How to Claim Bankruptcy in New South Wales
If you wish to claim bankruptcy protection in New South Wales (NSW), you will need to file information about your debts with the Insolvency and Trustee Service Australia (ITSA). Once you file, a trustee will be appointed to manage your estate, with the goal of paying off at least a portion of your debts. Your name will be listed in the NSW State Government Records forever. In exchange, your creditors will not be allowed to pursue legal action against you.
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Instructions
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Gather the needed filing information. Prepare a list of all of your personal and business creditors and the details of each account, including the account number and outstanding balance. Prepare another list of your assets, including your home, car and financial holdings.
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Obtain and complete a Debtor's Petition and Statement of Affairs form from ITSA. You can download the form from their website. ITSA strongly recommends you download and review their Personal Insolvency Information Booklet before filling out your forms, to ensure you prepare them correctly, as incomplete or incorrect forms will delay your claim. The forms will request information about your debts and assets.
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Submit your Debtor's Petition and Statement of Affairs to ITSA's Sydney office. You can hand deliver your forms or fax, mail or email them. The address for hand delivery is: Level 4, 201 Elizabeth St., Sydney, NSW 2000. The mailing address is: ITSA, DX 1061, Sydney. The fax number is 011-61-(0)2-8233-7891 and the email address is registry@itsa.gov.au.
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Wait for confirmation of your bankruptcy. After the ITSA's Official Receiver of Bankruptcy approves your claim, you will be assigned a trustee who will send you a letter confirming your bankruptcy, giving you a bankruptcy number and advising you of the next steps. You will need your bankruptcy number for all future correspondence with your trustee, who will work with you over the course of three years to settle some of your debts and get your finances back on track. Your trustee may liquidate some of your assets and garnish a portion of your wages, but exactly how your case is handled depends on your personal circumstances.
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Tips & Warnings
Claiming bankruptcy can have serious repercussions for your credit, so review the ITSA's Personal Insolvency Information Booklet thoroughly to make sure you know what to expect.
