Through our many years of helping Australians declare Bankruptcy, we have noticed that there is a lot of confusion surrounding bankruptcy costs. While some people have told us that they cannot afford to go Bankrupt, others are surprised when they realise that there is a cost involved.

 

The Bankruptcy cost that you will incur depends on whether or not you choose an Official Trustee or Private Trustee.

 

An Official Trustee is a government body known as the Australian Financial Security Authority (AFSA). If you choose to have AFSA act as your Trustee, there is no fee involved and you do not have to pay for your Bankruptcy (unless you become liable to pay income contributions). Visit our information portal https://australianbankruptcyservice.com.au/information-portal/

On the other hand, you may decide to appoint a private Registered Trustee. This will involve a cost to have your bankruptcy supervised by a bankruptcy trustee. A private Registered Trustee is a fully qualified Chartered Accountant or Certified Practicing Accountant who is registered with AFSA.

 

How much a private Registered Trustee costs depends on the place. For example, at Australian Bankruptcy Services, our prices begin at $80 per week. This is one of the lowest prices you will find in the industry.

 

At ABS we find many Australian wants their case handled by a registered trustee as we will be able to give you the personalised service which may include timely approvals for overseas travel.

 

If you don’t want a private trustee but you still want help completing the forms, we can offer a once off fee of $600 to help you complete all the necessary paperwork. While you can complete this paperwork yourself, it can be tedious and complicated and you may make a mistake which can have serious ramifications. This is why many Australians trust us to help the file for bankruptcy.

 

If you would like to know more about bankruptcy costs, then please call the ABS Bankruptcy team on 1800 462 767 for free expert advice and information.