Declaring Bankruptcy in Brisbane
Bankruptcy is the formal process of declaring that you are unable to pay your debts as and when they are due. Declaring bankruptcy provides relief from creditors and discharges you from most debts, but it carries lasting consequences for your life.
If your bankruptcy application is accepted, a Registered Trustee from SV Partners assumes control of your estate. It’s the Trustee’s duty to gather, protect and liquidate your assets for the benefit of your creditors.
SV Partners - Brisbane's Bankruptcy Specialists
Bankruptcy should be considered a last resort. Alternative options are available, and the bankruptcy specialists at SV Partners can determine whether it’s the right solution for your situation.
Contact our Brisbane office immediately if a creditor, lawyer or debt collector serves you with a statutory demand. It’s important to respond quickly if action is being taken against you.
Brisbane Office
Brisbane's Bankruptcy Process
The bankruptcy process is administered by the Australian Financial Security Authority (AFSA). When you make an application, AFSA will assess your situation and provide a decision within 48 hours. From there, the process follows four key steps:
1. Submit a Bankruptcy Application
SV Partners can submit a bankruptcy petition to AFSA on your behalf. We streamline the process, which minimises stress and can help you navigate the bankruptcy process.
2. The Trustee Takes Control
A Registered Trustee takes control of your estate as soon as your petition is granted. The Trustee investigates your finances and liquidates assets to repay as much debt as possible.
3. Creditors Receive Payment
The Trustee uses any funds they collect to repay your debts. The costs and fees of the Trustee are paid first, and the remaining money is paid to creditors in a predetermined order.
4. Discharge From Bankruptcy
The bankruptcy process typically lasts for 3 years and 1 day. Upon discharge, most of your remaining debts are extinguished, and creditors can no longer demand payment.
Bankruptcy carries significant, long-term consequences. It may restrict your ability to secure new lines of credit, travel internationally and serve as a Company Director. While the process is straightforward, it's crucial to seek advice from our bankruptcy specialists in Brisbane to make sure it’s the right option for you.
What Debts Are Covered by Bankruptcy in Brisbane?
You can include most types of unsecured debts in your bankruptcy. Unsecured debts include personal loans, credit cards, rent, utilities bills, tax debts and more. Bankruptcy does not cover:
Secured debts
HECS/HELP debt
Court fines and fees
Child/spousal support and maintenance
Debts incurred after the bankruptcy begins
You are still required to pay secured debts as normal (e.g. your car or house loan) during bankruptcy. If you are unable to pay these debts, secured creditors are entitled to repossess and sell the security asset.
Talk to our Brisbane specialists about whether you can continue to pay your secured debts. We will work with you to find the best solution for your financial situation.
Brisbane Bankruptcy Experts
SV Partners offers a comprehensive suite of liquidation, bankruptcy and insolvency services across Brisbane and Queensland.
Our tailored solutions are tailored to each situation. If you're facing periods of growth, change or uncertainty, our expert team is here to assist.
Contact us to schedule a confidential consultation. Our obligation-free consultation makes it simple to find a solution that’s right for your financial situation.
