Visit our dedicated small business restructuring site for small business owners facing financial distress.
Bankruptcy Services
Navigate bankruptcy smoothly with our professional guidance.
What is Bankruptcy?
Bankruptcy is designed to provide relief to individuals who cannot 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.
Types of Bankruptcy
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 our in-depth knowledge, we can help you make informed decisions that can mitigate the adverse effects of bankruptcy.
How TTJ Advisory Supports You Through Bankruptcy
Mediation Between Parties
We will act as a neutral party between you and your creditors, reducing direct confrontations and facilitating a smoother negotiation process. We ensure that all parties’ rights are respected and that the distribution of assets is conducted fairly and transparently.
Financial Management
We will carefully review each creditor's claim to make sure it's valid and manage your assets effectively. We'll decide which assets to keep or sell to get the best possible return for creditors, while making sure your protected assets stay safe.
Legal Compliance
We understand the legal requirements that need to be met in the bankruptcy process. Proper compliance reduces the risk of legal complications or penalties that might arise from unintentional violations of bankruptcy laws.
Reducing Stress and Avoiding Further Damage
As your trustee, we will manage your entire bankruptcy process from start to finish, allowing you to focus on personal recovery and future financial planning. We will also provide strategic advice on managing bankruptcy to avoid unnecessary financial harm and guidance on rebuilding credit and financial stability post-bankruptcy.
Browse TTJ's
Tools & Resources
Our Myths & Facts bankruptcy guide serves as your compass, helping to steer clear of common misunderstandings and chart a course towards financial recovery.
Bankruptcy
Myth-buster
Is your business facing financial challenges? Discover how Small Business Restructuring (SBR) can help you reduce debt by up to 80% and keep your business operational.
SBR eBook for Small Business Owners
Small Business Restructuring can help your clients slash debts by up to 80%, unlock tax relief and future-proof their businesses. This eBook offers a step-by-step guide to SBR.
SBR eBook for Accountants
Director Penalty Notices (DPNs) can have serious financial consequences, holding directors personally liable for unpaid company tax debts. This eBook explains how to respond, and strategies to protect your assets.
DPN eBook for Directors
Insolvency is tough, but it's not the end. With the right guidance and a proactive approach, you can navigate through this and emerge stronger.
Insolvency
Fact-checker
Complete guide to bankruptcy for sole traders in NSW. Licensed bankruptcy trustee Thyge Trafford-Jones explains eligibility, process, asset protection & alternatives
Sole Trader Bankruptcy in NSW: Complete 2025 Guide by Licensed Trustee
Find out how TTJ Advisory provides expert business restructuring services in Sydney, helping companies navigate distress, reduce costs, restructure debt, and implement turnaround strategies. Led by licensed insolvency practitioner Thyge Trafford-Jones.
Guide to Business Restructuring Services in Sydney
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Frequently Asked Questions
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TTJ's Bankruptcy Process
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Step 1: Financial Assessment and Guidance
Our experienced registered Trustee assesses your financial situation to determine if bankruptcy is the most suitable option, ensuring you have a clear understanding of your choices.
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Step 2: Bankruptcy Application Support
We assist with the necessary paperwork, guiding you through the application process and ensuring all requirements are met for a smooth filing.
Step 3: Asset and Debt Management
Our team helps identify which assets may be impacted and ensures the correct management of debts under bankruptcy regulations.
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Step 4: Creditor Communication
Once bankruptcy is declared, we handle communications with creditors, reducing pressure and ensuring all parties understand your bankruptcy status.
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Step 5: Ongoing Support and Compliance
We provide continuous support throughout the bankruptcy period, helping you comply with obligations and prepare for a fresh start post-bankruptcy.
