Bankruptcy is a legal process where you're declared unable to pay your debts. It can release you from most debts, provide relief and allow you to make a fresh start.<\/p>\n\n\n\n
You can enter into voluntary bankruptcy. To do this you need to complete and submit a Bankruptcy Form. It's also possible that someone you owe money to (a creditor) can make you bankrupt through a court-definition process. We refer to this as a sequestration order. Bankruptcy normally lasts for at least 3 years and 1 day.<\/p>\n\n\n\n
You can apply for bankruptcy if you meet these 2 requirements:<\/p>\n\n\n\n
\u2022 you're unable to pay your debts when they are due (insolvent) and<\/p>\n\n\n\n
\u2022 you're present in Australia or have a residential or business connection to Australia.<\/p>\n\n\n\n
There is no minimum or maximum amount of debt or income you need to be eligible.<\/p>\n\n\n\n
There is no fee to apply for bankruptcy.<\/p>\n\n\n\n
If you're currently in a debt agreement and want to apply for bankruptcy, contact your administrator. You must terminate your debt agreement first before applying.<\/p>\n\n\n\n
What you need to apply for bankruptcy<\/strong><\/p>\n\n\n\n To apply for bankruptcy, you need to complete and submit a Bankruptcy Form.When completing a Bankruptcy Form, you will need to give details of:<\/p>\n\n\n\n To support the information you provide, you may need things such as payslips, Centrelink statements, bank statements, and account numbers.<\/p>\n\n\n\n You need to provide 2 forms of identity documents to prove who you are, such as:<\/p>\n\n\n\n \u535a\u901a\u7684\u6fb3\u6d32\u6089\u5c3c\u534e\u4eba\u6c11\u4e8b\u5f8b\u5e08\u5728\u503a\u52a1\u65b9\u9762\u7ecf\u9a8c\u4e30\u5bcc\uff0c\u6211\u4eec\u53ef\u4ee5\u5e2e\u52a9\u60a8\u89e3\u51b3\u95ee\u9898\u3002<\/p>\n\n\n\n\n
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