Check your eligibility
This will help you find the formal insolvency options you're eligible for if you can't pay your debts.
You will be asked a few questions about:
- money you owe
- your income
- things you own.
You will then be shown your main formal options under the Bankruptcy Act 1966.
Income contributions calculator
Use this calculator as a guide only to estimate the annual contribution you may need to pay under bankruptcy. This amount changes with how many dependants you have.
If your trustee determines you are earning over the income set amount, they'll ask you to pay income contributions. Contributions is the word we often use for compulsory payments from your income.
Case studies
COVID-19 insolvency case studies
Temporary relief from enforcement action by a creditor – Julia is a small business owner who runs a café. The café has been hit hard by the economic impact of the coronavirus.
How Temporary Debt Protection affects a creditor – Manpreet owns and operates a coffee bean supply company. Most of their customers have been impacted by the coronavirus.
Temporary relief for a consumer debtor affected by COVID-19 – Mohammed is a DJ and had racked up $80,000 in credit card debt in the 6 months prior to COVID-19.
Beware of dodgy advice – Manpreet's business and personal debts are now over $700,000, so Manpreet decided to research to do to get out of debt quickly.
Bankruptcy
A fresh start after bankruptcy – Bankruptcy is not the right option for everyone but for Mei Ling and Matt, it provided a way out of their debt crisis.
Earning income during bankruptcy – Recently, Simon was offered a position at a school. Simon accepted the job, and now earns $100,000 (after tax) a year.
Travelling overseas during bankruptcy – In the second year of bankruptcy, Alisha needed to travel to New Zealand to attend a conference for work.
Superannuation in bankruptcy – Karen is a 63-year-old retired teacher who had $659,000 in a regulated super fund. While still bankrupt, Karen applied to release a $50,000 lump sum from their super fund.
Jointly owning a house and becoming bankrupt – When Ramesh became bankrupt, AFSA automatically became the owner of their share of the house.
Secured car debts in bankruptcy – Ben is a delivery driver who needs a van for work, but it is secured to the bank.
Tax obligations in bankruptcy – Felicity is 37 years old, unemployed, and from Dandenong in Victoria. Felicity is currently single and has no children.
Getting an inheritance while bankrupt – In late 2017, Renee's mother passed away. The executor of the will told Renee they would receive an inheritance of $45,000.
Annulment – Duncan is a 45-year-old electrician, a single parent of two, and earns a salary of $70,000 per year.
Composition – Lucy is a 24-year-old full-time student from Brisbane and works part-time at a café. Lucy shares a rental apartment in the city with another student.
Debt agreement
Varying a debt agreement – Ashley is a self-employed 32-year-old wanting to vary their debt agreement.
Applying for a debt agreement – Lin is a 22-year-old café manager. Lin owes a range of creditors and personal loans.
Terminating a debt agreement – After struggling to meet their debt agreement, Jai engages a financial counsellor to explore his options.