FAQs | Applying for Bankruptcy
To file for bankruptcy, one of the following will need to apply to you:
- You are personally present in Australia, or
- You have a residence you own or place of business in Australia, or
- You are carrying on business in Australia as a sole trader or partner in a partnership.
To voluntarily file for bankruptcy you will need to complete a Bankruptcy Application Form. This form is 23 pages long and for some, it can be intimidating. If you need help with the completion and lodging of your Form, do not worry, we can help you with this. There are two ways Nicholls & Co can help you:
- No Cost Option – if Nicholls & Co will be administering your bankrupt estate
At Nicholls & Co our bankruptcy trustee is Alan Nicholls. He is a registered trustee with the Australian Financial Security Authority (AFSA). Nicholls & Co specialises in administering bankruptcies for people who have assets and, or who may be required to pay income contributions during their bankruptcy. Nicholls & Co aims to provide a high level of service and support for bankruptcies we administer. If Alan Nicholls is going to be appointed as the trustee to administer your bankruptcy, in addition to assisting you throughout your bankruptcy, we will provide you with our support and guidance to become bankrupt for no cost. We will even lodge your completed forms for you, again at no cost.
We should also mention that if Nicholls & Co administer your bankruptcy, Nicholls & Co get paid from the bankrupt estate. You never receive an invoice from Nicholls & Co. There is no cost to you.
- [paper_cost] Option – you have a simple bankruptcy that does not require Nicholls & Co to administer your bankruptcy
If Nicholls & Co will not be administering your bankruptcy, we will still do our best to give you comfort and reassurance through the process to become bankrupt. We charge [paper_cost] flat fee (no exceptions) for this service. We will answer your questions and give you guidance to assist you to properly understand the questions and complete your Bankruptcy Application. We will also lodge your completed form for you and that is included in our [paper_cost] flat fee. Once your application has been fully completed and lodged it will be reviewed by the Australian Financial Security Authority (AFSA) and if you have completed the Bankruptcy Form correctly it will be accepted. You will then receive an email with your bankruptcy number and the date of your bankruptcy. If you have not completed your application correctly, it will be rejected. You can correct and relodge your application if it has been rejected.
If you would like Nicholls & Co to help with your bankruptcy application call Nicholls & Co on 1300 060 122 or email firstname.lastname@example.org.
If you would like to have a chat about Nicholls & Co administering your bankruptcy, filing for bankruptcy, and what is involved, give us a call us on 1300 060 122 or email email@example.com.
Nicholls & Co have a complementary ‘help desk’ to answer your questions on bankruptcy. Call Nicholls & Co on 1300 060 122 or email firstname.lastname@example.org.