Debtor’s Petition:

A person can file for their own bankruptcy by lodging a debtor’s petition. This can be done by making an appointment with the Insolvency Trustee Service Australia in any capital city. There is no threshold on the amount of debt. ITSA make no charge to complete these documents.

Creditor’s Petition:

If there is debt due in sum of $2000 or more a creditor who has obtained a civil court judgment in respect of such debt may have cause to issue a Bankruptcy Notice and if the debt remains unpaid then application may be made to the Court for sequestration of the debtor’s estate and the debtor declared bankrupt.