Helping Australians Become Debt Free

Is bankruptcy right for you?

Things to Consider

A Debt Agreement could be an option

A debt agreement can be a flexible way to come to manage your debts. A debt agreement allows you to reduce the amount you repay to a level you can afford. You make one payment to a Debt Administrator and interest is stopped for the life of the agreement.

What is an Informal Arrangement?

An informal arrangement allows you to "informally" come to an arrangement with each of your creditors based on your financial situation. Beyond Debt can negotiate and manage the agreement and management payments for you.

When is Bankruptcy the right option?

If you have no money available after paying all of your expenses, you have no significant assets, and don't work in a profession that isn't affected Bankruptcy might be a good option for you. Beyond Debt can be prepare and submit your Bankruptcy for you.

Helping Australians

Over 15,000 people helped out of $201,000,000 debt

We have thousands of satisfied customers becoming debt free every year. They now live within their means, have built savings, and many now own their own home.

Samantha S.

“Thank you for all of your help over the last 3 years. I was stuck in a situation nobody wants to be in and Beyond Debt were so helpful. Always obliging when I needed to change payment days, direct debits etc so THANK you to all of you!!”

Jackson M.

“Beyond Debt was very helpful and understanding. Without them, I would have drowned. Great customer service, very understanding and I would have drowned in debt and interest without them but now I am debt free and can breathe again.”

How does it work?

Compare Your Options

Bankruptcy

All of your unsecure debt will be written off
You will receive a lifetime NPII listing
You will need permission any time you wish to travel

Debt Agreement

A portion of your debt is written off
All your debts are collated to one manageable payment
Removed from your credit file after 3-5 years

FREQUENTLY ASKED QUESTIONS

How Does Bankruptcy Work?

Who pays for Bankruptcy?

The only money your creditor will receive is any money your bankruptcy Trustee receives from income contributions and assets sales. Creditors will be able to claim anything unpaid on their tax as a bad debt.

Your Trustee will be paid out of income contributions and assets sales.

How do you file for Bankruptcy?

You file for Bankruptcy in Australia by completing an official Statement of Affairs and submitting this to the federal government Insolvency Regulator AFSA. Once your Bankruptcy is accepted by AFSA you, and all of the creditors listed in your Statement of Affairs will receive confirmation in writing, including your AFSA administration number.

AFSA will appoint a Trustee to manage your file for 3 years. Generally this will be the Official Trustee.

What happens when you declare Bankruptcy?

For most people nothing will happen when you declare Bankruptcy apart from not having any debt any more. For some people the will have to pay a small portion of their income to their Trustee for 3 years. If you own a house this will be sold but you will have many months in order to find somewhere else to live.

Some people's professions will be affected. Accountants, Builders, Directors, Politicians, Defence force, Finance Brokers, etc. Please see https://www.afsa.gov.au/insolvency/cant-pay-my-debts/employment-restrictions

How does bankruptcy affect my partner?

In Australia people are considered as individuals regardless of whether they have a partner or married. The partner/spouse's income and assets are not available to creditors. However, the Bankruptcy will not release your partner from joint debts. If you own an asset together, like a house, the asset will be sold. Generally the Trustee will offer it to your partner to buy your share first, if they're not in the position to buy half of the value of the asset will be returned to your partner.

Considering Bankruptcy?

Bankruptcy & Alternatives

Take the first step to free yourself from debt