You should only declare yourself bankrupt if you cannot pay your debts and you have no means of selling assets to pay off debt. Please carefully examine the types of debts you have as some debts will survive bankruptcy, ie you will not be release from the following debts:
- Secured debts
- HECS
- Student loans
- Government fines / Court fines
- Child Support
- Amount payable arising from a “proceeds of crime” order
- Debts incurred by fraud (over Centrelink fraud)
- Unliquidated damages (ie damages arising from a motor vehicle accident)