To file bankruptcy in Australia is to legally declare that you are unable to pay your debts. This article reviews some facts about bankruptcy in Australia and explores the impacts of bankruptcy.
1. Voluntary bankruptcyIn Australia you may choose to declare bankruptcy or your creditors may petition to have you declared bankrupt. To file for bankruptcy in Australia you are not required to have a minimum amount of debt. The first step is to complete a Debtor's Petition and Statement of Affairs. These forms are sent to the Insolvency and Trustee Service Australia (ITSA). This agency processes all bankruptcy cases in Australia. On this form you must fully disclose all your personal bankruptcy information, including all private and commercial debt. If you fail to do this you may face penalties up to and including imprisonment.
2. What happens to my debts when I become bankrupt?
Once you are declared bankrupt you no longer have to pay the provable debts on your bankruptcy petition. This means that you do not have to repay unsecured debt such as credit cards and personal loans.
2. What happens to my debts when I become bankrupt?
Once you are declared bankrupt you no longer have to pay the provable debts on your bankruptcy petition. This means that you do not have to repay unsecured debt such as credit cards and personal loans.
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