What's Involved in a Bankruptcy Declaration?

Bankruptcy is a legal process that you can take when you cannot meet your financial obligations and your debts outweigh your assets' value. Filing for bankruptcy can often be a scary and daunting period, and most people are clueless about its implications. Before deciding to file for bankruptcy, it's crucial to understand the process, its requirements and its effects, but what's involved? What Does the Law Say? In Australia, declaring bankruptcy is a legal process that is governed by the Bankruptcy Act.