How Does It Work
The Bankruptcy Act is a law to protect insolvent people from their creditors. Debt assistance can take on many different forms, some of which are regulated under the Bankruptcy Act. The term ‘Bankruptcy’ often sounds very negative, yet for those who are truly insolvent it is likely to be their only remaining option. Bankruptcy actually decreases the crime rate, as some people in serious financial problems will turn to crime as a way out. Bankruptcy laws form a fundamental part of a civilisation.
So, if debts are ruining your personal life or crippling your business, bankruptcy may well be the type of debt assistance you require. In Australia this is a well understood process. It is legitimate and legal and is based on common consumer and corporate laws as set out in the Australian Bankruptcy Act.
Who Needs Debt Assistance?
Well, perhaps you do. Forget the stigma of bankruptcy, many famous people an d companies have declared bankruptcy. To name a few – Walt Disney, General Motors, Kim Basinger and Meatloaf .
There is a perception that bankruptcy is just a convenient way out of problems or, worse, a deliberate business rort. That may be true of a very small percentage, but almost all of the clients we have dealt with hit hard times when circumstances beyond their control changed. Circumstances relating to the economy or personal or both, yet the reality was that clients that declared bankruptcy genuinely needed to do so.
You need debt assistance If:
- Debt Collectors are chasing you and you have no way to pay them;
- You are up to date with your payments, but only because you are increasing your credit;
- You can no longer pay your regular bills.
Studies have shown that a large number of the Australian population are suffering under the burden of debt, with more and more working families feeling the pain from increasing costs.
After considering all of the facts, we will explain what we need from you if we feel that a Part 9 Debt Agreement is a suitable option. We will also prepare a report with our analyses and recommendations and our requirements. This will be sent you for your reference. When we receive the necessary response we will evaluate and then prepare and complete all required statutory documentation.