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Filing for Bankruptcy When you are filing for bankruptcy, the first and foremost obligation is to have a trustee who will manage your bankruptcy. This can either be an official trustee or a registered trustee. The bankrupt individual may nominate a trustee of their own as well. Filing for bankruptcy may allow for some financial […]
Declaring bankruptcy can be a very complicated process, but for some it is worth the hassle due to the various benefits it brings. Discharging Debts Bankruptcy can help in discharging most of unsecured debt such as credit card, personal loans, etc. These creditors would be barred by law to take any legal action against you […]
Bankruptcy usually lasts 3 years and 1 day of application submission to the AFSA, and 3 years 1 day after you submit your statement of affairs in the case of creditor’s petition. This is called ‘Discharge from Bankruptcy’, but if the trustee thinks that you have not cooperated as much as you should have, then […]
There are two main types of bankruptcy, voluntary and involuntary. Voluntary Bankruptcy Also known as a ‘Debtor’s Petition’, voluntary bankruptcy is when you yourself lodge an application along with your financial statements to the authorities in order to be declared bankrupt. This could be initiated when you are unable to pay your debts and your […]
Bankruptcy is a legal process through which a person or an organization is declared as unable to further pay off their debts. All the assets of the debtor are evaluated and used to pay as much part of the debt as possible. Even though every bankruptcy application is unique, there are still some commonalities that […]
Before declaring bankruptcy Australia, one must as the question, What is Bankruptcy? Bankruptcy is a legal process where a person or an entity is declared unable to repay their debts to their creditors. Bankruptcy is often viewed in a negative light; however, it can release you from most debts, provide relief and allow you to […]
Bankruptcy is a highly specialised area of law and only few people in Australia specialise in it. It is a common misconception that bankruptcy means you have “failed financially”. Bankruptcy has a negative stigma about it – but that stigma is changing. We live in a time where entrepreneurship and “being your own boss” is idolised. […]
If you find yourself feeling the pinch, struggling to meet minimum repayments on debts, falling behind on payment arrangements or receiving angry calls from creditors – it can get overwhelming. At Brisbane Debt Solutions, our team of experts are able to help take the weight off your shoulders and help you focus on more productive […]
Statutory trusteeship appointments occur in various circumstances including: Proceedings under the Family Court whereby an appointment is made for the sale of a business or specific assets, usually property, equipment and vehicles There is a dispute between co-owners and an appointment is required to sell the assets subject to the dispute A property is owned […]
A solvency report is an independent expert report that is prepared to establish whether or not a business is insolvent. A solvency report is often required when: A company has received a Statutory Demand by a creditor for an outstanding debt Defending a winding up application in court There is a dispute among directors or […]