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June 27, 2018 Comments Closed

Top 5 Tips on How to Declare Bankruptcy in Australia

Posted by:Bankruptcy Specialist onJune 27, 2018

Most Australian’s have only seriously thought about bankruptcy when playing a game of Monopoly with their mates! Despite this, there are roughly 13,000 people that file for bankruptcy every year in Australia. It’s extraordinary how quickly individuals can go from experiencing a balanced financial position to confronting a mountain of debt. Generally, circumstances such as loss of income, divorce, or sudden medical costs will lead to serious financial challenges within just a few months. As opposed to wrestling with these debts for years and ignoring the elephant in the room, it’s much better to cut your losses and seek financial guidance as soon as possible.

Just recently, the Australian Government proposed changes to bankruptcy laws that cut down the bankruptcy time frame from three years to 1 year. If this proposed act is passed, it will have a remarkable impact on the stigma linked to bankruptcy and the financial consequences that bankrupts will experience in the future. Although lots of individuals understand the concept of bankruptcy, lots of folks wouldn’t know where to start if they determined that filing for bankruptcy is the best alternative for them. To offer some insight, here are the top 5 tips on how to declare bankruptcy in Australia.

  1. Get guidance from a registered bankruptcy trustee

If you’ve made up your mind that bankruptcy is the best approach for you, always seek advice from a registered bankruptcy trustee before making any concrete decisions. There is a significant difference between a firm that charges you to file for bankruptcy and a legitimately registered bankruptcy trustee firm. In many cases, bankruptcy firms are not the same as registered bankruptcy trustee firms, so ensure you get the right advice the first time so you can make the best financial decision. The right advice will not only aid you with your decision-making, but also put you in the best position to make a complete recovery after you have been discharged.

  1. Download the forms needed to file for bankruptcy

If you’ve decided that bankruptcy is the best decision for your individual situation, there are two sets of documents that you will need to complete to declare bankruptcy:

  • The Debtor’s Petition, which is a 3 page document (click here to download: https://www.afsa.gov.au/insolvency/how-we-can-help/forms-list/debtors-petition).
  • The Statement of Affairs, which is a 25 page document (click on this link to download: https://www.afsa.gov.au/insolvency/how-we-can-help/forms-list/statement-affairs).
  1. Collect your supporting documents.

In nearly all bankruptcy cases, individuals need to offer evidence that their claims are correct by supplying an assortment of supporting documents. Normally, this will include the following:

  •  Income statements and personal tax returns
  •  Company tax returns (if you are a business owner)
  •  Centrelink benefits statement (if applicable)
  •  Formal child support notices
  •  Any family law orders
  •  Any court orders
  •  Wills of any deceased estate of which you are the beneficiary
  •  All transaction statements from transferred assets over the last 5 years

It is very important to note that failure to provide accurate information or any attempt to hide information that would normally relate to your bankruptcy proceedings is a serious offence that is punishable in a criminal court.

  1. Complete the bankruptcy paperwork.

You must answer each question in your bankruptcy paperwork accurately and honestly to make sure it gets processed correctly. It is paramount that you include the address information of all your lenders in the secured and unsecured sections of the bankruptcy paperwork. In the Debtor’s Petition, you’ll need to provide at least two types of ID. If you’re unclear of which forms of ID are accepted, check the AFSA website (https://www.afsa.gov.au). If you don’t have enough space when addressing any questions, simply print out another copy of that page and use it to fill out extra details. In addition, be careful to include all assets sold in the last 5 years in question 33.

  1. Submit your bankruptcy paperwork.

Before you submit your bankruptcy paperwork, inspect the date to ensure you are submitting it within 28 days of you signing it. At Bankruptcy Experts Bendigo, we understand that all the paperwork can be a bit over-bearing, so if you have any concerns regarding your any of your answers, it’s best to call us on 1300 795 575 to ensure you get it right the first time. Alternatively, visit our website for more information: www.bankruptcyexpertsbendigo.com.au.

 

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bankruptcy experts,bankruptcy advice free,Bankruptcy Bendigo,Bankrupt Bendigo,Insolvency Bendigo
bankruptcy experts,bankruptcy advice free,Bankruptcy Bendigo,Bankrupt Bendigo,Insolvency Bendigo
bankruptcy experts,bankruptcy advice free,Bankruptcy Bendigo,Bankrupt Bendigo,Insolvency Bendigo
bankruptcy experts,bankruptcy advice free,Bankruptcy Bendigo,Bankrupt Bendigo,Insolvency Bendigo
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