VOLUNTARY BANKRUPTCY

PART 1 OF 5
ARE THE WOLVES KNOCKING ON YOUR DOOR?

If you are unable to pay your debts and cannot come to suitable repayment arrangements with your creditors and/or you are not within the money limits for debt agreement, personal insolvency agreement and/or can't find another option you may voluntarily lodge a petition to become bankrupt.
Sometimes it's better to go voluntary than for the creditors to make you bankrupt through the court system.
Your petition for bankruptcy may not be accepted if it appears from the information that is lodged with the petition that you are likely to be able to pay your debts, and you are either avoiding payment of a particular debt/s or have been previously bankrupt.A debtor is ineligible to present a debtor's petition for bankruptcy if they are not in Australia or do not have an Australian connection eg. the debtor does not usually live in Australia nor does the debtor carry on business in Australia.