Personal Insolvency Specialists

Bankruptcy is one way of dealing with unmanageable debt. It isn't the only one. We advise individuals across Australia on the full range of Personal Insolvency services and the consequences that come with each.

Our Personal Insolvency Services

Overview of Bankruptcy

Bankruptcy is a legal process where you are unable to pay your debts. It can release you from most debts, provide relief and allow you to make… (More details)

Bankruptcy Services

HM Advisory offers a full suite of Bankruptcy advice services, each tailored to the circumstances of the individual. (More details)

Alternatives to Bankruptcy

Depending on your personal circumstances and the solution best suited to your individual case, HM Advisory can assist with alternatives to Bankruptcy. (More details)

Deceased Estate Insolvency

Debts don't disappear when someone dies. Where an estate owes more than it can cover, or the financial position simply isn't clear, we can advise on how to deal with it. (More details)

Personal insolvency advice at HM Advisory

What Is Personal Insolvency?

Personal Insolvency occurs when an individual cannot meet their financial obligations. It provides a structured path to manage debts and rebuild financial stability.

Bankruptcy is one response to that. It isn't the only one, and in some circumstances, it may not be the most sensible.

Personal Insolvency Options

Option	What it involves	When it may be considered
Bankruptcy	A formal Insolvency process that releases an individual from most debts	Where debts cannot reasonably be repaid and Bankruptcy is appropriate
Personal Insolvency Agreement (PIA)	A formal proposal to creditors for dealing with debts without entering Bankruptcy	Where an alternative arrangement may better suit the individual's circumstances
Informal arrangement	An arrangement negotiated directly with creditors	Where creditors are willing to agree to revised repayment terms

What Can Affect Your Options?

The total amount and type of debt you have
Your income and ongoing expenses
The assets you own
Whether you operate a business
Your existing arrangements with creditors
Your ability to make repayments
Your longer-term financial position

Our Approach to Personal Insolvency

At HM Advisory, we provide practical, tailored support to help clients navigate financial challenges:

Assess your situation – review debts, assets, and obligations to identify suitable solutions
Develop a tailored plan – structure Personal Insolvency Agreements or alternative options to Bankruptcy
Manage creditor interactions – act on your behalf to protect your interests and reduce stress
Support you through the process – guide you step-by-step with clear, professional advice

Personal Insolvency Agreements (PIAs)

A Personal Insolvency Agreement (PIA) is a legally binding arrangement under Australian law that allows individuals to manage their debts without entering Bankruptcy. It is designed for individuals seeking to put forward an offer to their creditors.

Who a PIA is Suitable for:

Individuals with significant assets to protect
People with complex debt arrangements needing flexible solutions
Professionals or business owners who want to continue operating while resolving debt
Those seeking an alternative to Bankruptcy with fewer restrictions

How Does a PIA Work?

The process involves:

Assessing your financial circumstances and determining whether a PIA may be appropriate.
Preparing a proposal setting out how your debts are to be dealt with.
Putting the proposal to creditors in accordance with the applicable legal requirements.
Implementing the arrangement if the proposal is accepted and becomes binding.

Bankruptcy or an Alternative?

Every option carries a cost of some kind, which is what makes the decision hard. The most important thing is to understand each of them before you commit.

Questions to Ask

Can your debts realistically be repaid?
Do you have assets you need to take into account?
Is your income likely to change?
Do you own or operate a business?
Would a formal arrangement with creditors be viable?
What would each option mean for your financial future?

Our Bankruptcy Services and alternatives to Bankruptcy explore each pathway in more detail.

Why Choose HM Advisory?

We never forget that we are helping real people in real situations. We provide Personal Insolvency services in Melbourne, Perth, Brisbane, and Sydney, with an approach that’s professional, personal, and fair:

Trusted guidance: Helping individuals navigate Personal Insolvency Agreements and other arrangements with care and clarity.
Committed to outcomes: Focused on achievable solutions that reduce stress and lay the groundwork for financial recovery.
Personal, hands-on approach: Managing complex cases with care and expertise.
Fair & considered advice: Protecting all parties’ interests from start to finish.

Frequently Asked Questions

What is Personal Insolvency?

Personal Insolvency occurs when an individual cannot pay their debts as they fall due. Australian law offers several ways of dealing with that, including Bankruptcy, Personal Insolvency Agreements, and informal arrangements negotiated with creditors.

What does a Registered Trustee do?

A Personal Insolvency practitioner, or registered Trustee, assists individuals facing unmanageable debts. They assess your financial situation, explore solutions like Personal Insolvency agreements or Bankruptcy, and liaise with creditors to reach fair, lawful outcomes.

How does Personal Insolvency work in Australia?

When debts become unmanageable in Australia, Personal Insolvency solutions can provide a way forward. Through Bankruptcy or alternative arrangements, a registered Trustee helps protect your interests while giving you the tools to restore financial stability. From Brisbane to Melbourne, our specialists guide you through every step of Personal Insolvency with clarity and care.

Am I eligible for a Personal Insolvency Agreement?

You may be eligible if you are insolvent, present in Australia (or have a residential/business connection), and haven’t proposed another PIA in the last six months. Whether seeking Personal Insolvency in Melbourne or Brisbane, a Trustee will review your financial situation and guide you on whether a PIA is suitable for your circumstances.

Can a PIA help me avoid Bankruptcy?

It's designed as an alternative, but not a universally better one. Suitability comes down to your financial position and whether there's a proposal creditors would realistically accept.

How can Personal Insolvency affect my credit?

Entering into a formal Personal Insolvency process can have significant consequences for your credit history and future financial circumstances. Our guide to Personal Insolvency and its effects on your personal credit covers this in more detail.