Bankruptcy

If you are in debt and are considering bankruptcy, you should know that bankruptcy is your last resort.

Bankruptcy has very serious consequences for the rest of your life. Do not take this step without speaking to Fox Symes.

There are alternatives.

Do I Need to Become Bankrupt?

With creditors pressing you for payment, bankruptcy may seem attractive, however it should be avoided if at all possible. Once bankrupt it is difficult and expensive to undo if you change your mind.

Before going bankrupt it is important to consider first speaking with Fox Symes to see if there may be other options available to you.

If you would like one of our staff to contact you to discuss bankruptcy or for guidance about alternatives to bankruptcy please fill in our short contact form.

How do I become Bankrupt?

You can become bankrupt voluntarily or you can become bankrupt on the actions of a creditor. Once you have spoken with Fox Symes and after reviewing your options you have decided that voluntary bankruptcy is your best option, Fox Symes will assist you in taking the necessary steps to become bankrupt.

Is there a minimum amount I need to owe before I can go Bankrupt?

No. You can become bankrupt voluntarily owing any amount. A creditor cannot make you bankrupt unless the debt is $2,000 or more.

Who would handle my Bankruptcy?

ITSA will administer your estate if no registered trustee has provided a consent to act.

How long would I be Bankrupt?

The period of a bankruptcy is 3 years from the date a statement of affairs is filed. This period may be extended by an objection entered by the trustee.

What objections will extend my Bankruptcy?

To 5 years if a bankrupt:

To 8 years if a bankrupt:

Note: The bases for an objection have altered from the 5th of May 2003 to include additional provisions. The changes will include 'special' provisions that cannot be overturned by a review of the Inspector-General.

Can I get an early discharge?

The early discharge provisions are not available for bankruptcies that are registered with the Official Receiver on or after the 5 May 2003.

What happens to my debts after Bankruptcy?

Unsecured Creditors

Unsecured creditors can take no further action against you to recover the debts. Your creditors may lodge claims in the bankruptcy.

Very important exceptions are fines for breaches of the law, debts arising from fraud, maintenance payments and debts due to the Department of Social Security.

Bankruptcy does not protect you from payment of these debts, and you are still liable for these. The other exceptions are secured creditors.

If you have unpaid accounts relating to essential services such as electricity, telephone or gas the supplier may require payment of the account or a bond for the service to be maintained.

More - Page 2 on Bankruptcy

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If you are employed and have debts greater than $10,000 please call us on 1300 361 204 or fill in this form. We have live Debt Consultants available to help you now.

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