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What does it cost to go bankrupt?

Bankruptcy process includes the fulfillment of both service fees and administration fees and the trustee fees

–       A fee is charged for administering your estate and this is based on the money received from the sale of your assets.

–       Registered trustees charge fees on an hourly rate.

–       Voluntary bankruptcy might require your fulfillment of the costs mentioned in AFSA’s website.

Details are in the link here

–       Forced bankruptcy: If a creditor has to go to Court to make you bankrupt, it will have to pay the Court costs, although those costs are payable out of your estate (assuming you have any assets) in priority to other debts. They can usually only recover their fees from assets realized in the bankrupt estate.

–       If you decide on a Debt Agreement or a Personal Insolvency Agreement, fees will be charged.

Listed fees determined in accordance with Bankruptcy (Fees and Remuneration) Determination 2015 with effect from 1 July 2015 or the Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2015 with effect from 1 July 2015.

What does it cost to go bankrupt?
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The normal period of bankruptcy is 3 years from the date that your bankruptcy application is accepted, however you can be kept bankrupt for up to 5 or 8 years.

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