If you are not in a Corporate structure but are in a situation where you cannot pay your bills on time and survive then Bankruptcy could be an option worthy of consideration.
If you have received a Bankruptcy Sequestration Order, please contact us urgently to discuss your options especially if you own property as we have devised strategies where it may be possible to keep the family home through the Bankruptcy.
Remember we are not Bankruptcy Trustees who are sworn to protect the interests of Creditors – we work for you and our aim is to help you protect your interests and to preserve your wealth.
Generally, a Bankruptcy lasts for 3 years and during this time you will not be able to act as a Company Director and you must seek permission to travel overseas.
Whilst existing debt repayments stop you must still pay 50% of all income over a pre-set limit to your Trustee and income includes tax returns as well as any windfalls.
In most instances you can keep your everyday household items, cars up to a value of $7,500 and tools of trade up to $3,650.
Your superannuation is also protected.
Please call us to discuss whether bankruptcy is right for you.
Call us on 1300 803 290 for a Free Consultation.