The Basics of Bankruptcy in Sydney

If financial debt has gotten out of control in your life and it seems additional and alternative options are not providing the solutions you need, filing for bankruptcy in Sydney may be your best option. BDO understands that financial debt can happen to anyone, whether because of unexpected expenses or unforeseen circumstances. We offer you professional debt solutions regarding bankruptcy, consumer proposals and more. Contact us today to talk with a BDO representative about filing for bankruptcy in Sydney.

Contact your local BDO to learn more about bankruptcy in Sydney.

Live debt free now!

Become financially free! Talk to a BDO trustee near you for information on filing for bankruptcy in Sydney and see how we can help you become debt free.

The process of filing for bankruptcy in Sydney

There are several major steps when beginning the process for filing for bankruptcy in Sydney. Listed is an overview of the BDO bankruptcy process.

Arrange a complimentary meeting/appointment

Our representatives will begin by assessing your financial situation and gathering information on your income, outstanding debts and assets. Following this review, our representatives will have a better idea of your circumstances and help you make an informed decision about filing for bankruptcy in Sydney.

Creditors are notified

Our trustee will notify your current creditors. A meeting of creditors may be called, depending on the size of your financial claim or bankruptcy claim. The main purpose of the meeting is to inform both you and your creditors about the details of the file and provide direction to the trustee if needed.

Credit counselling

You must attend two mandatory counselling sessions. Both of these sessions are held at the trustee’s office and are mandatory for the bankruptcy process. These counselling sessions will help you understand how to budget better and manage your finances.

Receiving your discharge

The trustee will prepare a report describing your actions during the bankruptcy and will recommend your “discharge” if you have performed all of your duties. Once you receive your discharge, this is the end of the process and you will be released from the debts that were included in your bankruptcy.

Get on the road to financial
stability  with  BDO  today!