If your debts are becoming unmanageable, we can help to guide you
through the options available to you.
Bankruptcy
This may be a practical option. The effect of bankruptcy
is
- the Official Assignee takes control of your assets and
distributes them to your creditors; and
- you are subject to restrictions, usually for three years, such
as limiting your right to travel overseas, and requiring you to
report to the Official Assignee.
After that your debts will be cleared and you will no longer owe
them.
No asset procedure
If your debts are under $40,000 and you've not used the
procedure before, the no asset procedure may be an easier
option. Instead of three years of restrictions, it only
imposes one year. There are some qualifications on entering
the procedure, but we can help you through them.
Creditors' compromise
Alternatively, a creditors' compromise may be effective to avoid
bankruptcy. We can negotiate payment terms with your creditors
to preserve your reputation. Then we will obtain the Court's
approval of the compromise. We are experienced at persuading
the Court that approving your compromise would also be in the
general interests of creditors.