Get Your Life Back on Track with Bankruptcy in Adelaide
If you’re struggling to pay your debts, owe multiple creditors and are tired of receiving endless collection calls, you do have options. Some of these options include debt consolidation, mortgage refinancing, an Informal Agreement, a Debt Agreement or Bankruptcy.
Declaring bankruptcy should be your last resort after you have tried to get your debt back under control by all other available options first. Unlike a Debt Agreement, bankruptcy carries restrictions and regulations which can have a negative impact on your life. However, if you have unmanageable debts, bankruptcy gives you the opportunity to start over and the advantages of bankruptcy generally outweigh the disadvantages.
If your debts are piling up and you need to find a way out, we can help. At Revive Financial, we support thousands of people in Adelaide declare bankruptcy every year.
We help answer questions like:
- Is bankruptcy my best option given my individual situation?
- Will my income be affected?
- Can I keep my job or continue operating my business?
- Can I keep my house and/or my car?
- What are the rules that I need to follow during bankruptcy?
We assess your individual financial circumstances, help you understand the bankruptcy process, what’s involved and how it may affect you during your free 30-minute consultation.
Can You Use Your Super to Avoid Bankruptcy?
If you find yourself in financial strife – whether that may be related to divorce, loss of job, the need to access capital quickly or any of life’s challenges – tapping into your superannuation fund can sound tempting. However, it is only a short-term solution. Accessing your superannuation early is possible under certain circumstances, but this leaves less money left for retirement.
To withdraw your super early to pay off debts, there are only two options available to qualify: on severe financial hardship, or on compassionate grounds where you are preventing foreclosure or forced sale of your home. It’s best only to use your super as a last resort. Although bankruptcy may seem daunting, it can be beneficial as you get to keep your superannuation for when you retire.
How Does the Bankruptcy Process Work?
Prior to commencing bankruptcy proceedings, you can file a Declaration of Intent (DOI) to present a Debtor’s Petition. This provides you temporary protection from your creditors for up to 21 days and is intended to give you time to decide whether or not bankruptcy is the right option for your circumstances.
If you reach a decision to go bankrupt, your next step is to lodge a ‘Debtor’s Petition’ to become bankrupt and a statement of affairs with AFSA. These documents are generally processed within 1-2 days.
Once the documents are accepted by AFSA you are then considered bankrupt.
During the bankruptcy period, you will be appointed one of our in-house Bankruptcy Trustees who will take control of your finances which allows you breathing space. The Bankruptcy Trustee will:
- Conduct investigations,
- Collect or sell any of your assets which are able to be sold in bankruptcy, such as cash in your bank, property, shares and vehicles (over the set limit),
- Collect amounts from your income (over a set limit),
- Pursue recovery actions, such as claims against entities who have received transfers of assets for less than their fair value, and
- Reporting on your financial position to your credits.
Home Owner Bankruptcy Tips
Benefits of Declaring Bankruptcy in Adelaide with Revive Financial
You will be able to speak to one of our friendly Bankruptcy Specialists who will answer all of your questions about your situation and how Bankruptcy may impact your life.
Declare Bankruptcy with Revive Financial
Don’t wait any longer to take the action and move forward towards financial stability. Relieve the stress associated with debt and contact Revive Financial today. Our team of qualified experts have been helping businesses in Adelaide and surrounds for over 10 years declare bankruptcy fast and as smooth as possible. The team at Revive Financial consists of business debt and insolvency specialists including Chartered Accountants, Registered Liquidators, Bankruptcy Trustees and business advisors with a combined experience of over 43 years. Give our Adelaide team a call today on 1800 861 247.