Bankruptcy can give a fresh start from unmanageable debt — but it has real consequences, and there are alternatives worth considering first. We’ll explain your options.
Bankruptcy is a formal process that can release you from most debts you can’t pay — a fresh start — but it has real consequences and usually lasts three years.
A trustee manages your affairs; some assets may be sold; there are limits on credit, travel and certain roles. Some debts (like most fines and child support) aren’t cleared.
Ordinary household goods, tools of trade up to a limit, and some superannuation are generally protected. The details matter, so get advice.
A debt agreement, a personal insolvency agreement, or negotiating with creditors may be better than bankruptcy — depending on your situation.
We explain bankruptcy and the alternatives plainly, and help you choose the right path. Book a consult before you decide.
Usually three years, though some restrictions and records last longer. Get advice on how it would affect you.
Often yes — a debt agreement, personal insolvency agreement, or negotiating with creditors may suit you better.
General information only — for advice about your situation, see more guides or book a consult with Waters & Co Lawyers.
Speak with an experienced Victorian lawyer — book online, or call us 24/7.