What Is Bankruptcy?

Bankruptcy is a process for resolution of overwhelming debt.

Bankruptcy isolates the financial problem (creates the bankrupt estate) and provides the framework for the isolated financial problem to be dealt with and concluded.

The bankruptcy act may be linked to the road rules – it provides the rules for everyone to follow with the aim of providing a safe environment.

The Bankruptcy Trustee’s job is to administer the isolated financial problem (the bankrupt estate) in accordance with the requirements of the bankruptcy act to enable the overwhelming financial problem to be dealt with and concluded.

The aim of bankruptcy is to conclude the financial problem to enable all parties to get on with life.

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 anyone who is considering bankruptcy. The Nicholls & Co help desk can be accessed by phone (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 decide if bankruptcy is right for you.