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What is Bankruptcy?
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Bankruptcy is the legal procedure when you’re declared incapable of paying off your debts. It can release you from most debts accrued and provide you with financial relief, as well as allow you to make a fresh start. There are no restrictions on the amount of debt you will be relieved from, however, what debts you will be released from will depend on your situation and what types of debt you have accrued – to read more about what debts are included in bankruptcy click here.
To be eligible to apply for bankruptcy, you must meet the following criteria:
- Be able to prove that you are unable to pay your existing debt by their due date.
- Have either a business or residential connection in Australia, or be living in Australia.
Declaring bankruptcy can have long term repercussions. If you’re looking for help with bankruptcy, give us a call – Find your local number here.
According to the Australian Financial Security Authority, the length of your bankruptcy will generally last for the following:
- If you declare for bankruptcy, it generally ends 3 years and 1 day from when your bankruptcy is accepted.
- In the case of when a creditor makes you bankrupt, it normally ends 3 years and 1 day from when the Australian Financial Security Authority accepts your statement of affairs.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
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