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Saving your Family Home

Keeping you home in bankruptcy

When it comes to bankruptcy and saving your home you have options

It is common for people who are experiencing financial adversity to be concerned and stressed about losing their family home. If this is your situation, please do not stress, we have many tools available to us to help you save your home. Whilst everyone’s circumstances are different, below are some examples of some of the things we can do to help resolve financial problems and save your family home.

Informal Agreement

If you have only a few creditors that can be marshalled into an informal agreement, we can propose to your creditors an informal agreement that involves a payment arrangement for the resolution of your debt and this will save your home. If we are unable to marshal your creditors into an informal agreement, we can take a very similar approach using a Debt Agreement.

Debt Agreement

If you qualify for a Debt Agreement with your debt, income, and assets within required guidelines, we can propose a payment arrangement for up to 5 years for resolution of your debt and this will save your home. When a Debt Agreement is properly approved, all your creditors will be bound by the arrangement. For more information about Debt Agreements click here


If you do not qualify for a Debt Agreement then Bankruptcy may be a good option for you. For example, if you own your home jointly with your partner and your partner does not need bankruptcy, we can enter into an agreement with your non-bankrupt partner to buy out your equity in your home and the money can be paid by a payment arrangement. The bankruptcy will resolve your debts, and your partner’s agreement will save the family home.

Part IV Composition

If you own the family home solely in your own name, we can look at whether your creditors would accept a Part 4 Composition. A Part 4 Composition will marshal your creditors and annul your bankruptcy. Typically, it would involve a payment arrangement that will resolve your debts and enable your house to be saved.

More Information

If you would like to discuss your circumstances give us a call on 1300 060 122 or email In the alternative, if you would like to learn about what is involved all the articles we have written regarding saving the family home are shown to the right for you to select and read at your discretion. As you read the articles, if you have any questions or would like to have a chat, we are here to help and are only a phone call away on 1300 060 122 or email

Bankruptcy Information

Alan Nicholls - 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 anyone who is considering bankruptcy. The Nicholls & Co help desk can be accessed by phone  
1300 060 122  or . Alan Nicholls, Registered Trustee in Bankruptcy is also available to answer your questions to enable you to decide if bankruptcy is right for you.