1. How do I become bankrupt?

You can become bankrupt voluntarily or you can become bankrupt on the actions of a creditor. If you have considered the alternatives and have decided that voluntary bankruptcy is your best option you will need to complete a Debtor's Petition and Statement of Affairs. This is a service that we offer. Contact us for further help (Ph 1300 900 194).

You will need the name, address, and amount owed to each of your creditors. You must show all debts for which you are personally liable, whether business or personal. There are severe penalties including imprisonment for failure to disclose property or concealment or unlawful disposal of property or any item of value. You will need full details of your income, personal property which includes such things as house, car, bank accounts, shares, and any money owed to you.

When the forms are accepted by the Official Receiver in Bankruptcy you become bankrupt.