If you are unable to pay your debts, including debts raised by the Australian Taxation Office or Centrelink or any other creditor, you and cannot come to suitable repayment arrangements with your creditors, you may voluntarily petition to become bankrupt. At the time of petitioning, you must be present in Australia or otherwise have an Australian connection, meaning that you ordinarily live in Australia or are involved with a business operating in Australia.
Creditors can also apply to the court to make you bankrupt if they can satisfy the court that you owe them money above a minimum amount.
So now what? well we have broken Bankruptcy up into many sections for your perusal and to assist you in being better informed of what bankruptcy is, what you can do during bankruptcy, what you can have and what you legal obligations are during your bankruptcy.
Don’t wait until it is too late, call the tax debt experts on 1300 60 70 60