fbpx

Bankruptcy

Bankruptcy

Bankruptcy is designed to help people who simply can no longer afford to repay their debts and cannot negotiate a reasonable and suitable arrangement with their creditors. To declare bankruptcy, you will need to meet various criteria and disclose specific information to your trustee.

Although bankruptcy can provide relief if you are unable to repay your debts, there are restrictions, concerns and many legal consequences which you should know before you make such claim. The consequences of bankruptcy are serious and cannot be cancelled if you change your mind. Being aware of these consequences can help you decide if this is the best option for you.

ARE YOU ELIGIBLE
FOR BANKRUPTCY?

You can apply for bankruptcy if you meet these 2 requirements:

  • you’re unable to pay your debts when they are due (insolvent) and
  • you’re present in Australia or have a residential or business connection to Australia.

There is no minimum or maximum amount of debt or income you need to be eligible. There is no fee to apply for bankruptcy. If you’re currently in a debt agreement and want to apply for bankruptcy, contact your administrator. You must terminate your debt agreement first before applying.

WHAT ITEMS ARE YOU ELIGIBLE TO RETAIN?

Bankruptcy allows you to keep most ordinary household items of reasonable value, such as your furniture, tv & computer and appliances. You can also keep other items if they are below a set amount, such as your car and tools you use to earn a living.

WHEN SHOULD YOU CONSULT A LAWYER ABOUT ENTERING INTO BANKRUPTCY?

It is highly recommended that you talk to Brydens Lawyers who have experience in bankruptcy matters if you feel you are unable to control your debts.

WHAT IS YOUR
NEXT STEP?

You should contact Brydens Lawyers to make an appointment to discuss your debt.

WHY ARE BRYDEN’S LAWYERS THE RIGHT REPRESENTATION FOR YOU?

Brydens Lawyers’ dedicated Commercial Team assists individuals and small businesses in financial difficulty. We can help navigate Australia’s bankruptcy law regime to get the best outcome for you and to help you through the process.

, Bankruptcy, Brydens Lawyers

Book a free lawyer consultation now

, Bankruptcy, Brydens Lawyers

Start your claim now

, Bankruptcy, Brydens Lawyers

Meet the team that will represent you

, Bankruptcy, Brydens Lawyers

No win no fee*

conditions apply

, Bankruptcy, Brydens Lawyers

Languages

, Bankruptcy, Brydens Lawyers

KEEP UP TO DATE WITH NEWS & EVENTS


Newsletter Subscription

Form Description

LATEST NEWS FROM LEE


In conjunction with Variety - The Children's Charity, Brydens Lawyers has implemented an information and education program for parents and carers of children facing chronic illness, disability or special needs.

The presentation is focused upon succession planning, that is putting into place arrangements so as to ensure the continuing care, maintenance and education of the child after the parents or carers have passed. It is a particularly delicate subject, often considered
but rarely spoken of.

CONTACT US ONLINE


NEW_CONTACT US ABOUT YOUR CASE

 

CONTACT US TODAY


LIVERPOOL HEAD OFFICE

Lvl 2, 203 Northumberland Street,
Liverpool NSW 2170

OFFICES BY APPOINTMENT ONLY


 

Adamstown            Erina                 Parramatta
Albury                     Goulburn          Redfern
Bankstown             Leichhardt        Sydney City
Blacktown              Miranda            Tamworth
Campbelltown       Newcastle         Wagga Wagga
Chatswood             Nowra               Wollongong
Dubbo                     Orange

 

 

Trading Hours