Give us a call on 1300 794 492 or email

From my own experiences of being bankrupt and then having helped thousands of people over the years I think the most important things that you need to know are:

  • Bankruptcy will cancel your problem debt immediately from your perspective, no ifs or buts or maybes …. that’s the law
  • You can be bankrupt and out of debt in about a week from now if you want to be and at this point the debt collectors calls and threatening letters will stop, never to return
  • There are no restrictions on how much income you can earn whilst you are bankrupt. Under bankruptcy at least the first thousand dollars a week (after tax and after child support) is protected by bankruptcy law and always remains yours
  • Normally your employer doesn’t have to be told that you are bankrupt as long as you don’t owe them any money
  • You are unlikely to lose your car if are bankrupt but you will have to keep paying for it of course
  • You can travel overseas. You’ll need to fill out a form to obtain your bankruptcy trustee’s permission first but in any normal circumstance you will get it
  • You are certainly not breaking the law by going into bankruptcy. The bankruptcy system is designed to protect you if you find yourself in a difficult or impossible situation, whilst at the same time providing the banks, ATO, businesses or people you owe money to with certainty. This allows everyone the opportunity to reset and move on
  • You can continue to be self-employed whilst you are bankrupt with a personal ABN, the government requires that you simply trade in your own name
  • Your superannuation is safe provided the funds in your super account are your normal contributions plus any investment returns earned over time
  • Your credit rating will be damaged for five years if you go into bankruptcy (which is the same outcome as using a Debt Agreement) but most people I speak to seem to have a bad credit rating already
  • You are on the government’s personal insolvency database for life. Unless you are a public figure no one is ever likely to look as there is a fee to pay to conduct a search. In twenty years I am not aware that anyone has looked up my name on the government’s insolvency database, who would want to? I’ve always thought this part of the system is overkill
  • Best of all the pressure is off you immediately, that means that life can return to normal
  • That might mean you can take your family out for a treat, just like before
  • And, going into bankruptcy now might be the cheapest and most effective way to save your house

There is plenty more to say of course, so my suggestion is take a read through the website (bookmark it in your favourites as you will probably need to come back to it a few times) and then when you are ready give us a call on 1300 794 492 or send us an email to
If I’m not around then somebody from the office of Nicholls & Co will take the call for you and should be able to help you.

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