HOW TO BECOME BANKRUPT
There are two ways in which a customer can go bankrupt.
1. Voluntarily by completing and lodging the relevant documents
2. By order of the court, at the instigation of a creditor who is owed more than $2,000
IS THERE A MINIMUM AMOUNT I NEED TO OWE BEFORE I CAN GO BANKRUPT?
No, there is no specific amount you need to be in debt. You can become bankrupt voluntarily owing any amount. However, it is important to note that a creditor cannot make you bankrupt unless you are at least $2,000 in debt.
WHO MANAGES YOUR BANKRUPTCY
Bankruptcy can be managed either by ITSA or a Registered Trustee.
For a full list of Registered Trustees please click here.
