About Bankruptcy

Going into Bankruptcy is a huge decision that can have major implications for the rest of your life.

You need to be able to understand what bankruptcy will mean to you now and in the future.

Our professionally qualified financial counsellors will be able to explain to you the pros and cons of bankruptcy, they will be able to explain the process of going bankrupt and look at alternatives to bankruptcy that may be applicable to you.

Bankruptcy is administered by the Australian Financial Security Authority (AFSA - formerly known as the Insolvency and Trustee Service Australia or ITSA) and a bankruptcy will be administered by them or by a private trustee.

To give you a brief outline of the advantages and disadvantages bankruptcy we have produced a leaflet “the good, the bad and the ugly".

This can be obtained at this link.

For detailed information on bankruptcy contact AFSA at their website.

The Financial Rights Legal Centre (NSW) has a fact sheet on its website on bankruptcy.

For emergency access to a financial counsellor you can phone the Credit and Debt Hotline on 1800 808 488 or the National Financial Counselling line 1800 007 007.