BANKRUPTCY LAWYERS AND INSOLVENCY LAWYERS
Bankruptcy is a scheme designed to help people in difficult times who simply can no longer afford to repay their debts and cannot negotiate a reasonable and suitable arrangement with their creditors. To declare bankruptcy or personal insolvency, you will need to meet a number of criteria and disclose specific information in the application and to your trustee.
Although bankruptcy can provide relief if you are unable to repay your debts, there are restrictions, concerns and other legal consequences of which you should be aware before you make such a decision. The consequences of bankruptcy can be serious and the decision to enter into bankruptcy cannot be changed following the appointment of a trustee if you simply change your mind. Being aware of these consequences can help you decide if bankruptcy is the best option for you. In order to learn about the legal consequences of bankruptcy claims, it is highly recommended that you seek expert legal advice from experienced insolvency lawyers.
ARE YOU ELIGIBLE
You can apply for bankruptcy if you meet the following requirements:
– You are unable to pay your debts when they are due (insolvent); and
– You are present in Australia or have a residential or business connection to Australia.
There is no minimum or maximum amount of debt or income needed in order for you to be eligible. There is also no fee in applying for bankruptcy. If you are already the subject of a debt agreement and wish to apply for bankruptcy then you will need to contact the administrator as the debt agreement will need to be terminated before any application for bankruptcy can be made.
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 value, such as your car and tools you use to earn a living.
An individual is generally able to retain the proceeds of a life insurance payout paid to themselves or their spouse received on or following the date of bankruptcy. Assuming certain requirements are met you would also usually be able to retain your interest in a superannuation fund.
To learn more about which assets are protected once bankruptcy is declared, contact the expert team at Brydens Lawyers today on 1800 848 848.
WHY ARE BRYDENS LAWYERS THE RIGHT REPRESENTATION FOR YOU?
With a dedicated and specialised Commercial Law team, Brydens Lawyers are the experts in the provision of advice and representation in relation to al bankruptcy notices, bankruptcy proceedings or commercial debt recovery matters. The expert insolvency lawyers at Brydens Lawyers are also able to provide legal advice to both individuals and businesses who find themselves in financial difficulty as to options available with particular reference to the Bankruptcy Act and Debt Recovery Schemes which may be available to assist in achieving the most optimal outcome.
Our team of insolvency lawyers are experts when it comes to all forms of commercial litigation within the Federal Court. With a growing commercial law practice, Brydens Lawyers understands that many businesses may be going through difficult times and questions of bankruptcy and debt recovery become prominent. You can rely upon the experts at Brydens Lawyers to ensure that all bankruptcy and debt recovery concerns that you may have are properly addressed, and that you receive the benefit of expert legal advice and representation, second to none.
The expert bankruptcy lawyers and insolvency lawyers within our dedicated Commercial Team assist individuals and small businesses who find themselves in times of financial difficulty, whether you are looking to declare personal insolvency or enter into voluntary administration. We can help you navigate Australia’s bankruptcy law regime to achieve the best outcome for you and for your company the most suitable company arrangement.
WHEN SHOULD YOU CONSULT A LAWYER ABOUT ENTERING INTO BANKRUPTCY?
It is highly recommended that you make contact with one of the expert bankruptcy lawyers at Brydens Lawyers if you are unable to manage your debts either on a personal or company level. Also, if you have received a statutory demand then you should also seek expert legal advice from one of our bankruptcy lawyers.
The team at Brydens Lawyers can provide the advice and expertise to give you peace of mind, and have your concerns or queries about personal insolvency, corporate insolvency, or your current company arrangement addressed.
WE DO BANKRUPTCY CLAIMS WELL. HERE ARE SOME EXAMPLES:
Brydens Lawyers have assisted many individuals in negotiating their debts and to enter into bankruptcy.
WHAT IS YOUR
You should contact Brydens Lawyers to make an appointment to discuss your debt.