You may not be aware, but there are a range of alternatives available to an individual to avoid declaring bankruptcy, such as:
Debt Agreements offer individuals experiencing financial distress the same relief as bankruptcy by providing the individual with a release from their debts upon discharge. They are used where a person's debts, income and assets are relatively low. An agreement is presented and voted on by creditors which match the serviceability of the individual.
Personal Insolvency Agreements
Those wishing to avoid bankruptcy should consider a Personal Insolvency Arrangement regulated by Part X of the Bankruptcy Act 1966, whereby the individual proposes an arrangement with his or her creditors. The content of the proposal is very flexible and is often less onerous for the individual than bankruptcy.
We understand there are many myths surrounding bankruptcy and what it means. Contact Shaw Gidley and speak with one of our Bankruptcy Specialists to get the right advice and find the solution that suits your circumstances.
All dealings are strictly confidential and obligation free.