Bankruptcy Brisbane. If your financial situation has become overwhelming, and you’ve explored all other options, bankruptcy may be the best route to take. Bankruptcy is a legal process that releases you from your unsecured debts, allowing you to start fresh.
While there are some negative consequences associated with it, the positives typically outweigh the negatives.
An individual is eligible for bankruptcy on the Brisbane, Queensland if he or she cannot pay his or her debts as and when they fall due and has either a residential or a business connection to Australia.
No minimum or maximum amount of debt is required to enter into a consolidation process.
There are two ways to become bankrupt in Brisbane: the creditor’s and the debtor’s petition. In the first, a creditor forces you to become bankrupt; in the second, you decide to do it yourself.
Our Brisbane bankruptcy specialists will manage the process for you. They will help you with the paperwork and become your registered bankruptcy trustee, ensuring that maximizes your chances of making a fresh start.
Brisbane Bankruptcy Practitioners
Our Brisbane, Queensland solicitors are experienced working in consultation with clients from small business owners to high-net worth individuals in the processes associated with bankruptcy proceedings.
Bankruptcy can occur either with the filing of a Debtors Petition in which the debtor declares himself bankrupt or with the filing of a Bankruptcy Notice by an officer of the court.
Alternatively, the Court may issue a Sequestration Order in response to action being taken by aggrieved creditors, in which the Court declares your bankruptcy. The Bankruptcy Act dictates how the bankruptcy process unfolds and it occurs in a uniform manner regardless of how the proceedings begin.
Bankruptcy Claims Process Brisbane
Brisbane Debt Solutions, Brisbane based bankruptcy lawyers advise clients that make an enquiry about our services as they proceed through the steps of bankruptcy.
When a company enters bankruptcy proceedings, a trustee is appointed to administer the bankruptcy estate in much the same way that an executor administers an estate.
A number of responsibilities are given to them, the most important of which involve:
- A receiver or a liquidator is appointed to take control of an insolvent individual’s business;
- We can realise (sell) the individual’s assets and make distributions in the order of priorities prescribed by the Act.
- In some instances, the court orders a debtor to “claw back” on assets that have been transferred out of his or her personal capacity in an attempt to avoid paying creditors.
- The court will monitor the income of the bankrupt, who must make contributions from his or her income to pay creditors, and object to discharge (which allows an individual to erase his or her debt and obtain a clean financial slate) when the individual is not meeting those requirements.
- In addition to reporting the individual to the Australian Financial Security Authority (AFSA), report any other offences committed by them to the authorities.
- Producing a report to creditors in which you estimate the returns they will receive.