Bankruptcy is a legal process for when a person or business cannot repay outstanding debts to creditors.
If an individual is declared bankrupt by the Courts, a Trustee is appointed to take control of the insolvent person’s estate in order to turn their assets into cash to distribute equally among creditors.
Whilst bankruptcy can provide relief if you can no longer pay your debts, it is important that you are aware of the consequences of bankruptcy and the availability of alternatives.
Shire Legal can assist you with:
- Providing advice on the consequences of bankruptcy
- Advising on the alternatives to bankruptcy
- Determining the best course of action to take
- Negotiating with your creditors
- Assisting in satisfying the requirements of the Australian Financial Security Authority
- Representing you in proceedings taken by the creditor
Contact the team at Shire Legal if you have any questions or require assistance from one of our experienced lawyers.