Bankruptcy is a legal process for individuals unable to repay debts, providing relief while carrying long-term consequences. It can be initiated voluntarily or through a creditor’s petition. Before proceeding, it is crucial to seek financial or legal advice, as bankruptcy affects credit ratings, employment, and asset ownership, and alternatives may be available.

Legal Assistance

Victoria Legal Aid (VLA)

• Provides expert legal advice on debt resolution, bankruptcy, and financial disputes.
• Offers legal consultations, assistance in negotiating with creditors, and representation in legal proceedings.

For more information, visit Victoria Legal Aid

Consumer Action Law Centre

• Provides free legal advice and representation for vulnerable and disadvantaged consumers in Victoria.
• Offers self-help resources, including fact sheets and dispute resolution tools for dealing with debt and debt collectors.

For more information, visit Consumer Action Law Centre

Community Legal Centres (CLCs)

• Local CLCs provide free legal information and advice on debt-related issues.

Find a centre near you at Federation of Community Legal Centres.

Law Institute of Victoria Legal Referral Service

• Assists in finding private lawyers offering a free 30-minute consultation.

For legal assistance, contact: Law Institute of Victoria

Avoiding Debt Scams and Unreliable Services

Be cautious of unsolicited offers from organisations claiming to consolidate debt or negotiate with creditors for a fee. Some services may not act in the best interest of consumers. Before engaging with any debt management company:

• Verify their credentials with Consumer Affairs Victoria.
• Seek legal advice before signing contracts.

Dispute Resolution for Financial Services and Banking

Australian Financial Complaints Authority (AFCA)

• Resolves disputes related to banking, credit, insurance, and superannuation.
• Decisions are binding on financial service providers.

For more information, visit AFCA

Energy and Water Ombudsman Victoria (EWOV)

• Resolves disputes regarding energy and water services in Victoria.

For more information, visit EWOV

Australian Securities and Investments Commission (ASIC)

• Investigates financial misconduct and provides information on financial complaints.

For more information, visit ASIC

Financial Counselling and Advisory Services

National Debt Helpline

• Free financial counselling for individuals facing debt issues.

Call 1800 007 007 or visit National Debt Helpline.

ASIC’s MoneySmart

• Provides free financial guidance, budgeting tools, and calculators.

For more information, visit MoneySmart

Mortgage Stress Victoria

• Offers free legal advice, financial counselling, and social support for homeowners struggling with mortgage repayments.

For more information, visit Mortgage Stress Victoria

Australian Financial Security Authority (AFSA)

• Administers personal insolvency laws and provides information on bankruptcy and alternatives.

Call 1300 364 785 or visit AFSA

Additional Support and Resources from External Organisations

• Youthlaw offers fact sheets and resources on consumer credit and debt issues tailored for young people.
• Energy and Water Ombudsman Victoria (EWOV) provides guidance and dispute resolution services for consumers facing energy and water-related issues in Victoria. More details can be found at EWOV.
• Australian Securities and Investments Commission (ASIC)’s Dealing with Debt Collectors explains consumer rights, recommended actions, and assistance options when dealing with debt collection agencies. Access this guide at ASIC.
• Australian Financial Security Authority (AFSA) offers an insolvency information guide for debtors, detailing bankruptcy processes and alternative financial solutions. View the publication at AFSA.

How Pentana Stanton Lawyers Can Assist

At Pentana Stanton Lawyers, we provide expert legal advice and representation in debt resolution, bankruptcy, and financial disputes. Our services include:

• Personalised legal consultations to assess your financial situation and explore available options.
• Negotiation assistance with creditors to develop manageable repayment solutions.
• Representation in legal proceedings related to debt disputes, bankruptcy applications, and financial litigation.
• Advice on alternative solutions to bankruptcy, including debt agreements and insolvency arrangements.

For professional legal support, call us on (03) 900 22 800 or visit our website.