What happens if I go bankrupt in Australia?

General information from Lawmateanz

Bankruptcy in Australia is administered under the Bankruptcy Act 1966, with a trustee appointed to manage your assets and creditors. The Australian Financial Security Authority (AFSA) oversees the system.

Bankruptcy usually lasts three years and one day. Some assets, such as household items and tools of trade up to set limits, are protected, but others can be sold.

You'll face restrictions, such as needing permission to travel overseas and limits on borrowing. Your name is recorded on the National Personal Insolvency Index.

There are alternatives, such as debt agreements. The National Debt Helpline (1800 007 007) can help.

Written by Lawmateanz, not by a lawyer. General information only, not legal advice about your situation. For advice about your own matter, talk to a lawyer.

Lawyers listed on Lawmateanz can answer this question. If you asked it, we'll email you as soon as it's answered.

Are you a lawyer? Answer this question · List free on Lawmateanz

General information only. Answers are written by independent lawyers based only on what's in the question. They aren't legal advice about your situation and don't create a lawyer–client relationship. For advice about your own matter, talk to a lawyer directly.