How Are People Made Bankrupt

How are people made Bankrupt – Think of an instance where an individual cannot repay their debts.

This is the situation where you are eligible for bankruptcy. Bankruptcy Brisbane is a process that releases an individual from their debts, not all but most.

There are two types of Bankruptcy:

  • Voluntary (Debtor’s Petitions)

A voluntary Bankruptcy involves an individual who is eligible for bankruptcy, can fill out and complete a debtors petition and a statement of affairs.

  • Court Appointed (Creditor’s Petitions)

A creditor that is owed greater than $5,000 by an individual cam pursue bankruptcy proceedings against that person. 

Should you wish to pursue an individual for bankruptcy please contact us today. 

In both instances, keep in mind that the period of bankruptcy is 3 to five years, but depending on the situation, a Trustee can extend that term to five or eight years from the date of filing the statement of affairs. 

how are people made bankrupt

How are people made Bankrupt – Is there a threshold amount that can force you into Bankruptcy?

Brisbane Debt Solutions advises, and can assist in lodging a Debtors Petition.

Likewise, this process allows you to become bankrupt voluntarily. During the process of a Debtors Petition, a creditor may take some action to the court, to declare you Bankrupt. This is called a Sequestration Order.

Yes, there is. The minimum amount that you need to owe is $5,000.00. This can allow creditors to force you into bankruptcy.

CAN YOU COME TO AN AGREEMENT WITH YOUR CREDITORS?

A way in which you can come to an agreement with Creditors is by submitting a Part IX Debt agreement proposal, which allows you to negotiate on funds between you and creditors.

Moreover, the agreement will illustrate how you will repay your debts. It is not always guaranteed that they will accept them, but it is always worth the try.

Brisbane Debt Solutions are here to help you through, step by step, all the way to find the best solution for you.

HOW ARE PEOPLE MADE BANKRUPT – IS THERE A THRESHOLD AMOUNT THAT CAN FORCE YOU INTO BANKRUPTCY?

Yes, there is. The minimum amount that you need to owe is $5,000.00. This can allow creditors to force you into bankruptcy. This is spoken about in the above paragraphs. 

HOW DOES BANKRUPTCY BRISBANE AFFECT MY LIFE?

It does not affect it much, but the main factors entering bankruptcy Brisbane is you cannot apply for loans, credit cards and you cannot fly overseas.

It is up to a Trustee Brisbane to decide on the Bankruptcy period, as stated above. 

Brisbane Debt Solutions are here to help you through, step by step, all the way to find the best solution for you.