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This site is an offer to provide information in plain English to help Individuals who are experiencing Debt Problems. You should speak to us to receive professional advice before considering a solution (or any other qualified firm or a registered financial counselling service).

We provide a free, no obligation initial “chat” to anyone considering a Debt Solution. is Pty Ltd, ABN 82 123 819 590.

Serving all of Australia

Debt Agreement Services are provided by AFSA (Australian Financial Security Authority), registered Debt Agreement Administrator, Keith Dorahy – Licence 1149.

Complaints Mechanism – To lodge a complaint ask us for a complaints brochure or request a complaints brochure from email If an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. Website: – Telephone: 1800 931 678 (free call) – Email:, In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001


We take your complaint seriously. We will respond within 7 Days.

Action taken

Basis of complaint


IMPORTANT This page contains essential information about the consequences of and alternatives to bankruptcy.


If you are voluntarily applying for bankruptcy, have you considered alternative options?


  • Talk to your creditors – Some creditors could give you more time to pay, agree to renegotiate repayments or accept smaller payment to settle the debt. Some creditors have hardship provisions which you can use to change the terms of your contract.
  • Apply for temporary debt protection – This is an interim step that stops your creditors, the bailiff or sheriff taking action to recover unsecured debts for a period of 21 days. You could use that time to speak to your creditors, consider other options or seek advice.
  • Propose and enter a debt agreement (DA) or a personal insolvency agreement (PIA) – These are legally binding agreements between you and your creditors. You can offer to pay your creditors by instalments or in a lump sum which may be less than the full amount you owe. Your offer must be accepted by the majority of your creditors for the agreement to start. Your level of income, debts and assets will determine whether you are eligible for a DA.
  • Get help and find more information – You can get help from a free financial counsellor by calling the National Debt Helpline on 1800 007 007. You can also talk to a registered trustee, registered debt agreement administrator, lawyer or an accountant. Visit for more information.


In applying for bankruptcy

Your assets may be sold. You will be able to keep ordinary household goods, some tools you use to earn an income (up to a certain value*), and some vehicles (up to a certain value*), but other assets (including your house) can be sold by your trustee. If you acquire, receive or inherit any assets while you are bankrupt you must tell your trustee. You cannot conceal, remove or dispose of any assets inside or outside Australia. If you do, you may be subject to criminal prosecution.

Your income, employment and business may be affected. If your income exceeds a set limit*, you may be required to pay contributions from your income to your trustee. You cannot be a director of, or manage, a company. Some professional/licensing bodies may restrict or prevent you from continuing in that trade or profession. You may not be able to hold certain public positions. If you are in business and trade under a business name different to your personal name, you must tell everyone you deal with that you are bankrupt. If you don’t, you may be subject to criminal prosecution.

You will need written permission from your trustee to travel overseas.

You may not be released from all your debts. Not all debts are covered by bankruptcy. You must continue to pay debts such as penalties, fines, child support and debts incurred by fraud. If you have an asset which is under finance or a mortgage (e.g. a house) and you do not maintain your repayments, the creditor can repossess and sell the asset; however any shortfall will be covered by bankruptcy.

Your name will be on the public bankruptcy register forever and there will be other personal impacts. Your bankruptcy will also be recorded on a commercial credit record for at least 5 years. You must immediately notify your trustee in writing of any change in your personal circumstances (change in name, address, income, etc).

Your ability to obtain credit and certain services may be affected. You may find it hard to borrow money or buy things on credit. You may find it hard to obtain approval to rent properties and get electricity, gas, water, and phone connections without paying bonds. Some banks may not let you operate certain accounts or restrict how you operate accounts. If you obtain loans or buy goods and services on credit (including under hire purchase, leasing or instalment arrangements) over a certain value* you must tell the provider that you are bankrupt. If you receive payments for supplying goods or services totalling more than a certain value* you must also tell the purchaser that you are bankrupt. If you don’t disclose your bankruptcy in these circumstances, you may be subject to criminal prosecution.

A registered trustee or the Official Trustee will administer your bankruptcy.

You can contact a registered trustee and ask them to administer your bankruptcy. If they agree, they will sign a ‘consent to act’ which you must file with this application.

If you do not get the consent of a registered trustee, the Official Receiver may seek the consent of a registered trustee to administer your bankruptcy.

A registered trustee will generally administer your bankruptcy if they provide a signed consent form before you become bankrupt.

Where a registered trustee has not consented to act, your bankruptcy will be administered by the Official Trustee. This can change during your bankruptcy.

Note: As part of assessing your application some of the information you have provided on this form may be given to a registered trustee to help them decide whether to administer your bankruptcy.

Your trustee will charge a fee for managing your bankruptcy. Your trustee is entitled to take a fee for managing your bankruptcy. Generally the fee is recovered from any available assets or income contributions you pay.

* This is an indexed amount and changes periodically. You can find the latest thresholds at – look for ‘indexed amounts’.

Further information about the consequences of bankruptcy is available at