Bankruptcy Advice from the Horse’s Mouth

Do I have to be in the country to lodge my papers for bankruptcy?

You are not required to physically be present in Australia to file for bankruptcy however, it is only possible if you own land/buildings in Australia or if you own a business that operates 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 … Read more

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. 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 … Read more

Can I become bankrupt if I am in a Debt Agreement?

Yes, however, you will need to terminate the debt agreement prior to applying for bankruptcy. To end a debt agreement, you will need to contact the debt agreement company and advise them of same and that you will not be making any further payments. If you have any questions on bankruptcy, call 1300 060 122 … Read more

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 … Read more

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 … Read more

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. … Read more

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.

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 … Read more