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Supporting Australians experiencing financial distress due to COVID-19

Alleviate debt stress

Bankruptcy

If you’re suffering with severe financial hardship, Bankruptcy allows you to make a fresh start by releasing you from your unsecured debts. When you decide to declare Bankruptcy, a Registered Bankruptcy Trustee will be appointed to your estate.

Declaring Bankruptcy in Australia is often seen as the last resort for people struggling with debt and there are a number of regulations and consequences that come with it. However, in some cases, the benefits of eliminating your debt will outweigh the potential consequences temporarily imposed on your lifestyle.

At Lanyana Financial Group, we’re Bankruptcy specialists. Our experienced team consists of fully qualified Chartered Accountants and Registered Bankruptcy Trustees. We have the skills and experience required to see you through your entire Bankruptcy – from completing and submitting the Bankruptcy documents to overseeing your Bankruptcy through to completion.

Declaring Bankruptcy may sound daunting, but there’s no need to stress. Our friendly team are here for you every step of the way.

We make it simple

The Bankruptcy Process

The first step is to talk to one of our debt specialists at Lanyana Financial Group. We will take the time to assess your financial situation and determine if declaring Bankruptcy is the best option for you. You may be able to reduce your debt or make repayments more manageable through other options such as debt consolidation, an Informal Agreement or a Part 9 Debt Agreement – without declaring Bankruptcy.

If Bankruptcy is the right option for you, you’ll need to fill out and lodge two Bankruptcy forms: Form 3 and Form 6. Our Registered Bankruptcy Trustee will help you with these documents and lodge them for you.

Once your Registered Bankruptcy Trustee has lodged the forms, you’ll be officially Bankrupt in just 48 hours. This will be confirmed by a letter from AFSA with your Bankruptcy Number. Once you are Bankrupt, your creditors will no longer be allowed to make claims against you or your property and you’ll be registered on the National Personal Insolvency Index (NPII).

“If it wasn’t for Lorna I don’t know where I’d be, the compassion, kindness, patience and understanding she had towards me was wonderful and helped me as I was so highly stressed with so much going on.” - Shane

Things to consider

Bankruptcy Pros and Cons

Pros

  • All eligible unsecured debts will be wiped at the end of the Bankruptcy period
  • Harassing phone calls from creditors will stop
  • Any further legal action against you by creditors or the ATO will stop
  • There is property protected by Bankruptcy up to a certain amount
  • Income to a certain threshold is protected
  • You can still operate a business as a sole trader
  • Bankruptcy is removed from your credit score after 5 years

Cons

  • Bankruptcy generally lasts for 3 years, is recorded on your credit report for 5 years and on the NPII for life
  • You will find it difficult to obtain finance during the Bankruptcy period and your employment and income will be restricted
  • Some debts are not eligible to be cleared, such as secured debts, HELP/HECS debt and fraudulent Centrelink debt
  • Non-protected assets may be seized and sold by your Bankruptcy Trustee and you will need to resign as a company director
  • Travelling overseas during the Bankruptcy period is at the discretion of your Bankruptcy Trustee

Since our establishment in 2005, we’ve helped thousands of Australians in their journey to becoming debt free. Start yours today.

What really counts

The Lanyana Difference

Lanyana Financial Group is a specialist financial company helping people move forward financially. We support Australian businesses and individuals with debt management and lending solutions.

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Diversity

We offer an inclusive environment for all staff which is accepting of their differences, embraces their strengths and provides opportunities to achieve their full potential.

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Holistic

We provide a holistic approach to financial freedom. We can help all Australians, no matter their situation and guide them through their solution from start to finish.

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Australian Owned

Lanyana Financial Group is proudly Australian owned and operated. With a focus on customer service, our caring staff are always available to speak with our clients.

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Tailored

We pride ourselves on offering tailored financial solutions to help Australian’s move forward financially. No two people are the same and neither are our solutions.

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Transparent

Clear, unhindered honesty in the way we do business. In a time of financial hardship, our clients need reliable advice, clear information and respect. That’s what we offer.

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Professional

Lanyana Financial Group is committed to professionalism. We maintain our integrity in our interactions with our clients, their creditors and our corporate partners.

“I found them to be amazing and helpful. If I had any problems with my debt collectors my agent was only to helpful and swift to act. I would gladly recommend them to my friends and family.” - Annette

They're good

Our Articles

Unsure if declaring Bankruptcy is the best solution for you? Read more in our archive of articles below.

Declaring Bankruptcy in Australia

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Bankruptcy and Your Credit Score: The Facts

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Benefits of Engaging a Private Bankruptcy Trustee

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If you’re drowning in debt, declaring Bankruptcy provides you with a fresh start to get your finances back on track.

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