At Parke Lawyers, we assist you with the legal process of personal bankruptcy. This process helps to protect both debtors and creditors, and being bankrupt will avoid dealing with creditors directly. We know how challenging this process can be for someone, which is why we provide expert legal assistance and guidance throughout the process.
What is Bankruptcy?
Bankruptcy is a legal process that protects an individual who cannot repay their debts or to help them reach a suitable agreement with their creditors. If you declare bankruptcy, it means that you are unable to repay your debt or you cannot reach a suitable arrangement with your creditors.
Some of the most common causes for bankruptcy include:
- Unable to pay your debts;
- Personal guarantees were given for a company’s debts;
- You receive letters of demand, or bankruptcy notices from debt collectors.
Bankruptcy protects the creditors’ interests by appointing someone to investigate the person’s financial affairs and to try and recover sufficient funds to pay his or her creditors.
Certain debts however, are not released by personal bankruptcy, including:
- Maintenance debts
- Child support debts
- Court imposed fines
- Debts as a result of fraud
A bankrupt will normally be dismissed after three years after your Statement of Affairs has been filed. If you do not file your Statement of Affairs, the bankrupt will remain indefinitely.
Applying for Bankruptcy
When you want to apply for bankruptcy in Australia, consider all your options and make sure that you have no alternative option available. That’s why you need legal assistance from experienced lawyers.
At Parke Lawyers we have the expertise and the experience to provide you with the best possible legal advice and guidance, to help you through the process of bankruptcy and get your financial affairs back on track as soon as possible.
For more information about personal bankruptcy, please don’t hesitate to contact us.