Bankruptcy laws in Australia have become increasingly complex over the years, leaving many perplexed about how to declare bankruptcy in Australia in a way that is compliant with the law.

Australian Bankruptcy Services breaks down how to declare bankruptcy into three simple and clear steps:

The first step is choosing your Bankruptcy Trustee. You have the option of either allowing the relevant government body to act in the capacity of Trustee, or privately appointing a Registered Trustee of your choice. When selecting a company or Trustee to deal with, it is always recommended that you ask them the following questions:

• Are your bankruptcy administrators recognised as Registered Trustees by the Australian Financial Security Authority (AFSA)?

• What are your staff’s qualifications and experience?

• Are they licensed to administer the bankruptcy directly?

The second step is completing your bankruptcy application and forms. These forms consist of a Debtor’s Petition (a form that states your desire to declare bankruptcy), a Statement of Affairs (a detailed document setting out your current financial affairs) and supporting documentation where required. The Statement of Affairs in particular is rather lengthy, so many Australians choose to have a Registered Trustee assist them rather than trying to complete the forms themselves.

The third and final step for declaring bankruptcy in Australia is lodging the bankruptcy application with AFSA.

At Australian Bankruptcy Services, we have helped thousands of Australians in situations similar to yours.

Bankruptcy is a highly regulated process in Australia, and the requirements for qualifications and licences to administer a bankruptcy are very strict. Some companies may not be able to provide you with a comprehensive bankruptcy service because they are not qualified to take you every step of the way. At ABS, we can provide you with advice, act as your Registered Trustee, help you fill out your paperwork, then lodge your application directly with the Australian Financial Security Authority.

Unlike some of our competitors, we will not pass your files over to a third party to administer the bankruptcy without your knowledge.

If you are ready to declare bankruptcy, or you have further questions on how to declare bankruptcy, call our team of qualified bankruptcy advisors today on 1800 462 767.