Bankruptcy How Do I Get Started?

So you have decided to declare yourself bankrupt, what do you do? Declaring bankruptcy is a relatively simple process with a rather complex set of forms.

So what do you need to do?

  • Complete a debtors petition form, ensuring you complete all relevant sections.
  • Complete a statement of affairs form, ensuring you complete all relevant sections.
  • Ensure you have read, understood and signed all prescribed forms and information.
  • Obtain a registered trustee’s consent to act or, appoint the official trustee (government body).

In essence, these forms compile all relevant information about you and lists the assets and liabilities of the proposed bankrupt to give the Australian Financial Security Authority (AFSA) 

bankruptcy how do i get started

Get Professionals to help you with Bankruptcy.

The forms are available to the public on the AFSA website and are meant to be relatively simple so that people experiencing financial difficulty or hardship can complete and start anew easily. In reality, the form is lengthy and poses questions which can confuse and deter people from completing the process. 

The consequences of declaring bankruptcy are serious and cannot be cancelled if you change your mind. It is for that reason that our team is here to help. Our experts have experience in assessing our clients’ individual circumstances to determine whether the benefits of bankruptcy outweigh the negative.

We understand that each person’s circumstance is different and so each form needs to be tailored to suit that specific individual. Our team regularly assist clients in completing the required forms, lodging them with the relevant authorities and handling the bankruptcy process from start to finish at minimal cost, quickly and efficiently. 

To get started, contact Safeguard Insolvency today. We offer simple solutions to complex problems at affordable prices providing you with the support and assistance you need to get through these tough times. 

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Safeguard Insolvency works closely with professionals that can help you with liquidation.