There is a way out of this
When you can’t face another private number calling or more red-labelled letters in the mail, it’s time to look at your alternatives.
A personal bankruptcy doesn’t have the stigma associated with it like it used to, nor does it mean that your life is over. It’s simply a saving grace when faced with debts you just cannot pay anymore.
Be Free From Money Worries In Just Days
Filing for a personal bankruptcy is a very fast process, discharging you from worry and the pressure of repayments within days of filing your application.
Whilst there are a few downsides, such as a permanent record of having been bankrupt and some limits on your lifestyle, it’s only three years of being under administration until you’re free to live and do as you wish again.
Bankruptcy is quite serious, but doesn’t have to be viewed as a bad thing. In some cases it’s a better option than a debt agreement, as you don’t have to keep struggling to pay your debts and can start saving money to rebuild your financial future soon after filing.
Filing for bankruptcy usually will mean the loss of your family home as it’s an asset your bankruptcy trustee will want. However there are options to save it (under certain circumstances). But it’s important to act fast if you would like the chance to keep it. If one of your creditors bankrupts you first, it’ll be out of your control.
After Bankruptcy, You Can Still:
- Retain your passport and travel overseas subject to permission from your trustee
- Earn as much as you like except over certain limits you’ll be required to contribute some of your earnings towards your bankrupt estate
- Have a credit card up to the value of $5,000 subject to permission from your trustee
- Run a business by trading under your own full name
- Own a car subject to certain limits
- Retain your home (only under certain circumstances)
Help for a Distraught Director and Accountant
Australian Debt Solvers were extremely competent and spent a great deal of time answering our questions. Everything was set out clearly and in a helpful manner with easy to understand instructions. Advice was given with the greatest consideration. I would strongly recommend them to anyone who needs help with company liquidation.
They answered every question we asked within a very short space of time. Nothing was too much trouble and they were very understanding – knowing how hard it is for a business to come to this decision.
I have told other Accountants about the great service they provide.
Keeping a profitable business, after the Court had appointed a Liquidator
We spoke to ADS after our company had already been wound up by the courts. We wanted the assets from the liquidated business, but didn’t know how to get them. We called Debt Solvers and they took care of everything….they got an “Authority to Act” from us, spoke to Deloittes who were the Liquidator, negotiated the sale of the assets, set up a new company for us…….and we are now going from strength to strength. Money was well spent with ADS!
Gary & Jo, UFIF Engineering
Turning around a company that owed too much to the Tax Office
Our company is a Medical recruitment agency with mostly Government based clients. We had a good sales forecast……but were heavily weighed down with debt, mostly from the ATO. I met with Debt Solvers….when I thought I was going to lose the business. They talked me through Voluntary Administration where you offer creditors a reduced amount, and you pay the reduced debt over 12 months – which is called a Deed of Company Arrangement. Our creditors agreed on the offer, and we have gone from strength to strength. ADS even organised a Debtor Finance company to assist with our cashflow at a reasonable rate. Considering I thought we were going to lose the business – an great result!
Shaun, Beat Medical
We’ve helped thousands of Australian Business Directors with the Lowest Price Liquidations in Australia!
Australian Debt Solvers takes up to 10 enquiries per day from Australian Companies that have debt issues. A lot of these have under $100,000 of unsecured debt, with no company assets, and simply need to close the company down. Debt Solvers does this for a fair price, efficiently and with empathy for the Director. It’s a service that has proven extremely useful for Directors, right across Australia.
A low cost Voluntary Administration service to get companies back on their feet
Australian Debt Solvers hears from a lot of Directors, where there company could be profitable and trading well, but they are being tied down by too much debt – of which the majority is usually the ATO. We have worked through with hundreds of companies – a Voluntary Administration – where we negotiate and reduced amount of debt to creditors over usually a 12-24 month period. This is called a Deed of Company Arrangement….and is an extremely effective method of assisting companies to “get back on their feet”. Debt Solvers charges a fair price through this process…….and it’s great to see a business go from strength to strength after this service.
Blows competition out of the water
Firstly Dave showed compassion when the other liquidator was very impersonal. Secondly Australian Debt Solvers are helpful – there was stuff Dave didn’t have to tell me as he is just dealing with our company not our personal affairs. However he answered all my questions which makes it easier and gives me a lot more confidence that we are not breaching rules as we wind down. Thirdly, the fee is so much cheaper than a traditional insolvency practice. So far I am very impressed with Australian Debt Solvers. I will post another review once we have completed the process.
There are two main types of bankruptcy – with and without assets
Bankruptcy With Assets
If you file for bankruptcy with real estate, vehicles, shares, businesses or other types of assets in hand, they will be placed under the control of your bankruptcy trustee as of the time of filing.
Subject to permission from your trustee, you don’t necessarily have to lose your home and you can still retain a car (as long as there’s less than $7,600 equity in it after deducting any loans). If it is a shared car (for a married couple for instance) then the value rises to $15,200. Read More
Bankruptcy Without Assets
This type of bankruptcy is quite straightforward. Your trustee will total your debts, advise your creditors that you have filed for bankruptcy and will simply monitor your income annually for three years; less if you can afford to pay out your debts within that time.
For creditors in this type of bankruptcy, they can only expect to be paid something should you earn above your Income Threshold Amount (the point at which you must pay 50% of your after-tax earnings above that to your estate).
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OUR KEY CREDENTIALS
- In-house ASIC Registered Liquidators, Administrators and Receivers
- CPA and CA Qualified Accountants
- ARITA (Restructuring & Turnaround Association) memberships in-house
- Over 40 staff
- Offices in Sydney, Melbourne, Perth, Brisbane, Gold Coast, Adelaide, Townsville and Darwin
- One of Australia’s fastest growing insolvency firms
- Dedicated enquiry team with 24/7 service
- National legal network and expertise
- Diverse funding and finance options if required
- Rated 4.9 out of 5 on service review site Trust Pilot