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Common Bankruptcy Questions

Answers to Common Bankruptcy Questions

What is Bankruptcy?

Bankruptcy is the legal process of declaring that you are unable to pay your debts. Most debts are covered, but bankruptcy does not release you from all debts. It is important to understand the consequences of bankruptcy, which may affect your ability to get credit, prevent you from travelling, or hinder your ability with respect to some types of employment.

Bankruptcy With Assets

Subject to permission from your trustee, you do not have to lose your home, and you can still retain a car worth up to $8000.

Bankruptcy Without Assets

Your trustee will total your debts, advise your creditors and outline your financial commitments moving forward. If you are unable to pay your debts in full, your trustee will work with your creditors and negotiate conservations and payment plans. If the amount that you owe is more than what you can afford to pay, your trustee will work with those involved to establish a debt repayment plan for you, often referred to as a Debt Agreement.

Debt Agreement

A debt agreement is a legally binding agreement that works as repayments made to suit your financial situation and circumstances.

Informal Debt Agreement

An informal debt agreement is a payment plan between you and your creditors without impacting your credit history. The alternative option would be to file for bankruptcy, and that would affect your credit history.

Personal Insolvency Agreement (PIA)

A personal insolvency agreement (PIA) provides a flexible way to settle your debts without entering into bankruptcy. The key elements of a PIA are:

  • The agreement between the debtor and their creditors.
  • The debtor’s annual income, savings and other assets.
  • A plan for how much time the debtor has to pay their debts as they fall due.
  • An agreed timeframe within which to implement the PIA.

At Bankruptcy Advisory Centre we have over 30 years of experience providing bankruptcy advice in Australia and helping everyday Australians to resolve their financial problems. Our expert team offer a range of debt solutions for individuals and businesses across Australia from our offices in Sydney, Melbourne, Brisbane, and Perth.

Andrew Bell  Bankruptcy Advisor

Andrew Bell - Bankruptcy Advisory Centre - Financial Freedom

Andrew Bell

Having owned and managed several companies, Andrew has extensive knowledge of debt solutions. He understands the importance of managing finances and can offer advice to help you do that. Financial problems can be challenging to handle, but he knows how to deal with Debt Collection Agencies.

With a sound understanding of bankruptcy, he’s supported by an experienced and trustworthy team to guide people through the process of bankruptcy. He pays close attention to the needs of his clients and helps them make the best decisions possible. A conversation with your debt and finance specialist at Andrew won’t end until you have some concrete advice on how to achieve financial freedom.

Get a complimentary first consultation by calling 1300 887 210 to find out about your options and receive expert advice on Bankruptcy.




  • I made an appointment with Andrew after finding him on google. I was nervous and apprehensive about what to expect but he made the process of bankruptcy extremely uncomplicated and stress free, allowing myself the opportunity to get the fresh start I was so desperate for. Thank you Andrew I could not recommend you enough.

  • Making the decision to go bankrupt was not easy however once I had spoken to Andrew i felt all my anxiety disappear. Andrew does not judge you and he has an innate ability to put you at ease. He took care of the whole process for me again reducing the stress involved with completing paperwork.
    Thank you very much.

    Hayley Eastough
  • I will definitely recommend Andrew Bell to anyone contemplating bankruptcy. Don't wait! Andrew is there to help. With his knowledge, he can advise you of the best path to take and assist with the mind boggling paperwork.

    Best of all, he is there for you through your entire bankruptcy period. Get your life back, it's not as bad as you think. Thank you Andrew for lifting the burden and allowing me to move on.

    Karilyn Mahon
  • I saw Andrew for 'advice only' on possible bankruptcy due to a divorce. Left an hour later with the paperwork all done and feeling like a new person!

    Andrew was extremely welcoming and made me feel so comfortable with my decision to proceed immediately.

    This was the best investment I have ever made and cannot speak highly enough of Andrew. He doesn't just give excellent service his follow up afterwards is amazing. Thankyou Andrew you made my 'new' life so easy to achieve!

    Vicki Johnston
  • Andrew was very helpful in helping me through the bankruptcy process, as a single mother left with a massive debt from my ex and our previous marriage. I was struggling to keep my head above water on a week to week basis.

    Andrew made me feel at ease immediately and helped me every step of the way, he happily and professionally answered any and all questions I had before, during and after the process. Thanks so much for your help Andrew!

    Aisha Edmonds
  • Would highly recommend Andrew to anyone having financial difficulties. Andrew made me feel very comfortable - he took care of everything and keep in regular contact with me throughout the whole process.

    Service was fantastic and he also keep in regular contact with me when everything had been finalised Thanks Andrew! can now get my life back on track.

    Cassandra Walsh
  • Very prompt service and excellent source of knowledge and information, I highly recommend Andrew's service for a quick turn around of circumstances.

    Eve Damjanovich
  • Andrew put my mind at ease in one easy appointment. Very satisfied with the outcome and service provided. Highly recommend Andrew.

    Tracey Douglas
  • Andrew was a steadying hand with his advice.Showing that things aren't as bad as first thought nor any obstacle insurmountable. If you have questions needing answers, Andrew is the person to ask. Thanks for your advice Andrew.

    Shane Thompson
  • Andrew was very knowledgeable, caring, helpful and compassionate when I went and saw him. He made me feel that I wasn’t the loser and failure that I thought I was being. Even down to the box of tissues on the table.. which I needed. Highly recommend to go see Andrew if your struggling. There is life after!

    Joanne Parker
  • Andrew and his team do an excellent job of helping their clients with bankruptcy advice and it is a pleasure to work with him.

    Gareth Lane
  • Don't hesitate contacting Andrew, I was stressed, struggled sleeping through debt. Andrew put me at ease. He listened to my situation and we decided on my next move. Andrew is professional and easy to talk too. I would recommend highly to anyone who wants help to give him a call. I appreciate your support Andrew. Regards Brett.

  • Andrew has given me back my life!!! After living paycheck to paycheck, I didn’t know what to do. Until I made the big step and booked an appointment with Andrew. As soon as I left his office I felt a huge weight lifted!!!

    Deezy H
  • Andrew was prompt, organised, friendly and efficient with the processing of my documents and made everything very simple for me so I didn’t need to deal with the added pressure and stress. Thank you Andrew for allowing me to start afresh and getting it done within a matter of weeks.


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What you need to know before declaring bankruptcy