Declaring Bankruptcy in Victoria, Australia
Struggling with debt? There’s always a path back to financial independence. If you’re looking to declare bankruptcy in Victoria, Australia, Debt Rescue can find you the best path out of debt.
To start resolving your finances, chat to one of our experienced Case Managers today.
Is bankruptcy the only choice I have?
In most cases, there are other options you can consider. For example, you may find your situation can be resolved by a:
Your Case Manager will work with you and your creditors, and help to find an informal agreement – allowing you to pay back what you can towards your loans (often without affecting your credit history).
Using a Part 9 Debt Agreement, your Case Manager will help you arrange an agreement to pay back as much of your debts as you can.
Is bankruptcy my best option?
Bankruptcy can be a quick and simple way to resolve your debts. But before you declare bankruptcy, it’s worth taking into account:
- The income you’re making – If your income is sufficient and stable, you may be able to arrange a debt agreement or consolidation to resolve your debts.
- Difficult circumstances – It’s easy for your debts to grow if you’ve been affected by difficult circumstances like loss, separation, redundancy or health concerns. In the right circumstances, we can reach an agreement with your creditors and help you avoid bankruptcy.
- Your job requirements – Some roles (such as working as a real estate agent) require specific licences that can’t be held if you’ve declared bankruptcy. If you’re worried your career might be affected by your debts, we can help find a solution other than bankruptcy.
It can be hard to tell what the best option is. That’s where our Case Managers can help. With the right guidance, we can help steer you towards your best solution.
Guidance Through All Bankruptcy Forms in Victoria
Declaring bankruptcy in Victoria isn’t always the most straight-forward procedure. That’s why your friendly Case Manager will help you complete all the forms associated with bankruptcy, making the path to financial freedom that little bit smoother.
We’re committed to getting you through your difficult financial times with as little fuss as possible, so you can start enjoying life again.
FAQs of Declaring Bankruptcy in Victoria
Will I lose all my belongings if I go bankrupt?
Some will be lost, but generally not all of them. Your trustee will need to sell assets to reduce your debt. However, some of your assets can be protected. These can include:
- Items and appliances around the home
- Up to $2,000 in savings (to help you deal with living costs)
- A car valued (or financed) up to $7,900
- $3,750 worth of trade tools
- Your superannuation (unless it’s found you were making unusual contributions prior to your bankruptcy).
In the right circumstances, you might even be able to stay in your own home (i.e. if your spouse, co-owner, family or friend is able to purchase the property from the trustee).
Do I have to go bankrupt?
Not always. In the right circumstances, you can become completely debt-free by:
- Refinancing your home – Debt consolidation is a terrific way to reduce the interest and fees you pay.
- Informal debt agreements – With our Debtstroyer Agreements, we can keep your credit history clean.
- Formal debt agreements – If you can’t pay back your loans, a formal debt agreement can help you avoid bankruptcy.
Will my friends and family find out if I declare bankruptcy?
Not necessarily. Your creditors will be notified if you declare bankruptcy, and any creditors who you apply for credit from will find out from your credit history.
Otherwise, no one will be informed of your financial situation.
Ready to be rescued from debt?
If you’re struggling with debt, why wait any longer? Chat to one of our friendly Case Managers, and we’ll help you get back to a happier, stress-free and debt-free life.
For a chat about your situation, give us a call on 1800 00 3328 today.