For many, bankruptcy is a final resort that should only be contemplated when all other options have been properly considered and investigated. If you want to avoid bankruptcy, follow these steps:
The first thing that must be done if you want to avoid formal bankruptcy is to determine if you are financially insolvent .
To determine this, you need to take a proper look at your finances, develop a good understanding of your budget and determine if you are actually able to repay your debts.
We offer a free financial assessment. This assessment will determine if you are insolvent or not. Our professional debt advisors will also be able to explain all of the options which will be available to you.
Once you have have a clear picture of whether you are insolvent or not you will be able to select from the available debt solutions. If you are solvent, you should set up an informal debt repayment plan . If you are insolvent, which means you can no longer afford to repay your debts, you will need to look at a more formal debt solution which may include a debt agreement or a personal insolvency agreement.
Both of these are formal agreements are regulated by Australian government legislation which allows for a formal settlement with your creditors and avoids formal bankruptcy. Whilst these formal agreements are legislated under the bankruptcy act, they allow you to retain more flexibility and avoid the stigma and strict rules of formal bankruptcy.
If you wish to explore an alternative to formal bankruptcy call our expert advisors today on 1800 98 10 70. We provide a toll free line on 1800 98 10 70 and let us help you Get Debt Free.