Bankruptcy put simply is a legal proceeding that involves a person who is unable to repay their outstanding debts. It is the final process available to release you from your debts.
We feel that there is nothing simple about Bankruptcy or the factors around it. Once your request to enter Bankruptcy has been accepted by the Australian Government creditors can no longer pursue you for outstanding debts.
We have found from our clients’ feedback that our professional experience, caring and considered approach, that the process can be simplified for you as our client.
Even if your creditors aren’t paid 1 cent back by your Trustee, you legally are not required to pay them back.
Once you have entered into Bankruptcy we will act on your behalf to organise your assets (if any), realise the “allowed” assets and repay what monies can be repaid to your creditors.
Our team of professional staff are caring and importantly appropriately qualified to help you now, CONTACT US NOW
Get the Relief You Need. The individuals and companies you owe money to will be notified by us and the Australian Government of your Bankruptcy and will no longer be able to chase you for repayment of those debts.
What does the Future look like after declaring Bankruptcy?
From here you will be able go about your life as usual, free of all your previous debts.
You and your Trustee will consider:
- Your income on a yearly basis, if it goes over the threshold you will have to repay some of those monies back to your creditors otherwise you will keep it all. The threshold ranges $54,736.50 net (no children / dependents) to $74,441.64 for over 4 dependents.
- Travelling, you will still be able to travel overseas, however you will have to obtain written permission from your Trustee.
- Your vehicle – You are able to retain a vehicle up to the value of $7,700.00.
- Asset realisations – Property, artwork, gold etc.
You will feel an enormous sense of relief as the big grey clouds lift. You can go back to doing the things you love and planning your future without being burdened by people chasing you for money.
How long will I be Bankrupt for?
Bankruptcy lasts for three (3) years. Once your three years is over, should there not have been any issues with your Bankrupt Estate i.e. dishonesty with assets or non-payment of income contributions, you will be automatically discharged from your Bankruptcy and no longer a Bankrupt.
Will I lose everything but he kitchen sink?
No, not everything will be lost. There are “Allowed assets” – these are assets with no resale value and are not allowed to be sold by the Trustee. For example property like a TV, phone and car (under the value of $7,700) are yours to keep. We will clearly run through these with you and explain step by step what is appropriate for you.