Bankruptcy

Bankruptcy can often seem like an intimidating and daunting option. Our team understands that and sometimes this may be the only option for total debt relief. It is important to know all your options before considering bankruptcy. Our experienced team will discuss all your options to relieve you of your debts.

Bankruptcy allows a person to be freed from their debts and make a fresh start. The bankruptcy period lasts for three years and one day. It is a formal insolvency process that must be managed by a Trustee. A qualified Bankruptcy Trustee will immediately take the pressure off you by liaising with your creditors on your behalf. This can come as much-needed comfort when you are dealing with creditors chasing payments.

Once you are declared bankrupt, the Trustee will manage your financial affairs, income, and assets. This will include selling assets and using these proceeds to pay your creditors. Assets may include cash at bank, vehicles, and property. There are exemptions to what assets will be sold as part of the bankruptcy process. These typically include superannuation, vehicles up to a certain value, and tools that help you earn income.

Whilst bankruptcy does allow you to be released from your debts, there are consequences. Bankruptcy may affect your business, your employment, and your income. For these reasons, it is important to speak to our team to discuss all your options.

Book a free confidential consultation today on 1800 463 328 to discuss if Bankruptcy is suitable for your circumstances. If Bankruptcy is the most suitable option, our team will refer you to a qualified Trustee.