Bankruptcy is most extreme form of debt relief. Bankruptcy can have severe implications on peoples lives and as such all options to avoid bankruptcy should be carefully considered beforehand.
You should first enquire to see if you qualify for other options to avoid bankruptcy like a:
In most cases bankruptcy will last for 3 years from the time that you submit a Statement of Affairs with your trustee. If you do not file a Statement of Affairs your bankruptcy will be indefinite. Also, if you fail to fully co-operate with your trustee, your bankruptcy can be extended for up to 8 years. Bankruptcy may also place restrictions on your right to travel overseas. Your income will also be subject to the income contribution assessment scheme. Enquire here to see if you will be liable to make compulsory income contributions to your trustee.
Whilst Bankruptcy will release you from most unsecured debts, it will not release you from Court imposed fines, HECS debts or child support debts. Bankruptcy will not effect secured creditors and their ability to enforce their security, in other words a secured creditor may be able to exercise their right to sell your property.
Bankruptcy can be complicated and can have long last implications and as such we recommend that you fully explore all options to avoid bankruptcy.
We can offer a range of services to avoid bankruptcy, including:
You should to speak to an expert who is not biased towards a particular product or service. Some debt agencies cannot offer the full range of services. At Debt Free we can offer all personal insolvency services and as such we will recommend the best product for your circumstances.
Call today for FREE bankruptcy advice or advice on options to avoid bankruptcy on 1800 73 11 55
Debt Solutions
6/02/09