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Bankruptcy Services
Bankruptcy is a formal personal insolvency process for an individual who cannot pay their debts. A bankruptcy trustee is appointed to administer the person's affairs, deal with creditors and manage assets and income contributions under the Bankruptcy Act. It has real and lasting consequences, so it is worth understanding properly, including whether an alternative such as a Personal Insolvency Agreement might be available, before any decision is made.
WHO IS THIS FOR?
Individuals considering bankruptcy or facing creditor action, advisers helping clients weigh up personal insolvency options, and creditors who need to understand how the process works.
IN DETAIL
Bankruptcy is designed to provide relief to individuals who are unable to pay their debts, offering them a way to clear most debts and start fresh financially. It also ensures fair distribution of the debtor’s assets among creditors.
Process Voluntary Bankruptcy: An individual can declare bankruptcy voluntarily by filing a Debtor's Petition and a Statement of Affairs with the AFSA. We can help you fill out these forms for a small fee.
Involuntary Bankruptcy: Creditors can also initiate bankruptcy against a debtor if the debtor owes at least $10,000 and has failed to comply with a formal demand for payment known as a Bankruptcy Notice. Bankruptcy typically lasts for three years and one day from the date it is declared, although this period can be extended under certain circumstances.
“With over two decades of experience and over 500 bankruptcies, we are well-versed in the nuances of the bankruptcy process.”
- Thyge Trafford-Jones, Bankruptcy Trustee
HOW TTJ CAN HELP
TTJ explains how bankruptcy actually works and what it would mean for the individual, sets out any alternatives that may apply, and acts as trustee where appropriate. As trustee the role is even-handed: we administer the estate, deal with creditors and meet the obligations the Act imposes.
WHEN TO SEEK HELP
Get advice if debts genuinely cannot be paid, if creditor action is escalating, if a bankruptcy notice has been received, if personal guarantees are causing pressure, or if it is worth checking whether an alternative such as a Personal Insolvency Agreement might suit the situation better.
OUR PROCESS
A bankruptcy matter generally moves through a clear sequence once it is underway. The steps below outline how TTJ approaches it, whether the role is advising on the decision or acting as trustee.
Important Considerations
Bankruptcy carries serious legal and financial consequences and should never be presented as a simple reset. Claims about assets, income contributions, restrictions, the duration of bankruptcy and the discharge of debts all depend on the circumstances and need review.
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AUSTRALIA
Thyge Trafford-Jones
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Principal — ASIC Registered Liquidator (No. 458321) · AFSA Registered Trustee (No. 1582)
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Member, Australian Restructuring Insolvency & Turnaround Association (ARITA)
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Member, CPA Australia
TTJ Advisory is a registered business name of Restructure My Small Business Pty Ltd (ACN 670 511 476).
Liability limited by a scheme approved under Professional Standards Legislation.
© 2026 TTJ Advisory.
TTJ Advisory acknowledges the Traditional Custodians of the land on which we operate, live and gather as employees, and recognise their continuing connection to land, water and community. We pay respect to Elders past, present and emerging.
