• Facebook
  • Instagram
FREE CALL: 1300 88 70 93
  • HOME
  • ABOUT
    • BLOG
  • PERSONAL
    • Bankruptcy
      • What Is Bankruptcy?
      • Voluntary Bankruptcy
      • Bankruptcy Advice
      • Bankruptcy How Do I Get Started?
      • Bankruptcy When Does It End?
      • How Are People Made Bankrupt
      • How Does Bankruptcy Effect My Life
      • The Role Of A Trustee In Bankruptcy
      • Bankruptcy And Creditors
      • Section 73 Proposal
    • Liquidation
    • Trustee
    • Part IX Debt Agreement
    • Types Of Liquidation
  • CORPORATE
    • Insolvency
    • Liquidator
    • Company Liquidation Advice
    • Dissolve Your Company
    • Receivership
    • Business Restructuring
    • Business Liquidation
  • LIQUIDATION
    • Company Liquidation Process
    • Company Liquidation Packages
    • Liquidators Role
    • Insolvent Trading
    • Shadow Directors
    • Preferential Payments
    • Director Penalty Notice
  • ADMINISTRATION
    • Getting Started With Administration
    • Why Use A Voluntary Administrator
    • Administrator
    • What Is Voluntary Administration
  • CONTACT
  • Menu Menu
  • How Are People Made Bankrupt

    EXPERIENCING PRESSURE FROM CREDITORS?

    GET ADVICE NOW
  • How Are People Made Bankrupt

    EXPERIENCING PRESSURE FROM CREDITORS?

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.

PHONE SMS EMAIL

Personal Insolvency

  • Bankruptcy
  • Liquidation
  • Trustee
  • Part IX Debt Agreement
  • Types Of Liquidation

Corporate Insolvency

  • Insolvency
  • Liquidator
  • Company Liquidation Advice
  • Dissolve Your Company
  • Receivership
  • Business Restructuring
  • Business Liquidation

Liquidation

  • Company Liquidation Process
  • Company Liquidation Packages
  • Liquidators Role
  • Insolvent Trading
  • Shadow Directors
  • Preferential Payments
  • Director Penalty Notice

Administration

  • Getting Started With Administration
  • Why Use a Voluntary Administrator
  • Administrator
  • What Is Voluntary Administration

Bankruptcy

  • Section 73 Proposal
  • Bankruptcy and Creditors
  • Role of a Trustee in Bankruptcy
  • How Does Bankruptcy Effect My Life
  • How Are People Made Bankrupt
  • Bankruptcy When Does It End?
  • Bankruptcy How Do I Get Started?
  • What is Bankruptcy

Personal

  • Bankruptcy
  • Liquidation
  • Trustee
  • Part IX Debt Agreement
  • Types Of Liquidation

Corporate

  • Insolvency
  • Liquidator
  • Company Liquidation Advice
  • Dissolve Your Company
  • Receivership
  • Business Restructuring
  • Business Liquidation

Liquidation

  • Company Liquidation Process
  • Company Liquidation Packages
  • Liquidators Role
  • Insolvent Trading
  • Shadow Directors
  • Preferential Payments
  • Director Penalty Notice

Administration

  • Getting Started With Administration
  • Why Use a Voluntary Administrator
  • Administrator
  • What Is Voluntary Administration
© Copyright 2022 - Brisbane Debt Solutions - Bankruptcy, Insolvency, Liquidations
Scroll to top