We’ve all heard of business bankruptcy—big company bankruptcies frequently make the news—but what happens when you’re faced with the idea of declaring bankruptcy in Australia yourself? What is bankruptcy, and how does it work?
There is of course, no simple answer to the question above. While the basic principle of bankruptcy (or, in a commercial context, insolvency) is straightforward—it provides a company or individual with debt relief while compromising fairly with creditors—declaring business insolvency or personal bankruptcy is a complex process. There is no way to predict exactly what will happen when you file for bankruptcy. There is however, a clear place to start: If you’re in over your head financially, you should turn to experienced, professional bankruptcy lawyers My Lawyers for bankruptcy or insolvency advice.
If you’re in over your head financially, you should turn to experienced, professional bankruptcy lawyers My Lawyers for bankruptcy or insolvency advice.
Bankruptcy Australia: Essential Bankruptcy Information
If you’re wondering how to declare bankruptcy, you’ve come to the right place: My Lawyers can provide in-depth bankruptcy help, including information on applying for bankruptcy, filing for bankruptcy, and understanding bankruptcy rules. Our team of insolvency and bankruptcy lawyers have eased individuals and bankrupt companies through restructuring. They have helped numerous individuals declaring bankruptcy get their lives back. We work with our clients every step of the way, from the initial discussion of how to apply for bankruptcy through the lengthy process of ironing out details with accountants and financial advisors. We don’t rest until everyone involved is satisfied with the plan for voluntary bankruptcy. We know how to go bankrupt with the minimum possible legal, financial, and personal hardship.
Define Bankruptcy: How To Claim Bankruptcy
Claiming bankruptcy can be a relatively painless procedure, but it also has significant consequences so it’s essential that you contact a bankruptcy lawyer as soon as possible. Not only will doing so give you a clear and complete answer to the question, “What happens if I declare bankruptcy?”, you will have access to better legal protection if you file early and understand the consequences. Company directors who wait until the last minute to seek legal counsel while going bankrupt open themselves up to personal liability. Furthermore, individuals who delay declaring bankruptcy cheat themselves out of valuable opportunities to negotiate with creditors. In short, if you’re wondering how to file bankruptcy yourself—don’t. Do yourself a favour and urgently contact My Lawyers instead. My Lawyers provide legal services across a wide array of bankruptcy areas, including:
- Asset protection and restructuring advice for individuals & businesses/companies (as well as general advice on how to file for bankruptcy as a company).
- Insight on how to go bankrupt without running into unexpected debt recovery issues.
- Guidance in the area of issuing Bankruptcy Notices against individuals.
- Action against defaulting debtors (for businesses in bankruptcy proceedings).
- Advice regarding Bankruptcy Notices received by individuals.
- Action for individuals who have had bankruptcy proceedings brought against them.
- Obtaining discharge of bankruptcy
- Advice on matters of voidable preferences, such as preferential payments to creditors, and advice on how to deal with trustees.
- Commercial litigation advice and dispute mediation.
- Receive valuable, affordable and cost effective representation
- Negotiating with creditors to avoid bankruptcy
- Obtaining annulment of bankruptcy if not properly being declared bankrupt
Remember, what happens when you declare bankruptcy depends largely on how quickly you act and the quality of the legal team you choose. By negotiating promptly and effectively, you can ensure efficient financial recovery.
In the end, what does bankruptcy mean? If you work with My Lawyers, it means having the freedom to start over.
Get in Touch
To speak with one of our legal experts, please complete the contact form below or telephone us on (03) 8379 1000 to get in touch with us today.
 |