Bankruptcy By Phone

06/10/2026

Client example>>>

Client owed $36,854.00 between ATO ($8K), 1 car repossession shortfall, 3 Mobile phone accounts, 2 car accident insurance claims and 1 personal Loan.

Clients income $44,000 per annum. (mostly Centrelink)

Owns household items (furniture, electrical's etc) These are all protected.

Superannuation is protected.

Declaring bankruptcy allows the client to get through each week, able to sleep at night without worrying about debt.

The client is now able to meet living expenses without constant stress and have the goal of saving a little each week to be able to buy a cheap get-around car.

29/09/2026

What happens with income?

[A person with 1 Dependant can earn $1,767.00 per week after tax and go bankrupt and keep all of their income. Here you are not earning anywhere near that and struggling with debt. Understand this means the Government are saying you need to earn $1,767.00 just to get by, not paying any debt payments]

Many people think and are told that if they go bankrupt they will lose part of their income. This is not always true. There is a protected amount, which is always the bankrupts to keep. Currently this amount is $1,497.00 after tax per week for a person with no dependants.

The more dependants the higher the protected amount.

Here are the protected amounts. They are all after tax.

Dependants Weekly after tax income

0 $1,497

1 $1,767

2 $1902

3 $1,977

4 $2,007

over 4 $2,037

05/08/2026

Client example>>>

Client owed $42,354.00 between ATO ($25K) 3 disconnected utility accounts, 1 car accident insurance claim, 1 Law firm bill and 2 BNPL accounts.
Clients income $66,040 per annum.

Owns household items (furniture, electrical's etc) These are all protected.

Owns 2018 Hyundai i30 (client keeps it as it is protected under bankruptcy law.

Declaring bankruptcy allows the client to get through each week, look after their 2 kids without worrying how to pay every bill that arrives.

The bankruptcy doesn't mean that they are now living on easy street but they are able to sleep at night without worrying about how to pay those debts.

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03/02/2026

Tax Debt (ATO) and bankruptcy.

Personal tax debt including DPN's, late lodgement fines etc are all extinguished in bankruptcy.

Remember, bankruptcy is for individuals including sole trader's.

Be careful what you believe when talking around the BBQ. The advice is likely to be hearsay.

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26/01/2026

Bankruptcy in a Nutshell

 Your qualifying debt will be wiped/extinguished. That means you no longer need to make payments.

 Significant assets will be sold for the benefit of your creditors.

 Your household furniture, car up to a certain value, income up to a certain amount and tools of trade up to a certain amount are all protected. Contact us for free advice on these matters.

 Your credit score will be affected for a period and will then be restored.

 Contact us for free assessment to cover all aspects of your situation and how you will be affected.

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22/01/2026

Client example>>>

Client owed $32,754.00 between 1 Credit Card and 1 Buy Now Pay Later.

Clients income $30,800 Per annum. (Disability Pension)

Owns household items (furniture, electrical's etc) These are all protected.

Declaring bankruptcy allows the client to get through each week, Whilst still struggling, (living on a pension is never easy), but not having demand letters and stress about the credit card payment.

Side note: Client has over $300K in super. 1. Client is aged in their late fifties. 2. You cannot get an early release of super to pay debt. 3. Super balance, no matter how high, is protected (in bankruptcy) when it has come from employer contributions.

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20/01/2026

Client example>>>

Client owed $172,690.00 between 3 Credit Cards and ATO ($120.000.00).

Clients income $58,800 Per annum.

Clients living expenses (about) $50,000 Per annum.

Owns car ($2,500.00), Trailer and boat (both negligible value). gets to keep car, boat and trailer.

Owns household items (furniture, electricals etc) These are all protected.

Could never pay off cards and tax debt.

Declaring bankruptcy allows the client to get through each week without wondering how they will manage financially.

Client now reports living with no financial stress.

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09/12/2025

3 top reasons people choose voluntary bankruptcy.

1. Stop debt collectors and/or legal actions.

2. Stop the worrying and stress of having debt they can't pay.

3. Get a fresh financial start by saying goodbye to debt that can't afford.

There are many other reasons as well but remember, voluntary bankruptcy is there by law so that someone with too much debt can reset and restart their financial life.

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08/11/2025

What happens with income?

Many people think and are told that if they go bankrupt they will lose part of their income. This is not always true. There is a protected amount, which is always the bankrupts to keep. Currently this amount is $1,424.00 after tax per week for a person with no dependants.

The more dependants the higher the protected amount.

Here are the protected amounts. They are all after tax.

Dependants Weekly after tax income

0 $1,424

1 $1,680

2 $1,808

3 $1,880

4 $1,908

over 4 $1,937

We predict that this time next year a bankrupt with more than 4 dependants will be able to take home over $2,000.00 per week and not pay any contribution.

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30/07/2025

Client example>>>

Client owed $47,308.00 between 1 bank and 2 finance companies.

Clients income $59,000 Per annum.

Clients living expenses (about) $59,000 Per annum.

Car under finance. Can afford to keep paying car loan so client keeps their car.

Owns household items (furniture, electricals etc) These are all protected.

No other assets.

Unable to meet debt payments and living expenses.

Declaring bankruptcy allows the client to get through each week without wondering how they will manage financially.

The client isn't eating steak and ch*****ne every night, however they aren't wondering how they will make rent each pay.

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