The bankruptcy process can be very stressful and confusing for many people. However, if you are struggling to understand what assets you can keep whilst bankrupt, our friendly and experienced team at Australian Bankruptcy Services are here to help. Your household effects (including your clothes and other personal effects) will be protected from sale in bankruptcy. Your car worth up
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Common Reasons Why People Go Bankrupt
There are many explanations as to why people find themselves facing bankruptcy. While some can be prevented, others may be victims to unexpected and devastating circumstances. Here are some of the common reasons why people go bankrupt. One. Unemployment of Loss of Income Loss of a job can cause serious consequences for some people. While some may receive workers
How long do bankruptcies last in Australia (2022 Update)
How long do bankruptcies last in Australia (2022 Update) If you are experiencing financial issues, filing for bankruptcy can help you get peace from your creditors and restore control of your life. Bankruptcy procedures are a significant concern and shouldn’t be treated lightly. Yet, they are overseen by a well-established rules system that ensures the procedure cannot be prolonged without
A Guide to Bankruptcy Offences
A Guide to Bankruptcy Offences When you file for bankruptcy, there are certain guidelines and rules that you must follow. It is not as simple as people think, but if you follow these simple guidelines you should be able to avoid committing any offences which could lead your bankruptcy being extended. You are not allowed to sell or dispose of
Weighing the Pros and Cons of Declaring Bankruptcy
It comes as no surprise that deciding whether or not to declare bankruptcy is a stressful and difficult task. Bankruptcy often comes packaged with a negative stigma that may leave one feeling like their reputation and self-image is on the line. However, though there are some negative consequences to bankruptcy, there are also many advantages that one should consider. We
What Debts Does Bankruptcy Cover?
There is a misconception that when people declare Bankruptcy, they are released from all their debts. This is not the case. While Bankruptcy does help to cover most debts, there are some that still need to be repaid. So what debts are covered by Bankruptcy and what debts are not? Unsecured debts Bankruptcy covers most unsecured debts and releases them
5 Signs to Indicate that You Should File for Bankruptcy
Bankruptcy: 5 Signs It’s Time to File If you’re experiencing financial hardship, you may think that’s time to file for bankruptcy — not so fast. That may not be the best option for your unique financial situation. Here we tell you five signs that it’s time to file bankruptcy. 1.You’re Using Savings to Pay Bills It may be tempting, but
How declaring bankruptcy can help your financial situation
After countless hours of consideration and learning about all the possible options to service your financial obligations, declaring bankruptcy might be the best solution for you. Declaring voluntary bankruptcy is certainly not an easy decision, however, it can alleviate you from financial stress and will allow you to start afresh and gain control of your finances again. Bankruptcy is designed
When Should I Declare Bankruptcy?
When Should I Declare Bankruptcy? Bankruptcy can be a difficult situation and decision to make. At Australian Bankruptcy Services, we are happy to guide you through the process. While it can be challenging to decide when or if bankruptcy is right for you, there are signs that it might be your best option. Owing Too Much Paying back your debts
What is a Bankruptcy Trustee?
What is a Bankruptcy Trustee? When you file for bankruptcy, it can be a challenging time. By law a bankruptcy trustee must be appointed to administer your bankrupt estate. If you choose to file for bankruptcy, you can either choose your own trustee or apply through the Australian Financial Security Authority (AFSA). AFSA is a government agency. If you apply
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