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.