Start Over with Bankruptcy in Brisbane
If you’re struggling to repay your outstanding financial obligations and seem to be falling further into debt, Revive Financial can work with you to assess your circumstances and arrive at the best debt solution for you moving forward.
Bankruptcy is the legal process in which you declare you cannot pay your debts. There are no restrictions on the amount of debt and there is no fee for applying for bankruptcy. However, it should be considered as a last resort. If you have exhausted all potential avenues such as debt consolidation, Informal Agreements and Debt Agreements to help with your bad debt situation and still don’t think you can repay your debts, bankruptcy may be the solution.
If you’re a company director and declare bankruptcy, you will be disqualified from directing your company. If you have a personal guarantee, have received an Australian Taxation Office (ATO) Director Penalty Notice or directed to by the courts for insolvent trading, you run the risk of personal liability. However, if you have implemented a genuine plan to try and turn your business around, you are protected under Safe Harbour laws.
Battling debt can take a large toll on a person and approaching debt alone is a recipe for disaster. Bankruptcy does not have to be a stressful decision. In fact, declaring bankruptcy eliminates your debt and relieves you of financial stress so you can start fresh.
How Do You Know If You Need to Go Bankrupt?
- Making minimum repayments on your credit cards
- Creditors and debt collectors are harassing you
- You use credit cards to pay for necessities
- The thought of sorting out your finances makes you feel scared and out of control
- You’re unsure exactly how much you owe in debts
Home Owner Bankruptcy Tips
Our 3-Step Bankruptcy Process in Brisbane
9 Changes You Can Make to Avoid Bankruptcy
- Don’t ever ignore your financial problems. Speak to a specialist at Revive Financial for free advice.
- Stop getting more loans and credit cards as increasing your debt won’t help. Don’t use a personal loan or a credit card as a means to pay off other debts.
- Be honest with your creditors about your financial situation. They should be open to negotiation if you are having trouble meeting your repayments.
- Pay your most important bills first. Bills such as your mortgage, rent and utilities are day-to-day necessities.
- Look at changing your insurance, mortgage or electricity provider to try and save money.
- Find out if you are eligible for Government benefits.
- Have all of your bills set to the same due date to avoid late fees.
- Live within your means – try to use cash instead of card to monitor your expenses more easily.
- Sell extravagant purchases such as expensive cars, designer clothes and handbags which you don’t need.
Declare Bankruptcy with Revive Financial
At Revive Financial, we provide an Australia-wide service and have been supporting individuals and businesses through the bankruptcy process in Brisbane for years. Our team consists of personal insolvency specialists including Chartered Accountants, ASIC Registered Liquidators, Bankruptcy Trustees and business advisors with a combined experience of over 43 years.
Whether declaring bankruptcy is the right option for you is entirely dependent on your individual financial circumstances. Bankruptcy should only ever be your last option once all other debt relief options have been explored. Get in touch with our Brisbane team today on 1800 861 247 for a free 30-minute consultation to review your options and identify the best debt relief solution for you moving forward.