How much does Bankruptcy Cost?
As Bankruptcy is a legally mandated process, some regulations will determine how your financial position can be remedied. Our specialists work with you to assess your situation, ensuring you and the creditors are protected. Everyone is treated the same in the eyes of the law. All aspects of the bankruptcy process in Australia are calculated from a cost point of view.
Until we have made the assessment, we cannot figure out the exact cost, but you can be assured that the process will be managed and all of your money will go towards what’s best for your needs and a good outcome for all parties.
Depending on your situation’s process and intricacies, the AFSA may charge fees to help facilitate all the steps needed to conclude your bankruptcy process legally. These fees may change, but here is a link to the current AFSA fees table.
How much does it cost to file Bankruptcy?
Bankruptcy is an extensive legal process, which makes it necessary for several parties to charge their respective fees. These include fees to ensure everything is done according to the law and in compliance with all the required procedures.
How to Declare Bankruptcy Yourself in Australia
Bankruptcy Advisory is well acquainted with the steps and services that will help you save time and money; our experts are available to provide additional information as required. It is possible to declare bankruptcy without legal advice in Australia, but you may find that the process becomes very tedious if you are not sure what you are doing. It can delay your financial recovery.
Let’s look at some of the costs incurred during the bankruptcy process.
- Interest charged by your creditor
- As with any debt agreement, defaulting on an installment or being in arrears can incur interest and penalties. If you choose not to continue paying what is due, your creditor may take further action, for example, by terminating the agreement or using its security over your assets.
- This is why it’s important not to put off getting professional advice from our expert team, as it will allow you to avoid any further charges being applied to your account by your creditor.
- An appointed trustee can halt any additional charges by creditors or legal action.
Fees charged by the Australian Financial Security Authority (AFSA)
By partnering with us, you can avoid missing important deadlines, increasing the bankruptcy cost, and worrying about paying all your charges on time. It’s easy for things to go wrong in this process if payments are not paid on time, so we keep track of them for you.
Things the AFSA could charge for could include, but are not limited to, the following:
- Publishing details of a notice of a meeting of creditors on AFSA’s website
- Online self-service search using the Bankruptcy Register Search
- Inspecting a publicly available document
- Application for a bankruptcy notice
- Application for extension of time for the service of a bankruptcy notice
- Debt agreement proposal lodgement fee
- Document processing fee, payable when the controlling trustee authority is lodged with AFSA
- Overseas travel application fee
- Application for statutory notice
- Taxation of a bill of costs about the administration of an estate
- Taxation of a trustee’s remuneration in an estate
- Application to be registered as a trustee or debt agreement administrator
- The Initial registration
- Renewal of registration every three years
- Realisations charge
- Interest charge
- Administration fees
Why You Should Partner with Us
Our value proposition to you is simple. We have the knowledge, expertise, and qualified professionals who understand the hardships and emotions of the bankruptcy process. If you are wondering how long it lasts in Australia, does bankruptcy clear all debts? Or what are bankruptcy income contributions? We can help explain all that is required for the process of Bankruptcy. We handle every case differently and aim for a quick, simple, and cost-effective resolution. We ensure that costs are kept to an absolute minimum so you can get back on your feet as quickly as possible.
How much does Bankruptcy cost Australia?
“Our clients understand the value of working with people who want to ensure you are protected and assisted in the best possible way. We offer peace of mind because we put your interests first and will do everything we can to ensure the bankruptcy cost is kept low, the law is followed, and you get the best possible outcome.”
Andrew Bell Bankruptcy Advisor
With over 30 years of experience in debt solutions and bankruptcy in Australia Andrew can find a solution for you.
“Nothing is more satisfying to me than knowing that I’ve helped someone get back on their feet by guiding them through the Bankruptcy Process. Rest assured, you’re in good hands with me as we solve your financial problems together.”