If you have serious debt problems and are unable to repay your debts, you may wish to consider declaring bankruptcy on a voluntary basis.

With a voluntary bankruptcy the application it is submitted by you and does not require consultation or approval from your creditors or the Court. This process is known as a debtor’s petition. Once submitted and accepted by AFSA, a trustee in bankruptcy will be appointed. The role of a trustee in bankruptcy is to take control of your financial affairs. So this means that if you submit a voluntary bankruptcy application your creditors will not be able to apply to a court to make you bankrupt with a creditor’s petition.

Bankruptcy can have serious financial implications so before you decide to submit a voluntary bankruptcy application we recommend that you speak to a bankruptcy expert to fully understand the responsibilities and obligations of bankruptcy. A Bankruptcy expert will undertake a thorough and professional assessment of your personal finances. In many cases there are alternatives tobankruptcy that can eliminate or reduce the stress of debt whilst avoiding the harsh consequences of bankruptcy.

Please note you will not be eligible for file for voluntary bankruptcy if:

• You live overseas; or
• It is determined that you are able to pay your debts and are trying to avoid paying debts by declaring bankruptcy
• We can help prepare and fill in your bankruptcy forms, which includes conducting a thorough assessment of your personal finances. This is useful in determining if bankruptcy is the right option.
• We can also act as a registered bankruptcy trustee.

Here at the Australian Bankruptcy Service we provide professional, friendly advice to individuals who are considering to file for bankruptcy on a voluntary basis. We also offer 2 simple services for people facing this difficult financial situation.

• We can help prepare and fill in your bankruptcy forms for a once off fee starting from $800 which includes conducting a thorough assessment of your personal finances. This is useful in determining if bankruptcy is the right option.
• We can also act as a registered bankruptcy trustee starting from $80 per week (on a voluntary basis)

If you would like to discuss if a voluntary bankruptcy application is appropriate for you, then call the Australian Bankruptcy Service on 1800 462 767.

All calls are free, entirely confidential and if required, anonymous.