of positive feedback.
How long does it take to file for bankruptcy?
It may take up to five (5) business days for the Australian Financial Security Authority (AFSA) to accept your bankruptcy.
If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our ebook to you. It has great content; we receive a lot of positive feedback.
Who will know I am bankrupt?
Your name will appear on the National Personal Insolvency Index (NPII) permanently. The NPII is a publicly available electronic record of some personal insolvency proceedings in Australia, which is maintained by the Australian Financial Security Authority (AFSA). Having said that, entities noted on your Bankruptcy Form regarding your financial affairs will be notified of your bankruptcy. This will include your creditors, bank, Accountant, Solicitor, and government departments.
If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our eBook to you. It has great content; we receive a lot of positive feedback.
Is my bankruptcy advertised in the local or national paper?
No, that stopped happening years ago.
What can I do if a creditor is bankrupting me? What is voluntary bankruptcy?
If a creditor is in the process of applying to the Court to make you bankrupt, you can apply for voluntary bankruptcy prior to the Court issuing a sequestration order. Voluntary bankruptcy is simply you applying for bankruptcy by completing a Bankruptcy Form and lodging same with the Australian Financial Security Authority (AFSA). We can help you with preparation of your Bankruptcy Form. Also, we should have a chat about whether it would help you if I consent to be your trustee. If this is your situation, give me a call on 1300 060 122.
If you have any questions on bankruptcy, call 1300 060 122 or email your question to, helpdesk@nichollsco.com.au and we will help you without charge or obligation. Remind us to also email our eBook to you. It has great content; we receive a lot of positive feedback.
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