Credit Repair Australia offer a number of options to help you avoid Bankruptcy, however if you feel that Bankruptcy is your only option we can help you with the process.
The consequences of becoming bankrupt are quite severe and this is why Bankruptcy is seen as a last resort. In order to pay your creditors, your Trustee will; sell most of your assets, recover income you earn over a certain amount, may recover property that you have transferred to someone else prior to becoming bankrupt.
What happens to my debts if I'm bankrupt?
Once your Bankruptcy has been completed you will no longer have to pay the provable unsecured debt that you incurred prior to the Bankruptcy (these are things like credit cards, personal loans, etc). You will still have to pay some debts if you become bankrupt (like student loans, some fines, etc).
What assets can I keep if I'm bankrupt?
There are certain assets you can keep such as a car under a set amount. For a list of these assets and the set amounts please call us on 133 493.
What assets will my Trustee sell if I’m bankrupt?
Your Trustee will usually sell anything of value that is not protected, in an attempt to pay back your debts. If you earn over a set limit you will also be required to make payments to your Trustee.
For more information about Bankcruptcy and other Debt Solutions call us now or get in touch on our contact page.