fbpx

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?
Share on facebook
Facebook
Share on linkedin
Linkedin

Related Articles

Create business, Business help

Get legal help on creating a business

Although you might sail through the process yourselves with various online guidance, it is recommended to find a companion with business law firms who can deliver a customised shortcut to your success via valuable consultations from their commercial law expert system.

When does the bankruptcy end?

When does the bankruptcy end?

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.

Lawyer advice fro Bankruptcy

Should I contact a Lawyer for a Bankruptcy?

The majority of people filing for bankruptcy with the assistance of an attorney. It is always recommended to get experts’ advice when you are in serious debt due to the following reasons:

Follow us

Let Our Experience Be Your Guide 

Get Your First Consultation Now

Legal Insight

What is Probate? Processing of transferring property
What is Probate?

Probate is the process of transferring property legal title from the decreased person to their heirs or beneficiaries

Lawyer advice fro Bankruptcy
Should I contact a Lawyer for a Bankruptcy?

The majority of people filing for bankruptcy with the assistance of an attorney. It is always recommended to get experts’ advice when you are in serious debt due to the following reasons:

Advance Care Directive
What is an Advance Care Directive?

An Advance Care Directive (ACD) is a legal document that allows people who can make decisions on their behalf during unlikely periods when they are critically ill, unable to speak for themselves, lose full decision making capacity regarding health, residential, lifestyle and personal matters.

Probate, Probate Lawyer,
Do all wills need to go through probate?

The answer is YES if the heirs and beneficiaries wants to legally own properties and assets according to the will and NO if they do not care about legal recognition of what they inherit

Subscribe to our newsletter

Save time

Book Appointment

Whether you want to book an appointment or get enquire, just go from here.

iLawyer

Go online and self-book to join your appointment by remote video or phone call.

We can help

Scroll to Top

Request a call back now