How Declare Bankruptcy 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.

Bankruptcy will stop the phone calls from unsecured creditors, the letters of demand, court action, garnishee orders, the sheriff from visiting. Bankruptcy will remove the stress from the debts you could not pay.

There are two paths to bankruptcy.  Creditors can take you through the courts to bankrupt you.  This generally involves going to court a number of times.

You can avoid that by declaring bankruptcy yourself. We can help you with the application so that it is completely properly and not rejected by the  Official Receiver in Bankruptcy. At the same time, we can answer questions that will come up as we go through the application with you.

Bankruptcy can offer you a fresh start in life. However, it is not something you should undertake lightly without getting some advice as there are consequences such as affecting your credit rating for five (5) years.

If you are considering bankruptcy, our team at Declare Bankruptcy Australia is ready to answer your questions to see if it is the right thing for you. If you decided to proceed, 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 formal compromise with your unsecured creditors which becomes legally binding on all of them if the majority agree to it. It generally takes the form of paying something less than what you owe by weekly or fortnightly instalments based on what you can afford.

A Debt Agreement results in no more interest accruing on your unsecured debts. This has the obvious advantage of improving your cash flow.

Like bankruptcy, a Debt Agreement has certain consequences such as affecting your credit file for five (5) years.  Call us for more details.

Other Options

There are other options available to you to help you overcome your debt crisis. These include an informal arrangement with your unsecured creditors as well as a range of refinancing options. We can help you decide if these are preferable options for you.

If considering an informal arrangement with your unsecured creditors, you typically need a regular income so as to honour any agreement to repay your debts over a period of time. There are certain downsides with an informal arrangement.  It will not be binding on unsecured creditors who do not agree. Some unsecured creditors may change their minds.

Informal arrangements require negotiation. We can help you with the negotiation if you do not have the confidence or skills required.

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 utilising the equity available in your property to repay other high interest debts.

It may allow you to place your current monthly repayments from all your debts into one convenient repayment, meaning you end up paying less each month. Call us for more information.

If you’re ready to get on top of your debt challenges then Call Us Now on 1300 855 388 or contact us using the form below. Please also advise the best time for us to call you within your message.