Bankruptcy
Bankruptcy is a formal way to deal with debt that you can’t pay back. It clears your debt, but it can affect your life in other ways.
On this page
How bankruptcy works
An overview of what bankruptcy is, how long it takes, and what debts and assets are covered.
How you become bankrupt
There are 2 main ways you can become bankrupt if you owe money. You can apply for bankruptcy yourself, or a court can make you bankrupt if someone you owe money to (a creditor) asks them to.
Managing your bankruptcy
You can manage your bankruptcy online. This section contains information on how to update your details and deal with creditors. It also has information on applying for permission to travel overseas, and permission to be self-employed or employed by a relative.