Voluntary Bankruptcy
If you are unable to pay your debts and are not able to come up with a suitable arrangement with your creditors you may petition to become voluntarily bankrupt.
If you are petitioning to become bankrupt you must fill out a debtors petition form and also complete a Statement of Affairs that discloses details of your current financial position. This includes all debts, as well as your current and recently owned assets.
Bankruptcy has serious consequences in relation to your credit file, assets, income, travel, operation of business and more. It's important that you are informed of these before you proceed. If you are considering bankruptcy as an option it is very important to consult a financial counsellor first.
For additional information contact 1300 364 785 or visit www.itsa.gov.au