Bankruptcy Advice from the Horse’s Mouth

Free Bankruptcy Advice

“Financial problems can be fixed. Bankruptcy is about fixing the problem,
recovering and getting back on your feet.”

Alan Nicholls headshot wearing black frame reading glasses and yellow checkered shirt
Alan Nicholls signature

Bankruptcy Trustee

Hi, my name is Alan Nicholls

I’ve been a bankruptcy trustee for over 30 years.

During this time, I have helped thousands of Aussies pick themselves up, dust themselves off and get on with life.

I’ve seen bankruptcy save lives, marriages and families. That’s why I truly believe in bankruptcy and why I believe all financial problems can be fixed.

My old running coach used to tell me, “don’t look back, always look forward.” I think that is great advice.

I guarantee that bankruptcy will be a cost free solution when I am the trustee. This includes me helping you to become bankrupt.

If you’re ready to talk to someone about your options, you can give me a call for a completely confidential, no-obligation chat, whenever suits you.

Sometimes we find ourselves in over our heads.

And when it comes to debt, it can take a real toll on our wellbeing.

That’s why I’ve simplified the bankruptcy process and provided the four key tips I give to all of my clients so you
can get back on your feet as quickly and as smoothly as possible.

Let the past go.

A lot of people are mortified that they have found themselves with extreme financial problems. They feel embarrassed and have difficulty getting past the trauma of what has happened.

The truth is that we all go through difficult times in our lives, and financial problems can happen to anyone.

From my years of experience as a bankruptcy trustee, my observation is that it is the people who can let the past go and focus on their future that are most likely to get the best results from their bankruptcy.

Please let the past go and focus on your future.

Take the time to consider what you can do to improve your quality of life and set yourself up for the future.

This could be creating financial security by establishing a bank of savings, joining a sporting team or social club, or spending more time with family.

What will improve your quality of life?

Take the time to consider the financial outcomes you would like to achieve now that your insurmountable debt is gone.

Where do you want to be in five years?

Write down your financial goals.

Identify how, within the bankruptcy laws, you can start working to achieve your financial goals as soon as you become bankrupt.

I encourage you to focus on your quality of life and to be working to achieve the financial security that is right for you.

We will guide you through the bankruptcy process. Don’t hesitate to bounce your ideas off us, we will answer your questions honestly, helping you to stay within the law to create strong foundations for your future.

Initial Consultation

  • I will ask you some questions to gain a deeper understanding of your situation and determine whether bankruptcy is right for you.
  • Based on your circumstances, I will give you my thoughts and recommendations for resolutions of your financial problems.

I will help you complete the Bankruptcy Form

  • A lot of people find the form challenging to complete because they don’t understand the questions and have never been bankrupt before.
  • That’s why I created a FREE Bankruptcy Form checklist and provide ongoing support so that the form is completed accurately and to the required amount of detail.

It does help to have me as your trustee

  • I will work alongside you to mediate the situation with your creditors.
  • During this time you will notice the calls begin to cease and relief begins to set in.
  • My help comes at no cost to you. I get paid from the bankrupt estate. My help and assistance throughout bankruptcy, costs you nothing.

I lodge the Bankruptcy Form for you

  • I will also be there to answer any of the questions you may have after lodgement as well as help you with any follow-up questions the AFSA may have.
  • Once the AFSA has accepted your form, you will receive an email with your bankruptcy number and date of bankruptcy.

Your life begins to feel normal again

  • Your life will begin to feel normal again.
  • You will notice that your next pay will no longer be eroded by minimum payments to keep creditors at bay.
  • I will be there to guide you, have a chat and answer your questions. As your level of comfort increases, your stress will decrease.

Reset your life and start your tomorrow, today

I like to think of bankruptcy as an opportunity for a fresh start.
That’s why I provide a constructive service that:

Improves your
quality of life

Relieves your
financial burden

Offers consistent
support and guidance


Download my FREE ebook

My ebook is available for FREE with no details required, so you can learn more about bankruptcy and how it could apply to your circumstances and financial position.

At no point will I contact you without your consent. So please, feel free to take your time to read this over a coffee and when you’re ready, give me a call to chat.

iPad preview of free bankruptcy ebook

Success Stories

Bankruptcies I have administered have helped people just like you change their lives for the better.


You’ve probably got a few questions…

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.

Is it expensive to become bankrupt?

There is no filing fee to become bankrupt and if you need assistance to become bankrupt. It should not cost more than $330.

Can I keep some assets when I become bankrupt?

Yes – you can retain a vehicle up to the value of $8,100.00, and tools of trade to the value of $3,800.00. Furthermore, you can retain all ordinary household items, such as furniture and appliances, and you can even retain the use of your assets if the co-owner or a third party purchases them from the Trustee. Your Super that you have accumulated over the years is also protected for your retirement.

Will bankruptcy cause me to lose my job?

The Bankruptcy Act does not place restrictions on employment, however, the only circumstance foreseeable where you may lose your job due to bankruptcy is if there is a term in your employment agreement that specifies that your employment will be terminated if you become bankrupt. You should also check with your industry body if your employment is subject to you holding a registration.

Is my employer told about my bankruptcy?

The only circumstances where your Boss could find out about your bankruptcy would be:

  • if your Boss is a creditor;
  • if you own shares in your Boss’s company;
  • if you fail to pay income contributions and the Trustee elects to garnishee your wages;
  • if you fail to provide information pertaining to your income and the Trustee issues a request to your employer to provide the information; and
  • if your Boss completes a search of the public register called the National Personal Insolvency Index.

Will my partner be affected by my bankruptcy?

Bankruptcy will have no relevance to your partner’s separate assets and income. Your partner will however become involved in your bankruptcy if you have joint assets and or debt. For example, your partner would become involved in your bankruptcy in the following circumstances: –

  • If an asset is jointly owned with you. The Trustee will have an interest in your share of the asset;
  • Your partner is in possession of an asset owned by you; or
  • Your partner owns assets that you have contributed towards or assisted with the purchase.

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.

Can I travel overseas during bankruptcy?

Yes, however, you will need to obtain the Trustee’s permission prior to travelling overseas. It is a simple process, with you only being required to complete a ‘travel request form’ and provide a copy of your flight itinerary.

During bankruptcy, can I save money from my wages?

Yes, and there is no limit to the amount of money you can save in your everyday bank account whilst bankrupt.

What is the period of bankruptcy?

Three (3) years and one (1) day. You are automatically discharged from bankruptcy – it does not require lodging an application.

Will bankruptcy be permanently on my credit record?

No – Credit reporting agencies are only permitted, under privacy legislation, to maintain a record of bankruptcies for up to five (5) years from the date of bankruptcy, or two (2) years from the date of discharge, whichever is longer.

Does bankruptcy extinguish all my debt?

The majority of debts are covered by bankruptcy and are permanently removed. The main debts not covered by bankruptcy are court fines, child support, HECS and Centrelink debts if the Centrelink debt was incurred by fraud. I note expenses for your living, such as gas, electricity, or phone, will need to be paid, otherwise the service may be terminated by the provider.

Regarding secured debt, this is attached to an asset, such as a property and bankruptcy does not alter the rights of the secured creditor. A secured creditor will still be able to pursue payment or repossess and sell the asset if payments are not being maintained. If a secured creditor repossesses and sells the property with a shortfall being incurred, the shortfall amount is covered by bankruptcy.


When you feel comfortable, take a deep breath, reach out and relay your situation.

If you’d like to call now, I’ll answer

1300 060 122


We’ll be in touch

Book a friendly chat

I sincerely value your privacy.

No matter how you choose to contact me, every discussion will remain completely confidential.