If debt is keeping you awake at night, you're not alone.
Bankruptcy is not the end. It is a legal process designed to give people a fresh start while dealing fairly with creditors. We're here to guide you through the process.
16 trustees and 29 offices
We help hundreds of people each year
Worrells is available Australia-wide
Complimentary meetings and fixed pricing
Who bankruptcy is for
• Owe more than you can realistically repay
What happens in bankruptcy
A registered trustee is appointed to administer your bankruptcy. During this time:
• Creditors deal with the trustee instead of contacting you directly
• Divisible assets may be realised for the benefit of creditors
• Income contributions may apply if earnings exceed government thresholds
• The trustee investigates financial affairs and reports to creditors
• Most unsecured debts are released when bankruptcy ends
Bankruptcy normally lasts three years and one day, although it can be extended if obligations are not met.
Dispelling the myths and understanding the facts is critical.
Download our Guide to Personal Insolvency
Bankruptcy is not the only option
Depending on your circumstances, alternatives may include:
• Part X - Personal Insolvency Agreements (PIAs)
• Informal creditor arrangements,
• Section 73 proposals, among others
Worrells can assist with assessing these options.
Unsure if bankruptcy is the right step
Speak with a Worrells personal insolvency specialist for a confidential discussion about your options.
Real stories from business owners we’ve helped
Contact
Help is here
We have the tools and framework to support all parties through periods of uncertainty.
There is no obligation to proceed, just an opportunity to understand your position.
Contact Us
We’re here to help
We speak with people every day as complimentary and without expectation
Aaron Lucan
Principal, Western Sydney, Central West
Stephen Hundy
Principal, Canberra, Wollongong
Matthew Kucianski
Principal, Melbourne, Ringwood
Mervyn Kitay
Principal, Perth
Paul Nogueira
Principal, Sunshine Coast, Bundaberg
FAQs
Some questions you may like answered
A
You are required to complete and lodge a government form. We can assist you with answering the questions and do the lodgement for you. Once lodged it usually takes about two business days for you to be declared bankrupt.
A
The standard bankruptcy period is three years.
A
No. Some assets are protected and value thresholds apply. What is affected depends on your circumstances.
A
Yes. Access to credit can be rebuilt over time after bankruptcy ends, although lenders may apply restrictions initially.
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Yes. You can continue working. Income contributions only apply if earnings exceed statutory thresholds.
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Overseas travel is possible, but you must obtain permission from your trustee before leaving Australia.
Health
Look after your mental health
Facing financial distress is a crushing experience that creates hardship on a personal level. It’s not easy.
Be aware and proactive about your mental health, so you can get out the other side of these challenges.
Ask for help if you need it.
Chat to your doctor or reach out to the following organisations if you are in urgent need of help.
