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We are a firm
dedicated to helping
companies, businesses
and individuals through
financially difficult
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Individual - Filing for Bankruptcy |
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Bankruptcy is for individuals who are insolvent and unable to pay their personal debts when they have fallen due for payment. If you have found yourself in grave financial stress and feel that this may be your only option you need professional advice and I suggest that you give us a call. Personal Bankruptcy is serious business and you need to look at many issues before you make that decision. It is always good if you can make the decision yourself as opposed to having somebody else make the decision for you.
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If you are considering filing for Bankruptcy there are a number of issues you need to know about. You need to be aware of the ramifications of taking such action. It is a big decision and professional help should be sought as this will effect you for at least the next seven (7) years of your life.
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CREDIT RATING |
The fact you have gone Bankrupt will go on a government file known as the NPII. It is from here that the credit rating company, VEDA (previously known as Baycorp or the CRAA) gets the information. They are allowed to hold the details on your file for 7 years. |
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BANKRUPTCY TIME |
Generally you will be Bankrupt for 3 Years. It is during this time that you would have to make contributions from your income if it is over a certain amount. This amount for a person with no Dependants is approximately $800.00 (after tax) per week. |
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ASSETS |
If you have any significant assets you would expect to have to surrender them for the benefit of your creditors. However there are some things that you are allowed to keep including a car up to a certain value, household & personal items and tools of trade among other things. |
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BEING IN BUSINESS |
Just because you are Bankrupt it doesn't mean that you can't have a business or be self-employed. You are however unable to be a director of a company. |
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OVERSEAS TRAVEL |
Can be and issue depending on the attitude of the Trustee in Bankruptcy however we have never had a client refused overseas travel. If overseas travel is an issue for you then speak to us. |
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KEEPING YOUR CAR |
If your car is under finance it does not mean that you will lose it because you go Bankrupt. Generally if you can maintain the payments you can keep your car. |
Knowledge is strength so be sure that you have the knowledge of the bankruptcy before lodging your application. We can assist there. |
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