The act of going bankrupt is a legal process that can be declared when an individual cannot pay their debts. Here, in Australia Bankruptcy is governed by the Bankruptcy Act 1966 and is regulated by the Australian Financial Security Authority.
When you declare bankruptcy you give up control of your finances and assets to a Trustee who will provide you protection from legal action being taken against you by a person or entity to which you owe money.
As we said, depending on your financial situation there may be an alternative to bankruptcy such as an informal arrangement, debt consolidation, a mortgage refinance, a debt agreement or a personal insolvency agreement and you should talk to us to find the best solution for you and provide you with professional advice on whether you actually do need to go bankrupt.
Talk to us today!