Are You Eligible For Bankruptcy?
You are eligible to file for bankruptcy if you meet these conditions:
You are incapable of paying your debts on time, meaning you are insolvent, and
You are currently located in Australia or have a residential or business tie to Australia.
There are no specific debt or income thresholds for eligibility, and there is no application fee for bankruptcy. However, if you are already a party to an agreement concerning the repayment of your debt, and wish to declare voluntary bankruptcy instead, you must first make contact with the administrator of the agreement. This is because the agreement must be terminated before you initiate a bankruptcy application.
What Items Are You Eligible To Retain?
Bankruptcy allows you to retain the most common household items of reasonable value, such as furniture, television, computer and household appliances. Additionally, you can keep other possessions as long as they fall below a specified value, including your car and tools essential for your livelihood.
In general, an individual can preserve the proceeds from a life insurance payout paid to themself or their spouse, provided it occurs on or after the date of bankruptcy, assuming specific conditions are met. You would also typically be able to maintain your interest in a superannuation fund.
To gain a better understanding of the protected assets under bankruptcy, do not hesitate to reach out to the experienced team at Brydens Lawyers.
Why Are Brydens Lawyers The Right Represntation For You?
With a specialised commercial law team at your service, Brydens Lawyers are the experts for advice and legal representation in matters relating to bankruptcy notices, bankruptcy proceedings and commercial debt recovery. No matter what your circumstances are, our proficient insolvency lawyers are well equipped to offer legal counsel to both individuals and businesses facing financial challenges. We can provide you with professional advice and guidance, specifically referencing the Bankruptcy Act and available debt recovery schemes, to help you achieve the most favourable outcome.
Pursuing Bankruptcy As A Small Business
The experts at Brydens Lawyers can assist individuals and small businesses in navigating financial difficulties. Our experienced bankruptcy and insolvency lawyers, part of our dedicated commercial team, excel in commercial litigation within the Federal and other Courts.
In periods of financial uncertainty and insecurity, we understand that many people may have questions about bankruptcy and debt recovery. Whether you are considering personal insolvency or the voluntary administration of your business, we can guide you through Australia's bankruptcy laws to ensure the best possible outcome for you, your family and your business
When Should You Consult Bankruptcy Lawyers?
If you are struggling to manage your debts, then we strongly recommend that you seek legal advice whether on a personal or company basis, our team of professional bankruptcy lawyers can help you reach the best outcome.
Additionally if you have recently received a statutory demand or creditors petition then it is absolutely crucial that you seek the right legal advice and representation from one of our bankruptcy and insolvency lawyers.
The Brydens Lawyers team is well prepared to offer the guidance and proficiency needed to alleviate your concerns and address any questions that you may have regarding personal insolvency, corporate insolvency or your existing company arrangements.
I Want To File For Bankruptcy: What Is My Next Step?
If you are considering filing for bankruptcy, then your first step should be to contact the team at Brydens Lawyers. Our team of legal professionals can help guide you through the sometimes complex process of declaring bankruptcy. Deciding to pursue bankruptcy is not a decision many people make lightly, and it can be a period that induces a high amount of stress. The team at Brydens Lawyers are here to help you and to help manage your case with compassion and care.
You can make an appointment with us to discuss your debt situation and how we can help you navigate this issue successfully. Get in touch with Brydens Lawyers today.
