Bankruptcy is a legal process that can help people who are unable to pay their debts. It is governed by the Bankruptcy Act and administered by a registered trustee.

How long does bankruptcy last in Australia?

Most bankruptcies last for three years and one day, although obligations can continue in certain circumstances.

Can I keep my car if I go bankrupt?

In many cases yes. Whether a vehicle is protected depends on its value and your specific circumstances.

Can I travel overseas while bankrupt?

You generally need permission from your trustee before travelling overseas while bankrupt.

Will bankruptcy affect my credit file?

Yes. Bankruptcy is recorded on your credit file and the National Personal Insolvency Index.

Can I own a house while bankrupt?

Property ownership during bankruptcy depends on the equity held and ownership structure.

What happens to my income during bankruptcy?

You may need to make income contributions if your income is above the relevant threshold. The amount depends on your income, dependants and circumstances.

Who manages my bankruptcy?

A registered trustee manages the bankruptcy, deals with creditors, reviews assets and income, and explains your obligations during the process.

How do I apply for bankruptcy?

You can apply for bankruptcy by completing the required forms through a Registered Bankruptcy Trustee like Aravanis or through AFSA. Aravanis can explain the process and help you understand whether bankruptcy is the right option.

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Bankruptcy Archives - Page 2 of 3 - Aravanis

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