How Filing for Bankruptcy in Australia Can Help You

Bankruptcy

If you’re stressed out by the sheer weight of insurmountable debts, then Bankruptcy might be the right decision for you. If you can’t pay, you can’t pay. But it doesn’t have to be the end of the road. Here’s how we help.

We will stop the phone calls from Creditors, the Letters of Demand, we’ll stop Court action, Garnishee action, prevent the Sheriff from calling and most of all, we will stop the stress, that just grinds you down.

Furthermore, should you choose to go Bankrupt, your bankruptcy can be undertaken voluntarily or you can become bankrupt on the actions of a Creditor. If you have considered the alternatives and have decided that voluntary bankruptcy is your best option you will need to complete a Debtors Petition and Statement of Affairs, which we can assist with. Documentation also needs to be accepted by the Official Receiver in Bankruptcy for your bankruptcy to be granted.

Bankruptcy can offer a new beginning for some people, a fresh start in life if you like. But it is also not a decision you should take lightly. Bankruptcy has real and lasting consequences, and your Credit Rating is affected for five (5) years.

If you are considering going bankrupt, you need to talk to our team at Filing for Bankruptcy in Australia. We will guide you through the process, and assist you each step of the way.

Debt Agreements

If you’re struggling with paying your unsecured debts, then the best solution might be to consider a Part IX Debt Agreement. A Debt Agreement is a negotiated compromise with your creditors, which, if agreed to by 50% or more of your creditors becomes legally binding.

A Debt Agreement freezes all interest on provable unsecured debts upon acceptance of your debt agreement proposal by creditors. This allows you to pay back the debts over an extended period of time, with no interest, at an amount per week you can afford.

A Debt Agreement offers a payment plan to pay back your debts, rather than walking away.

Debt Agreement is not the same as going bankrupt, and is a genuine alternative option. However by submitting a debt agreement proposal you are committing to “an act of bankruptcy”.

A successful Debt Agreement will allow you to set up a simple weekly payment, via direct debit to repay your creditors. Your debt agreement will be listed on your credit report for a five year period, once your debt agreement is repaid in full, you can apply for new lending.

Other Options

There are also other options available to you to solve your debt crisis. These can include an informal arrangement with your creditors, as well as a range of refinancing options. We can advise on which option is best for you.

An informal arrangement with your creditors may be the best solution. If you have an income, agreement could be made to repay debts over a period of time. This type of informal arrangement may not be binding on creditors, some creditors may change their minds or you might default on the payments, all of which could result in creditors continuing to pursue you for the debts. We can help you with doing this.

Refinancing your existing mortgage or home loan could also help you lower your repayments and free up more money for living.

Mortgage refinancing offers a real solution by utilizing the equity available in your property to repay other high interest debts.

It may also allow you to place your current monthly repayments from all your debts into one convenient repayment, meaning you end up paying less each month. Again, this is something Filing for Bankruptcy in Australia can help you achieve.

If you’re ready to get on top of your debt challenges then Contact Us using the form below. Please also advise the best time for us to call you within your message.