Voluntary Bankruptcy exists because of law. In essence, if a person is unable to meet their living expenses as well as pay their debts they can declare bankruptcy and they won't have to pay their debts.

However, if they have any assets outside of what is protected, those assets are sold for the benefit of their creditors (the people they owe the money to).

In some circumstances a creditor can make you bankrupt. This is involuntary, so not by your choice. Most bankruptcies, more than 95% are voluntary, that means the person chose bankruptcy as their solution.

The above is a very simple explanation, if you are struggling with debt seek further advice or do more research. You are welcome to contact us.

Your furniture and appliances commonly referred to as "household goods" are almost always protected. That means you will keep them and no one comes out to look at them.

There is more false information about bankruptcy and tax than most other issues.

BIG FACT – ATO personal and sole trader Tax is cleared/wiped/extinguished in bankruptcy.

If you have a company (Pty Ltd) contact us for advice.

If you want to clarify a personal tax position contact us for advice.

1 – The car is owned and there is no secured loan against the title of the vehicle.

The value of the car can not exceed $9,400.00. There can be more than one vehicle as long as the total is less than this threshold and the vehicles are used for transport.

The value is not car yard (retail value), but wholesale value. What this means is that most people who have a $13,000.00 car will find that for bankruptcy purposes the car is under the limit and they will be able to keep it.

If the car is still valued at more than the threshold and the trustee wants to sell it the trustee has to give the bankrupt $9,400.00 so they can buy a car.

2 – If the car is owned with a partner or somebody else the threshold doubles to $18,800. This is whether or not both are going to declare bankruptcy.

3 – The car is used as security for a loan.

If the car is leased or is collateral for a loan the value of the car now does not matter as long as payments can be afforded (and the want to keep the car). The loan repayments continue. The caveat is that the equity in the car is not more than $9,400.00

The one thing that is important is that the car doesn’t becomes an asset if the loan is finalised prior to the completion of the bankruptcy term.While we encourage finalizing decisions before construction, we understand that changes happen! Minor adjustments can usually be accommodated, but major changes may affect timelines and costs. Our team will guide you through any options and impacts.

If you are buying your home and have a mortgage the equity in the home will vest with a Trustee. Depending on circumstances there may be options to get that equity back and in turn keep the home. Seek advice before going bankrupt. Call us today and we will explain how it is likely to work based on the circumstances.

If the home is owned with no mortgage and bankruptcy occurs, the home will vest with a Trustee. This means that the Trustee will sell the home so that the creditors can be paid.

If the bankrupt is renting their home and wants to continue renting it bankruptcy will not affect the situation as long as the rent payments can be made.Yes, all of our work is backed by a comprehensive warranty to give you peace of mind. We cover labor and materials for a specified period, and we’ll provide a detailed warranty package upon project completion.

Many people think and are told that if they go bankrupt they will lose part of their income. This is not always true. There is a protected amount, which is always the bankrupts to keep. Currently this amount is $1,381.00 after tax per week for a person with no dependants.

The more dependants the higher the protected amount.

Here are the protected amounts. They are all after tax.

Dependants Weekly after tax income

0 $1,386

1 $1,636

2 $1,761

3 $1,830

4 $1,858

over 4 $1,886

Contact us and we will explain how it will you.

Just because someone is Bankrupt it doesn’t mean they can’t be in business for themself. The rules are clear, they can trade under an ABN number. They can not be a Director of a Company. If the business is a registered company (Pty Ltd) advice needs to be obtained

We have assisted many company directors avoid thousands and some times tens of thousands of dollars in unnecessary fees when they need to go bankrupt. Let our experience benefit your situation.

If the business is not making money and has got into a pile of debt, unless you have another option to earn big dollars, going bankrupt will give a fresh start.

We can assist to cease the business including release from any lease that may exist. You can go bankrupt if there are outstanding tax returns due. Don’t believe the old fallacy that tax returns must be up to date and that the person must be unemployed.

There is no need to pay $2,000 or $3,000 or more to get qualified advice and assistance.

These are the fee’s that cover most standard situations. If the situation

is more complicated we will quote a guaranteed fixed fee.

REMEMBER- Our Principle is an AFSA (Australian Financial Security Authority) licensed RDAA. We are also a member of AFCA (Australian Financial Complaints Authority). You have the safety and guarantee of dealing with a legitimate firm.

AFSA do not charge any fee to process and accept your bankruptcy application.

INITIAL CHAT: $FREE – We will briefly cover the situation and let you know how it works and what the client can expect.

CENTRELINK INCOME ONLY FEE - If your only income is Centrelink (This discount fee is discretionary based on your circumstances) $499.00

STANDARD FEE $999.00 covers most people except:

Director/Self Employed FEE $1,199.00

The above fee’s include complete advice for the situation. They include the completion of all paperwork/online work. They include the filing of the Statement of Affairs. They include 1 hour of post bankruptcy advice or assistance with dealing with AFSA and/or the Trustee or any difficulty with creditors.

If your circumstances are considerably more complicated the fee may be higher and we will explain why.

When you are bankrupt you have a trustee who administers the law with regard to you being bankrupt and anything that may happen.

Most people, over 95%, will have AFSA (Australian Financial Security Authority also known as "the bankruptcy office") as their trustee. This is a government office. The reason most people have AFSA as their trustee is because there is nothing that has to be done with their bankruptcy.

A small amount of people who have assets or income over the protected amount will usually end up with a private trustee.

If you are going to require a private trustee we can source one who is personal and respectful to you. This is important because you want any dealings with your trustee to be relatively stress free.