Personal Insolvency – Bankruptcy
At some stage in your live you may run into financial difficulty, in some cases the only answer is to enter into Bankruptcy.
This decision should not be treated lightly as it can have far reaching effects with your credit rating.
So before considering this type of action please contact us to talk to one of our trained and experienced advisors who will consider a number of alternatives that in many individual cases may be enough to avoid bankruptcy altogether.
If you need to speak with a registered Bankruptcy Trustee, the Trustee will be able to:
- undertake a thorough investigation of the bankrupt’s affairs
- manage the bankrupt’s affairs
- oversee a fair and equitable distribution to Creditors
- identify transactions that are able to be set aside for the Bankrupt
- immediate relief from Creditor pressure for the Bankrupt
Bankruptcy Alternatives
Debt Agreements
Debt Agreements are similar to Personal Insolvency Agreements however they are only available to Debtors who satisfy strict threshold requirements concerning the level of debts, assets and income.
Benefits include:
- low cost means of resolving insolvency
- once Creditors have accepted the agreement, the Debtor is released from their debts.
Personal Insolvency Agreements (Part X Arrangements)
These often provide an alternative to bankruptcy for insolvent individuals who wish to reach an agreement with their Creditors regarding the settlement of their debts.
Benefits include:
- providing a greater return to Creditors than would otherwise be available under bankruptcy
- avoiding the stigma of bankruptcy, and providing a flexible framework to resolve the solvency issues of the Debtor and deal with Creditors’ claims.
Informal Arrangements
We are experienced in dealing with all types of insolvency situations.
Call us now to discuss with us your situation!