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Bankruptcy

Support to file for bankruptcy

Help when you need it most

Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. Consideration should be given to financial matters before filing for bankruptcy to ensure this is the right decision for you or your business.

It may not be your only option. Whilst you can become bankrupt voluntarily owing any amount, a creditor cannot make you bankrupt unless the debt you owe is $5,000 or more.

There are various options to deal with your debt situation, and bankruptcy is generally a last resort. It has consequences, and we can work with you to explore all alternatives. We recommended that you seek professional advice and assistance in bankruptcy issues as they can be complex and hard to understand.

Understand your options

Making the difficult decision

After seeking and reviewing professional advice, bankruptcy may in fact be your best option and you can voluntarily lodge a petition to start the bankruptcy process. SRMC will work side by side with you, assisting you to take the necessary and proper steps.

Once you have declared bankruptcy:

- Your unsecured creditors will cease to contact you
- Most legal action which an unsecured creditor had taken against you will stop
- Some of your assets can be retained because they are protected property
- Some may be recovered by your trustee and sold
- Bankruptcy requires careful consideration and expert advice

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Need help with your finances?

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