Blog Posts

Keeping up to date with Australian Bankrutpcy

How We Came To Be In 2018

As at 2016 – 29% of Australians are classified as “over-indebted”, almost making weathering financial burdens an Aussie pass-time activity. Farmers are facing extreme drought conditions, mothers and fathers are juggling 2-4 jobs to just keep food on the table for their sons & daughters – the class differences in this country are becoming more and more apparent with each passing day.

Our drive for existence was founded on watching a friend go through the process of bankruptcy. After seeking financial advice from a licensed debt management service – and after discovering, in his opinion, that most of these services attempted to sell debt consolidation agreements as their main source of income and were thus inclined to write more of such agreements – he decided that his best option was to enter into bankruptcy.

Then started the chase to find a bankruptcy service willing to help. He found that most bankruptcy services in Australia today charge anywhere between $380.00 – $1,500.00 to go bankrupt (how anyone considering bankruptcy could afford this was unthinkable to him) – and the majority of their ‘work’ consisted of data-entry! He described how these firms would simply send a potential client a list of questions via e-mail and spend hours filling in the Government’s bankruptcy application forms – then charge the client the time it took to do so. Taking all those steps into account, that process is at least 4x longer than it has to be.

That’s when the idea of BankruptMeNow came into existence. With our technological experience – we found that we could not only remove many of the pushy, financially motivated middle men in this transaction, we could actually improve upon the time it takes for any individual to generate the documentation required to claim bankruptcy in Australia.

As we are not financial advisors – we do not offer any specific financial advice with our tool – only that of how to use our website and if anything untoward were to happen – we are here to ensure your application’s generation is successful.