I often receive enquiries as to what exactly is the practical process to go Bankrupt. It is a whole lot easier than you think; you complete two forms (A Debtors Petition and Statement of Affairs) and email them to registry@afsa.gov.au .

You can obtain these forms by clicking on the link at our website at –

http://bankruptcy.com.au/wp-content/uploads/Debtors-Petition.pdf

http://bankruptcy.com.au/wp-content/uploads/Statement-of-Affairs.pdf

AFSA will assess the forms and provided all the information is correct will generally notify you within two or three days to confirm that you are now Bankrupt and provide you with your Bankruptcy number.

The form filling process can be daunting for some with the Statement of Affairs form 25 pages long, however, to make it a little easier, I recommend you retrieving the following information prior to completing the forms:-

– Demand letters from all your creditors, you will need to list the names, addresses and amounts for every person/organisation that you owe money too.

– Bank Account details (savings accounts / mortgages / loans)

– Car details

– Identifying documents (Drivers License / Passport)

– Company / Business / Trust details

– Financial statements for any company or business you own.

– Group Certificate / Payslip / Tax Return

– Legal documentation (Any current or former court proceedings you are/were involved in)

– Child Support Agreement – if applicable

If you have the above information at hand, filling these forms out can be a breeze.

Also keep in mind that it is an offence to give false information on this documentation. See section 267 of the Bankrupt http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ba1966142/s267.html

If you have any questions about your documentation or just want to have a chat about bankruptcy please do not hesitate to contact me on 1300 833 183.

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