Bankruptcy is the means by which you can resolve overwhelming personal debt.
Bankruptcy isolates the financial problem you have by creating a separate ‘bankrupt estate’. That provides a framework for dealing with the people you owe money to, and finalising the debt.
It might help if you think of the Bankruptcy Act like the road rules: rules everyone should follow because they are designed with the aim of providing a safe environment.
Your bankruptcy trustee’s job is to administer the newly created ‘bankrupt estate’ in line with the provisions of the Bankruptcy Act.
The ultimate aim of bankruptcy is to settle your former debt, so you and the people you previously owed money to can get on with your lives.
Your household effects are exempt – but not valuable art or antiques.
Your super fund is safe – providing it has been accumulated legally.
Your bank accounts continue to work for you – without the debts.
With us, you get to keep your passport.
Your bankruptcy will be noted on your credit record – but not forever.
You can keep your personal transport, but there are conditions.
Working with me, you can have cash and live your life.
You can remain living in your home (please read the full story HERE
), but there are requirements to be met.
You can have the convenience of a card – but not a credit card.
Yes, you can travel – with conditions.
Bankruptcy is designed to give you enough money to live your life, but the amount will depend on your family situation.