Voluntary bankruptcy    |     Involuntary bankruptcy    |     Informal & Formal debt arrangements   

Bankruptcy & personal insolvency

There are many reasons why people suffer financial hardship and experience unmanageable debt.

From sudden unemployment and over-reliance on credit to relationship breakdowns and ill health, it's clear none of us are immune to daily economic pressures. No one wants to go bankrupt, but sometimes in these situations, applying for bankruptcy is the best way to deal with debt and to get a fresh start. 

We can help you today!

 RSM will guide you through the entire process. Answering every question, so you can have confidence in your decision. Our consultants are familiar with the bankruptcy process, so will offer tailored advice specific for your needs. Call us today!



How can we help you?

Weighing up your options? Should You File For Bankruptcy?

When an individual can no longer pay their debts and are receiving letters of demand and writs from creditors, debt collectors and solicitors, time is essential when looking for a solution.

Formal options under the Bankruptcy Act 1966

There are four formal options available to you under the Bankruptcy Act 1966, each having serious consequences.

We encourage you to read the following and seek your own independent advice before making a decision.

Other options

If you're having difficulty making your repayments you may want to try to reach an agreement with your creditors. Your creditors may be willing to:

  • give you more time to pay your debs
  • give you a lower interest rate
  • charge you fewer penalties.

You may also be able to apply for a hardship variation with your creditor if you're experiencing financial hardship.

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Temporary debt protection (TDP) 

This option provides you with a 21 day protection period from being pursued by unsecured creditors while you seek help and decide how to proceed.

Read more

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Lasts for 3 years and 1 day. At the end of this period you are released from most of your debts.

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Debt agreements  

These are binding agreements between you and your creditors to pay a sum you can afford.

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Personal insolvency agreements 

These are agreements between you and your creditors to pay an agreed amount in instalments or lump sum.

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Are you concerned about your financial position?


We are here to help Australians in financial distress. 
Our expert advice can really help you get back on your feet and move on with your life. Get in touch today >>