Nov 26

Understand the Restrictions of Bankruptcy

Step 5 – Understand the Restrictions of Becoming Bankrupt adobe creative suite You should fully understand the restrictions which bankruptcy may place on your life before declaring yourself bankrupt. If you can avoid bankruptcy by entering into a Debt Agreement or a Personal Insolvency Agreement, you may be able to avoid some of these restrictions […]

Nov 19

Don't Commit an Offence whilst bankrupt

Be careful not to inadvertently commit an offence whilst you are bankrupt. Committing an offence whilst you are bankrupt could lead to your bankruptcy being extended for up to 5 or 8 years and in some cases can lead to a prison sentence and/or a fine. Listed below are some offences described in the Bankruptcy […]

Nov 19

Step 4 – Complete the Forms

The Insolvency Trustee Service Australia (AFSA) publish and process Bankruptcy Forms. To become bankrupt you will need to complete and file the following documents: Statement of Affairs; Debtors Petition; and Prescribed Information The bankruptcy forms can be downloaded from the AFSA web site here, FREE of charge. Statement of Affairs A debtors' petition must be […]

Nov 19

Step 3 – Consider your Options

Bankruptcy Options If you are considering bankruptcy, you should carefully assess your options, including your options to avoid bankruptcy.  If you file for bankruptcy without carefully exploring your options it may be too late. What are my options? You can file for bankruptcy voluntarily or you can be made bankrupt through the courts (ie an […]

Nov 19

Step 2 – Get Expert Advice

It is critical that you approach an organisation with the genuine expertise in bankruptcy.  You should enquire if the organisation has a Registered Trustee that practices in bankruptcy. cheap antivirus software At Debt Free we have a private bankruptcy trustee who has a wealth of experience in practising bankruptcy, so you can be assured you […]

Nov 19

Step 1: Assess the Criteria

Do you have a connection with Australia? Australian Residents Residents of Australia are free to file for bankruptcy if you have overwhelming debts which you cannot pay. The Official Receiver at AFSA has the discretion to reject a debtors' petition if: it is not in the prescribed form; it is not accompanied by a Statement of […]

Oct 13

Bankruptcy Solution

Are you having too much debt that you unable to pay? In this desperate financial situation, you may think bankruptcy is your only option. It is important to seek professional advice from Get Debt Free before declaring yourself bankrupt. Our staffs are specialising in Bankruptcy Solution for Australians. We will assess your extreme situation and […]

Oct 13

Informal Agreement

An informal agreement may be best if you have low debt levels (less than $8,000) or you have 1 or 2 creditors only. When you have more than 2 creditors it may become difficult to reach a solution with all creditors. Even if you reach agreement with these creditors initially, an informal agreement is not […]

Feb 07

Personal Bankruptcy Myths

Personal bankruptcy is for a natural person with overwhelming debt which cannot be repaid. We recommend that you very carefully consider the implications of personal bankruptcy before you file for bankruptcy.