Before Bankruptcy

  1. If I go bankrupt, does that make me a loser?
  2. Can my application be rejected?
  3. I'm already in a debt agreement - can I still file for Bankruptcy?
  4. Will I have to appear in court?
  5. Will people come to my house to see what I have and take everything?
  6. Another person has signed a loan agreement with me, will they have to pay the debt if I declare myself bankrupt?
  7. Is there a minimum amount I need to owe before I can go bankrupt?
  8. Are there offences under bankruptcy?
  9. How do I become bankrupt?
  10. When are the creditors notified of my bankruptcy?
  11. Will they say I can afford my debts?
  12. Can I appoint my own trustee?
  13. How quickly must I submit my application after signing it?
  14. What if my application is rejected? Will I be listed on the NPII?
  15. What are the different types of debt?
  16. What debts are not covered by bankruptcy?
  17. What about debts incurred just before bankruptcy?

During Bankruptcy

  1. How will my credit rating be affected?
  2. How long would I be bankrupt?
  3. How will this affect my ability to travel?
  4. Can a creditor still contact me insisting on payment once I have become bankrupt?
  5. What do I do if I am still receiving phone calls from a debt collection agency after I have declared bankruptcy?
  6. Will my bankruptcy be advertised?
  7. What happens if someone has guaranteed some of my debts?
  8. Can I have a bank/cheque account?
  9. Can I continue to use my credit card after bankruptcy?
  10. Can I get a loan during my bankruptcy?
  11. What about debts incurred during bankruptcy?
  12. What happens to any debt I forget about when applying for bankruptcy?
  13. Are there offences under bankruptcy?
  14. What happens if my utilities providers are listed as creditors?
  15. What if I get a tax refund?

After Bankruptcy

  1. Will my debts become payable after my bankruptcy is complete?
  2. What happens to my debts after bankruptcy?
  3. Will I ever be able to get a loan again?


  1. Will I lose my assets?
  2. What assets are generally considered protected? (table)
  3. Some assets which may be claimed by your trustee (table)
  4. Will I lose my house?
  5. Will I lose my car/motorbike?
  6. What if I have transferred my house or another asset of value to my spouse prior to bankruptcy?
  7. What happens to any assets that have not been sold by a trustee at the date of my discharge?

Employment / Self- Employed

  1. How does bankruptcy affect my employment?
  2. I have a job. Can I still file for bankruptcy?
  3. How much of my income do I have to pay the trustee for the benefit of my creditors?
  4. Will my employer be informed of my bankruptcy?
  5. What if I leave my employment during bankruptcy?
  6. Can I remain self employed if I apply for bankruptcy?
  7. What happens to my ABN or can I apply for ABN now that I am bankrupt?

Glossary of Terms

  1. Act of bankruptcy
  2. Antecedent transaction
  3. Bankruptcy
  4. Bankruptcy Act 1966
  5. Bankruptcy notice
  6. Bankruptcy Register Search (BRS)
  7. Charge
  8. Contribution
  9. Controlling trustee
  10. Court
  11. Creditor
  12. Creditor’s petition
  13. Debenture
  14. Debt agreement
  15. Debt agreement administrator
  16. Debt agreement proposal (DAP)
  17. Debt agreement proposal lodgment fee
  18. Debtor
  19. Debtor’s petition
  20. Debts not extinguished by bankruptcy
  21. Declaration of intention to present a debtor’s petition (DOI)
  22. Discharge from bankruptcy
  23. Discharged bankrupt
  24. Dividend
  25. Divisible Asset/Property
  26. Exempt assets
  27. Final judgment
  28. Financial counsellor
  29. Garnishee
  30. Hardship
  31. Indexed amounts
  32. Insolvent
  33. Liability
  34. National Personal Insolvency Index (NPII)
  35. Objection to discharge from bankruptcy
  36. Official Trustee in Bankruptcy (OT)
  37. Overseas travel application fee
  38. Personal insolvency agreement (PIA)
  39. Prescribed information
  40. Private bankruptcy trustee
  41. Provable debt
  42. Real estate
  43. Registered trustee
  44. Related creditor
  45. Related entity
  46. Reverse mortgage
  47. Secured creditor
  48. Secured debt
  49. Statement of affairs (SOA)
  50. Trust
  51. Trustee
  52. Unsecured creditor
  53. Unsecured debt

Note: These F.A.Q's are for information only and should not be relied on as legal or financial advice. Your personal circumstances are not considered in any of the content above.