About Bankruptcy

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Australian Bankruptcy Specialists

If you are considering bankruptcy, it’s important to be clear on a number of issues. Most people we help on a daily basis are common working Australians, and they all face similar issues. At Bankruptcy Centre, we can help you understand the implications of declaring yourself bankrupt, so you can start rebuilding your life.

Bankruptcy Information & time

Generally you will be declared bankrupt for 3 years. It is during this time that you would have to make contributions from your income if it is over the base income threshold amount.

The Current weekly after tax, threshold amounts are:
  • 0 Dependants =   $1040.00 per week
  • 1 Dependant   =   $1227.00 per week
  • 2 Dependants =   $1320.50 per week
  • 3 Dependants =   $1373.00 per week
  • 4 Dependants =   $1393.50 per week
  • Over 4   =   $1414.00 per week
Consultation session progress

Credit Rating

The fact you have gone bankrupt will go on a government file known as the NPII. It is from here that the credit rating company, VEDA (previously known as Baycorp or the CRAA) gets the information. They are allowed to hold the details on your file for 5 years.

Assets

If you have any significant assets, you should expect to have to surrender them for the benefit of your creditors. However, there are some things that you are allowed to keep such as a car (up to a certain value), household and personal items, and tools of your trade.

Your Home

Depending on the amount of equity you have in your home, there is a good chance you can keep it. Ask us how.

Being in Business 

Just because you are bankrupt it doesn’t mean that you can’t have a business or be self-employed. You are however unable to be a director of a company.

Overseas Travel

We have never had a client been refused to travel overseas. If overseas travel is an issue for you, then make sure you speak with us.

Your Car 

If your car is under finance, it does not mean that you will lose it because you go bankrupt. Generally, if you can maintain the payments, you can keep your car.

We Can Help You

The items above are the most common things that people worry about or need advice about. If you have other queries or concerns not covered on this page, simply give us a call and we are happy to discuss these with you. Our experts can help you understand your rights when it comes to declaring bankruptcy.

For advice on declaring bankruptcy in Australia, contact us on 1300 617 455

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