Bankruptcy Assistance | Fast Debt Help

Bankruptcy Assistance

WHEN ALL ELSE HAS FAILED, BANKRUPTCY CAN OFFER YOU A CHANCE TO START AGAIN.

If you are facing a situation where there's no money left to live on once all the bills are paid, Bankruptcy provides an opportunity to start rebuilding.
Some issues you should be aware of -
Before deciding on this course of action, you should refer to the Government website Australian Financial Security Authority. On this site you will see details of all the outcomes of Bankruptcy, which include:
  • You will no longer be able to act as a Company Director
  • Overseas travel may be affected and you must apply with good reason to leave the country
  • If you own a home or have a share in property, speak with one of our state managers to discuss strategies that could help you keep the family home
  • You will still be able to run a business as a Sole Trader or partnership
  • You can keep a motor vehicle up to the value of $7,800 (as of 25th October 2017)
  • You can keep tools of trade up to the value of $3,700 (as of 25th October 2017)
  • You can keep everyday household items
  • Your superannuation is generally protected
  • While existing debt repayments stop, you must pay 50% of all income over a pre-set limit (determined by number of dependents you may have). Income includes: Tax Returns, Termination Payments, Inheritances and Windfalls
  • You will need to complete income information forms every year
  • You must supply all paperwork to the administrator who is appointed for you - on an annual basis
  • Not all debt will be removed. Some of these include Traffic Fines, Tolls, Parking Tickets, HECS debts and Child Maintenance and any debts created after your Bankruptcy.
  • If you own a home or have a share in property, this could be at risk of being sold. Speak to one of our Business Partners to discuss strategies that could help you keep the family home.
FAQs
+ What happens if I do nothing about my unpaid debts?
+ Can my application to voluntarily become bankrupt be rejected?
+ Am I eligible?
+ Is there a minimum amount I need to owe before I can go bankrupt?
+ A creditor has made me bankrupt - what happens now?
+ What are the consequences of bankruptcy?
+ What is the role of a trustee?

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