http://bankruptcysupport.com.au We provide Australians with advice before filing for bankruptcy. Call toll FREE on 1800 98 10 70 for bankruptcy advice Wed, 10 Feb 2010 01:12:27 +0000 http://backend.userland.com/rss092 en Step 1 - Assess the Criteria for Bankruptcy Do you have a connection with Australia? Australian Residents Residents of Australia are free to file for bankruptcy if you have overwhelming debts which you cannot pay. The Official Receiver at ITSA has the discretion to reject a debtors' petition if: it is not in the prescribed ... http://bankruptcysupport.com.au/help-people/bankruptcy-creteria Step 2 - Get Expert Bankruptcy Advice It is critical that you approach an organisation with the genuine expertise in bankruptcy.  You should enquire if the organisation has a Registered Trustee that practices in bankruptcy. At Debt Free we have a private bankruptcy trustee who has a wealth of experience in practising ... http://bankruptcysupport.com.au/help-people/advice Step 3 - Consider your Bankruptcy Options Bankruptcy Options If you are considering bankruptcy, you should carefully assess your options, including your options to avoid bankruptcy.  If you file for bankruptcy without carefully exploring your options it may be too late. What are my options? You can file for bankruptcy voluntarily or you can ... http://bankruptcysupport.com.au/help-people/bankruptcy-options Step 4 - Complete the Bankruptcy Forms The Insolvency Trustee Service Australia (ITSA) publish and process Bankruptcy Forms. To become bankrupt you will need to complete and file the following documents: Statement of Affairs; Debtors Petition; and Prescribed Information The bankruptcy forms can be downloaded from the ITSA web site here, FREE of charge. Statement of Affairs A ... http://bankruptcysupport.com.au/help-people/bankruptcy-forms Step 5 - Understand the Restrictions of Becoming Bankrupt You should fully understand the restrictions which bankruptcy may place on your life before declaring yourself bankrupt. If you can avoid bankruptcy by entering into a Debt Agreement or a Personal Insolvency Agreement, you may be able to avoid some of these restrictions ... http://bankruptcysupport.com.au/help-people/understand-the-restrictions Be careful not to inadvertently commit an offence whilst you are bankrupt. Committing an offence whilst you are bankrupt could lead to your bankruptcy being extended for up to 5 or 8 years and in some cases can lead to a prison sentence and or a fine. Listed below are some ... http://bankruptcysupport.com.au/help-people/dont-committ-and-offence A Debt Agreement is a legally binding debt restructuring agreement with your creditors.  With a Debt Agreement creditors will typically accept less than 100% of their debt and the interest will be frozen. However, before your creditors will agree, they will need to be satisfied that your circumstances allow you to ... http://bankruptcysupport.com.au/debt-solutions/debt-agreement A Personal Insolvency Agreement (PIA) is another formal restructuring agreement with your unsecured creditors.  A Personal Insolvency Agreement is also known as a Part X arrangement as it is administered under Part X of the Bankruptcy Act.  Only a To be eligible to propose a PIA you must be insolvent, ie ... http://bankruptcysupport.com.au/debt-solutions/personal-insolvency-agreement Debt Management is the process where you may choose to negotiate directly with your creditors to settle your debts. If you only have one or two creditors we recommend that you first approach your creditors directly and try to negotiate an informal payment arrangement.  If you have more than two creditors ... http://bankruptcysupport.com.au/debt-solutions/debt-management Debt consolidation is the process of consolidating all of your debts like (credit cards, store cards, personal loan debt etc) into one manageable loan. Debt Consolidation can be structured in several ways. Firstly, you can apply for a Debt Consolidation. To be eligible for a Debt Consolidation loan, you will need to be ... http://bankruptcysupport.com.au/debt-solutions/debt-consolidation