Bankruptcy
is not always the

solution.

Bankruptcy or insolvency isn't always the solution. We understand the implications
and often see these
options as a last resort.

We take the time to explore your options.

A lot of the people who approach us are so deep in debt they can see no way out except personal insolvency or bankruptcy. They’re usually so stressed and worried they can’t imagine any other options. All they know is that they want the worry to end. They want to stop being harassed by debt collectors, they want to sleep at night and they want to start enjoying life again - that's where we can help.

At MyBudget, we recognise that bankruptcy and formal debt agreements do have their place for some people. We are a licensed insolvency administrator and we can assist those who would benefit. However, we also understand the implications of going bankrupt and therefore see it as a last resort. The consequences—including up to five years with little access to reputable sources of credit—should not be taken lightly which is why we try to avoid it wherever possible.

We've helped over 108,000 people. Find out how we could help you.

Please call us on 1300 300 922


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1Call 1300 300 922 or Enquire Online



One of our friendly consultants will talk with you, confidentially, about your situation, answer your questions and book a free budget consultation for you.

Book your free consultation
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2Meet your Money Expert



Our personal budgeting specialists are highly-trained. They have a tertiary qualification in finance, such as a Certificate IV or Diploma of Finance and Mortgage Broking. They are also professionally trained in budgeting and debt management.

More importantly, they genuinely care.

They'll gather detailed information about your finances and create a customised budget plan to start achieving your goals.

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3Receive a customised budget plan - just for you



By the end of the consultation, you'll have deep insight into your financial situation, as well as a tailored budget that shows you how to achieve your goals.


There's no obligation to become a client. Your customised budget plan is yours to keep.

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What are the benefits for a MyBudget client?



  • Total visibility of your finances at your fingertips 24/7 via our client website
  • A dynamic plan that works to pay your bills and loan repayments & pay off your debt
  • We do the legwork so you don't have to worry - your payments and obligations to creditors are prioritised, scheduled and paid on your behalf, using your income.
  • Support and guidance from our caring experts.
  • Much, much more.
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A person is considered insolvent when they do not have enough money to service their debts. In Australia, personal insolvency is overseen by the federal government through the Australian Financial Security Authority (AFSA, formally known as Insolvency and Trustee Service Australia – ITSA). AFSA registers bankruptcies and Part IX Debt Agreements.

Bankruptcy is a legal process that releases a person from their debts.

When you become bankrupt, your debts are wiped clean and, in most cases, there are no repayments to make. That may sound attractive, but it comes with consequences.

When you file for bankruptcy, an appointed trustee has the power to value and sell your assets to compensate your creditors. In some instances, the trustee can also command part of your salary. Your name will be listed on the National Personal Insolvency Index permanently and your insolvent status will appear on your credit file for five years. This will limit your access to credit during that period of time. Even after the bankruptcy has ended, you may find that your ability to borrow is limited. Becoming bankrupt can also restrict a person from working in certain professions, running businesses, and travelling overseas.

When it comes to money trouble, every situation is different.

The only way to properly assess your circumstances is to analyse your finances in detail and explore all of your options.

MyBudget offers a free, no-obligation debt consultation to members of the public. We will closely examine your debts, bills and other expenses, and carefully take into account your concerns, goals and priorities.

This consultation is free and you are under no obligation sign up as a MyBudget client. By the end of the consultation, you will have a comprehensive, customised budget plan which will demonstrate how we may help you to repay your debts through negotiation and good money management.

We specialise in helping people recover from debt stress. We’re here to answer all of your questions and help you design a customised strategy that achieves your specific goals. In a relaxed and confidential setting, one of our budgeting experts will show you how a debt agreement could affect your financial outlook. However, if you do decide that a formal debt agreement is the right solution for you, MyBudget can handle everything and take care of the paperwork. Some functions and staff of MyBudget also trade under the company name MyDebtSolution Pty Ltd, which is a registered debt agreement administrator with the Australian Financial Security Authority (AFSA), and which assists MyBudget clients who are applying for formal debt agreements.


How does a formal debt agreement differ from bankruptcy?

A formal debt agreement, also known as a “Part 9 Debt Agreement”, differs from bankruptcy because it allows you to offer a reduced settlement to your creditors in the form of a repayment schedule.

A formal debt agreement would allow you to potentially keep your higher valued assets, such as your house. The consequences of a formal debt agreement, however, are not dissimilar to bankruptcy. In fact, simply applying for a Part 9 Debt Agreement is considered an act of insolvency. Like bankruptcy, a formal debt agreement will appear on your credit file for five years and your name will be listed on the National Personal Insolvency Index for at least five years. Your access to credible sources of credit will be severely limited.

Still, despite the consequences, there are some circumstances where insolvency makes sense. We would be pleased to help you understand the benefits, disadvantages and ramifications of bankruptcy and debt agreements at a free consultation.

The best way to assess if bankruptcy or a debt agreement is right for you is to fully understand all of the possible debt solutions for your specific situation.

In most cases, we find that the best strategies combine repayment negotiation with a budget plan that pays off the debt.

During a free, no-obligation consultation, we will assess your financial situation in detail, taking into account all of your bills, loans, income and living expenses—even money you owe your grandma. Since 1999, we’ve helped more than 108,000 clients with their finances, so we know how to tackle debt in ways that can relieve stress and have lasting results.

By the end of the session, you will have a customised, long-range budget plan that proposes how to tackle your debt and achieve your financial goals. Even if you decide not to join up with MyBudget, the budget plan is yours to keep at no cost to you.

If you do become a MyBudget client, we can communicate with your creditors on your behalf and often negotiate more affordable payment terms—terms that aim to free up your cash flow to meet other commitments and give you a chance to get back on your feet.

Last year, we successfully renegotiated over 4.8 million payments to creditors for our clients. We may be able to negotiate repayment schedules or even arrange for payments to cease for a period of time, if required.

Ultimately, whether you elect to enter into insolvency or not, budgeting is the only way to properly take control of your money.

In fact, budgeting is really important for people going through bankruptcy or experiencing insolvency. It’s the only method that will allow you to:

  • Develop a comprehensive understanding of your financial situation
  • Understand the immediate and long-range effects of your options
  • Maximise your use of income to reduce your debts
  • Take control of your spending habits
  • Save for the things you want and achieve your financial goals.

In some instances, bankruptcy or a Part 9 Debt Agreement is the best option. If so, MyBudget can help by administering your insolvency.

Our caring staff will explain the process every step of the way and answer all of your questions.

It all starts with a free, no-obligation consultation. Contact us today—a representative will collect some brief details about your financial situation and book a time for you to speak with one of our budgeting experts.The free consultation is relaxed, friendly and completely confidential. It’s the perfect opportunity to explore whether declaring bankruptcy is the right solution for you.

See how we have helped others...

You could be a MyBudget success story too!

Gemma & Paul, MyBudget clients

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“I always thought that I could handle the money well enough, and unfortunately even I had fallen short. We had just spent, not more than we earned but we spent everything we earned and it just meant that when those unforeseen bills came in we were stuck and it meant credit cards and it meant consolidating credit card on numerous occasions, more than once and it just got to the stage where I said we can’t do this anymore and Gemma had made the appointment and so we went and it’s been the best thing we’ve ever done.”

Gemma & Paul, MyBudget clients

Grant & Alisha, MyBudget clients

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“I felt my only other option was to declare bankrupt and to try and get rid of the debts that I had against myself...I took every bit of information that I could possibly imagine to do with our finances and we sorted everything out within a couple of hours and I walked out of there feeling extremely comfortable."

Grant & Alisha, MyBudget clients

Debbie & Alan, MyBudget clients

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“What I discovered is that the other companies I’d seen advertising debt consolidation, once you delved in a little bit deeper and made the phone call it was then, and only then, that we discovered it was what was known as a Part Nine agreement and that was not quite what we were looking for at that point in time because with some more research we found that it was a form of bankruptcy anyway. And that was always going to be our absolute last resort."

Debbie & Alan, MyBudget clients