NEED A FRESH START TO CLEAR YOUR DEBT?
Personal bankruptcy is a legal process that will release you from most unsecured debts so you can get the financial relief you are seeking to start afresh.
Declaring personal bankruptcy is most appropriate for those who have cannot manage their unsecured debts, have assets of little value and only earn a low to modest income.
Although bankruptcy releases an individual of their debts, there are serious consequences of bankruptcy that you must be aware of.
WHAT IS PERSONAL BANKRUPTCY?
Before you proceed with personal bankruptcy, you need to be aware of the consequences and restrictions which will be placed on you.
Our personal debt advisors will carefully take you through all aspects of bankruptcy.
By declaring bankruptcy, some household effects will be protected. This includes:
However, you will most likely lose assets of value such as your house – although in some cases your house can be saved if your spouse or family can purchase your share of the equity.
Depending on the income you earn whilst bankrupt, you may need to pay compulsory income contributions. The time period you will be bankrupt is currently 3 years.
Call our expert Company Administrators who have over 30 years
of experience offering the best service to our clients.
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WHEN TO DECLARE BANKRUPTCY
Declaring bankruptcy can provide significant financial relief to many people, however, it should always be considered as the last resort. Contact our friendly team today and we can assist you with your personal debt situation and any decisions you may need to make about bankruptcy.
WHAT IS A BANKRUPTCY ANNULMENT?
A bankruptcy annulment is the cancellation of bankruptcy. There are only 3 ways to end a bankruptcy, outlined in Section 73 of the Bankruptcy Act.
It is always best to gain professional advice in order to understand how bankruptcy will impact your personal circumstances.
