Knowledge Base

Navigating personal insolvency is always a challenging situation. When you are unable to pay your debts, it’s important to explore your options as soon as possible. Acting quickly may allow you to take advantage of some of the more flexible options available under the Bankruptcy Act 1996. Three main debt solutions fall under the umbrella […]

Bankruptcy proceedings are complex. The process is managed by registered professionals to ensure honesty, fairness and compliance. These registered professionals are referred to as ‘Trustees’. It’s their responsibility to administer bankrupt estates, coordinate creditor claims and protect the interests of everyone involved.   What is a Bankruptcy Trustee? A Bankruptcy Trustee is a registered professional […]

Declaring Bankruptcy in Australia Being unable to pay your debts is stressful, particularly if you are being contacted by creditors. Bankruptcy is one of the options available if you find yourself in this situation. Declaring bankruptcy releases you from most debts, but it’s an involved process that has lasting consequences. In this article, we will […]

How Long is Bankruptcy in Australia? In Australia, bankruptcy typically lasts 3 years and 1 day, starting from when your Bankruptcy Form is accepted. If initiated by a creditor, it begins from when your Statement of Affairs is accepted. Be aware that under specific circumstances, this period can extend to 5 or 8 years, influenced […]

If you find yourself unable to pay your debts when they are due, a Personal Insolvency Agreement is a flexible way to negotiate with creditors and manage your debt. Entering into a Personal Insolvency Agreement is a serious commitment that carries lasting consequences. While the outcomes are preferable to bankruptcy, it’s important to explore your […]