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In Australia, if you are unable to pay your debts, and your attempts to come to an agreement with your creditors about repayment have failed, then you may be faced with the prospect of declaring bankruptcy. Declaring yourself bankrupt involves having a Trustee appointed to take control of your assets and income so that they can pay down your debts and discharge them.
Before you consider declaring bankruptcy, you need to understand the consequences, as it will have serious repercussions for your future. An understanding of the bankruptcy laws, along with expert legal advice, will allow you to make an informed decision about your financial situation.
You can become bankrupt either by declaring bankruptcy yourself through what is known as a ‘debtor’s petition’, or by order of the Federal Court following an application by one of your creditors, known as a ‘creditor’s petition’.
If you would like to enter into bankruptcy voluntarily by Debtor’s Petition, you need to lodge an application with the Australian Financial Services Authority or AFSA. Read more : https://www.gotocourt.com.au/civil-law/declaring-bankruptcy/
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