Bankruptcy: Providing You With a Fresh Start in Melbourne
Are your debts getting out of control? Every year, thousands of Australians are struggling with debts they can’t afford to pay. Despite what you may have read and researched, bankruptcy is nothing to be afraid of. There are many options available for relieving you of the stress related to debts, however, Bankruptcy clears your debts completely and gives you the opportunity to start over.
At Revive Financial, we can help you move on with your life with the assistance from experience and understanding professionals. Our team has helped thousands of individuals understand how bankruptcy works and guide them through the process. We make sure you know the benefits and consequences before declaring bankruptcy as there may be a better option suited to your individual financial situation.
Financial difficulty can put strain on all aspects of someone’s life. It not only affects your own mental state, but also puts pressure on your family, friends and work. If struggling with debts has gone on too long for you and you can see no way out, bankruptcy may give you the freedom to move on with your life.
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Am I Eligible to File for Bankruptcy?
The only eligibility criteria to file for bankruptcy is if you’re unable to pay your debts when they fall due. There’s no set debt amount to qualify, but you should consider the consequences of bankruptcy before applying. If you’re only struggling with a small amount of debt, the impact of bankruptcy on your lifestyle may outweigh the benefits of eliminating the debt and there may be a better option for your financial situation. This could be debt consolidation, an Informal Agreement or a Formal Debt Agreement.
Will I Lose My Job?
You are still able to work while you’re bankrupt and can earn an unlimited amount. However, once you earn over the set threshold, part of your wages are then taken to pay for your bankruptcy and repay your creditors.
Are All My Debts Included in Bankruptcy?
Most unsecured debts such as credit cards, personal loans and utility bills are covered in bankruptcy. Secured debts, such as a car on finance, radio rentals or Centrelink debts are generally excluded. This means you must maintain the repayments on these debts during your bankruptcy period, otherwise recovery action may occur.
Are My Personal Assets Secure During Bankruptcy?
Assets over the set threshold amount may be surrendered to your Bankruptcy Trustee to be sold in order to repay your creditors. For example, if your car is over the value of $7,900, it can be sold when you go bankrupt.
Step Out of the Mess and Get Back to Living Your Life with Revive Financial
Bankruptcy is intended to provide you with a fresh start financially, but making the decision is not easy and should not be rushed. There may be other options available which will have less impact on your life and provide you with the debt relief you need. The only way to find out is to contact us at Revive Financial to discuss your options and see if bankruptcy is the right path for you. Give our Melbourne team a call today on 1800 861 247.