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National Debtline

Advice you can trust

Personal insolvency

If you cannot afford the payments to your creditors or your assets are worth less than you total debts, you may be insolvent. There are different insolvency options that may help you deal with your debts.

Business insolvency

  • Personal insolvency options deal with any personal debts you cannot afford to pay.
  • If you have business debts you will need to consider whether a business insolvency option would be more suitable.
  • Business insolvency options can have advantages and disadvantages.

Trust deeds

  • This fact sheet tells you how a trust deed can be used to deal with your debts. A trust deed is  a legal agreement between you and your creditors to pay back part of what you owe over at least four years.
  • When a trust deed ends, any unpaid debt included in the trust deed will be written off.
  • This fact sheet explains the main things you need to know to help you decide if a trust deed might be a suitable option for you.

Use this fact sheet to:

  • find out if you may be eligible for a trust deed;
  • see when we can help you apply for a trust deed;
  • understand how a trust deed is set up; and
  • find out the main advantages and disadvantages of a trust deed.


  • This fact sheet tells you how you can become bankrupt.
  • Bankruptcy is a court order that ends your liability for debts after a certain period of time.
  • If you are struggling to pay your debts, bankruptcy can help you to make a fresh start but it is important that you understand what bankruptcy means before choosing this option.

Use this fact sheet to:

  • find out how to make yourself bankrupt;
  • find out how a creditor can make you bankrupt;
  • understand how bankruptcy may affect your belongings and assets;
  • understand the main advantages and disadvantages of bankruptcy; and
  • see what alternative options you may have.

Your budget

  • Don't forget that you need to work out a budget before you can tackle your debt problems.
  • After you have worked out your income and outgoings you will be able to see how much you have left over.
  • If you do not have enough spare income to pay your creditors, a personal insolvency option could be suitable for you.