MIDLAS would like to highlight the Australian Financial Security Authority’s announcement that on 23 June 2014, the Australian Senate passed a motion to remove the requirement of a fee for people seeking to be declared bankrupt.
People who are experiencing difficulty in paying their debts may voluntary lodge a petition to become bankrupt. This is called a Debtor’s Petition. The decision of the Australian Senate on Monday has removed the fee that was required to be paid when lodging a Debtor’s Petition. This means that any Debtor’s Petition that is received by the Australian Financial Security Authority after the close of business on Monday 23 June 2014 will not incur a fee.
It is important to note that Debtor’s Petition fees collected between the 1 April 2014 and close of business on Monday 23 June 2014 are not affected by the decision and cannot be refunded. In addition the fee of $150 for requests by bankrupts to travel overseas still applies.
Please visit the Australian Financial Security Authority’s website at https://www.afsa.gov.au/ for more information or contact MIDLAS on 9250 2123 to talk to a Financial Counsellor to find out what this change means to you.
Midland Information Debt and Legal Advocacy Service (Inc) (MIDLAS) empowers disadvantaged and vulnerable people within our community who are experiencing distress by providing them with free services and confidential: information, advocacy, options, referral and support so they can achieve a better way of life. To make an appointment or to find out more information visit www.midlas.org.au or give us a call on 9250 2123.