It’s natural that as the size of your outstanding debt increases, so do your stress levels. You begin to feel overwhelmed by pressure, afraid of answering phone calls and fear falling deeper into the black spiral of debt.

That’s why at Australian Bankruptcy Services (ABS) we’re always available to help. If you have exhausted all other options and found that your most beneficial course of action is to declare bankruptcy, rest assured that we are able to assist you every step of the way.

So what is involved in the process of declaring bankruptcy in Australia?

Stage one involves education. At ABS we believe that no individual should undertake any financial action until they are fully informed of all the implications, both positive and negative, that may arise as a result of their decision. For example, despite the negative stigma associated with bankruptcy, there are actually many advantages for the insolvent individual. First and foremost, declaring bankruptcy offers a release of your accumulated pressures – which in itself can do wonders for your mental and physical health. Other advantages include the freezing of interest on your outstanding debts, the relinquishment of debt responsibilities and the fresh slate offered upon completion.

After making an informed decision to declare bankruptcy, a Bankruptcy Trustee will be appointed to you for the full duration of your case. Your Trustee will assist in the completion of necessary bankruptcy forms before assuming control of your financial affairs.

This next stage of the bankruptcy process may involve the sale of some personal assets to go toward the repayment of your outstanding debts, however, your Bankruptcy Trustee will aim to minimise the negative effects and protect any assets with values below the thresholds imposed by AFSA.

The term of bankruptcy in Australia is typically three years. Once released from bankruptcy you will be released from most, if not all of the debts which you owed at the time you went bankrupt, allowing you to start afresh with a clear financial slate.

For the lowest-price bankruptcy services from registered bankruptcy experts that you can trust, choose ABS. Contact our 24/7 hotline on 1800 462 767 to find out how we can help you and reverse the rising course of your debts and stress today!