Bankruptcy is a legal process that will clear most (if not all) of your debts. It can offer you a financial fresh start. We can deal with all the bankruptcy paperwork quickly and efficiently over the phone. It is however important to understand the consequences of bankruptcy and work out if bankruptcy is right for you. Get in touch with us to find out what you need to know.
Bankruptcy is a legal process which gives you a financial fresh start.
In bankruptcy, a “Trustee” is appointed to deal with your creditors and manage your bankruptcy. If you have any substantial assets the Trustee will look to sell these assets for the benefit of your creditors. There are however a number of assets which are protected from bankruptcy and cannot be sold by a Trustee – these include your household effects and a vehicle you use for transport (provided the vehicle is of moderate value). The standard bankruptcy period lasts for 3 years and during that time, if you earn a high income, you may be required to pay some amounts to your trustee.
Many thousands of Australians each year choose to go bankrupt voluntarily by filing a Debtors Petition. When you have all the facts, you may realise that bankruptcy is really not as bad as you think. Bankruptcy is not intended to be a penalty, it is intended to give you a fresh start. Give us a call to discuss any questions you may have.
There are a number of myths about bankruptcy which are either completely untrue, or only apply in rare situations. These include myths such as:
A number of these myths are addressed in our FAQ section however the best way to find out what is fact and fiction is to give us a call and discuss your specific situation. As we say above, when you have all the facts, you may realise that bankruptcy is really not as bad as you may think. Many thousands of Australians each year choose to go bankrupt voluntarily. Bankruptcy is about letting you hit that “reset” switch and starting over financially.
There are certain eligibility criteria. These include the need to be insolvent (be unable to pay your debts) and either be present in Australia or have a requisite connection with Australia. It is then a matter of completing the relevant government forms accurately and appropriately and then filing those documents. At Worrells we are able to assist you in answering any questions you have around bankruptcy and can complete all the required forms for you.
There are several alternatives to bankruptcy, including:
Get in touch with us now to discuss the best way forward for your specific situation in a simple, friendly and confidential call.
There are no limits at Worrells. We are dedicated to helping you at every step of the way to financial freedom. We handle everything for you (all the paperwork!) and you can call us any time to ask a question. We are always happy to answer your call.
"My experience working with Worrells has been nothing short of amazing. I found myself in a hole after some poor decisions in the financial markets lead to a large unpaid loan hanging over my head for a number of years. I was extremely stressed out and struggling to pay the interest on this loan while also keeping a roof over my head.
So, I reached out to Worrells, and from the moment they picked up the phone they have made my life a lot easier, I could tell that from the beginning they were empathetic to my situation and that they genuinely wanted to help. We had an open and honest conversation about my background and my current financial situation and came up with a plan so that I could move forward, debt free.
What really sets Worrells apart is the follow up work they do once the plan has been set in place, checking in the see how things are going and always happy to answer any questions on the intricacies and legalities of Bankruptcy / insolvency with an infectious upbeat attitude.
So, if you are in a similar situation, I can’t recommend Worrells enough, they have the knowledge, the experience and they are somebody who care about people and want to help them. I owe Worrells a lot for the amazing work they have done, and I will soon be in a healthier financial position because of them."