• Your household effects and bankruptcy

    Your household effects are exempt – but not valuable art or antiques.

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  • Superannuation and bankruptcy

    Your super fund is safe – providing it has been accumulated legally.

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  • Your bank account and bankruptcy

    Your bank account and bankruptcy

    Your bank accounts continue to work for you – without the debts.

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  • Your passport and bankruptcy

    With us, you get to keep your passport.

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  • Credit Report and Bankruptcy

    Your credit record and bankruptcy

    Your bankruptcy will be noted on your credit record – but not forever.

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  • Cars and bankruptcy

    You can keep your personal transport, but there are conditions.

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  • Your bank account and bankruptcy

    Cash at bank and bankruptcy

    Working with me, you can have cash and live your life.

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  • Your home and bankruptcy

    Your home and bankruptcy

    You can remain living in your home (please read the full story HERE), but there are requirements to be met.

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  • Credit cards and bankruptcy

    You can have the convenience of a card – but not a credit card.

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  • Overseas travel during bankruptcy

    Yes, you can travel – with conditions.

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  • Your income and bankruptcy

    Bankruptcy is designed to give you enough money to live your life, but the amount will depend on your family situation.

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WARNING – BE AWARE – IT COSTS YOU NOTHING TO FILE FOR BANKRUPTCY

It is free to file for bankruptcy, there is no filing fee.

There is no filing fee or cost to complete the forms for bankruptcy. You can access and complete the forms yourself without cost. The forms are available for direct download HERE

For many it can be helpful and less stressful to have someone experienced prepare the forms for you. This will incur a cost but you should not pay more than $300.

Nicholls & Co do not provide this service but we can refer you to a creditable firm that does.

Call our Help Desk for free advice on 1300 060 122

Bankruptcy…Scary thought? Or is it?

You’re in debt and you want a future.

Bankruptcy is a word. It’s not a sentence. It’s a solution.

Don’t be afraid for the future: you won’t lose control of everything and you won’t be publicly shamed as a failure

You might be surprised just how many of the rich and famous have taken this move in the past to ensure they do have a future. So why not you?

Job loss, divorce and illness are major contributors to the level of debt that needs a sensible solution. You aren’t alone if you are in this situation, and you won’t be alone if you choose this solution.

So don’t be afraid of bankruptcy. You should be far more scared if you choose NOT to fix a problem that has a solution.

And we can help.

Bankruptcy overview – from my perspective

I’m Alan Nicholls and I can help you navigate your way safely through bankruptcy.

I’m a registered bankruptcy trustee and chartered accountant, and every day I hear from people like you, people who want to pay their debts, but just can’t.

They’ve tried to keep up with the minimum repayments, talked to creditors about other solutions, and tried and tried … but they’re getting nowhere.

For many of them – and maybe you too – the situation is simply because their circumstances have changed. Suddenly debt has become their reality.

My solution? Declare bankruptcy. It gives you the chance to start a new life, a life that is, in most cases, completely debt free – and you can start this new life now.

What happens, and how?

You can become bankrupt within 10-14 days, and the first step is getting a bankruptcy trustee. Perhaps you will choose me.

As a result, almost all your debts (debts and liabilities – or ‘provable debts’ in bankruptcy terms) become owed by your bankrupt estate, not by you. You are now debt-free, or almost debt-free.

There are exceptions such as anything you owe to Centrelink, Child Support and HECS. Court-imposed fines and debt as a result of fraud are also not covered.

If you want to keep an asset that is allowed under the law and is subject to a loan, such as a car, you must continue to pay for it. This is ‘secured debt’.

For now, we’re most concerned with unsecured debt, the type I come across most of the time. Credit card debt, tax debt, store card debt, phone debt, personal loan debt, and the like. Does that sound familiar? This debt becomes owing by your bankrupt estate, not by you, as soon as you become bankrupt.

What does it cost?

You’re probably wondering what a bankruptcy trustee will cost you.

If you are my client, the answer is nothing.

You do not receive an invoice. My fees come out of the bankrupt estate.

If the bankrupt estate cannot pay my fees, I write them off.

My services cost you – personally – zero.

Who can you trust?

Need someone you can trust for cost-free help and information on bankruptcy? The Australian Financial Security Authority (AFSA) is the government agency responsible for the personal insolvency system. I am an AFSA ‘Registered Trustee’.

Alan Nicholls’ No Obligation Help Desk

Nicholls & Co provide a free, no obligation ‘help desk’ for people considering bankruptcy – we discuss and explain bankruptcy and answer questions for people considering bankruptcy. The Nicholls & Co help desk can be accessed at Ph; 1300 060 122 or helpdesk@nichollsco.com.au . Alan Nicholls, Registered Trustee in Bankruptcy is also available to answer your questions to enable you to assess whether bankruptcy is right for you