Bankruptcy Advice in Brisbane

Ready Free Bankruptcy Advice

How Can You Get Rid Of Debt

If you’re struggling to get on top of your debt in Brisbane, are being harassed by creditors and your credit history is preventing you from entering into an informal debt arrangement such as debt consolidation, then a formal debt arrangement, like bankruptcy, might be an option for you.

Bankruptcy helps you deal with unmanageable unsecured debts such as credit cards or personal loans. When you become bankrupt, you don’t have to pay most of the debts you owe. For people in Brisbane experiencing financial hardship, Fix Bad Credit provides bankruptcy advice. If you are considering filing for bankruptcy, below is some information to help ensure it goes as smoothly as possible.

How Can Our Experts Help?

Bankruptcy in Brisbane is not something that happens all the time, but it is not uncommon either. In fact, it is far more likely for a person to file for bankruptcy in this state than in any other. Fix Bad Credit has been in business for many years. Professionals with insolvency experience in Brisbane are on our team and are willing to provide advice and assistance about the options available. You can count on us for the following services:

Your Fix Bad Credit debt expert will conduct a comprehensive analysis of your unique financial situation, investigating all other debt solution options, including bankruptcy alternatives.

Even if you are falling badly behind on your repayments, we are often able to negotiate a debt solution that can get you back in control of your finances, helping you avoid bankruptcy.
If bankruptcy truly is your best option, we can step you through the process, doing all the hard lifting while you get on with living life.

Our Aim

At Fix Bad Credit, our mission is your financial freedom. One of our experts in Bankruptcy Advice in Brisbane will carefully assess your personal and financial situation so we can tailor a personalised debt solution package to best meet your goals. Your personalised debt solution package will contain options to help you take back control of your debt and start you on your journey to financial freedom.

If you are desperate to get debt help in Brisbane, we are just a call away. If you are faced with challenges paying money you owe, our team of experts can assist you with a detailed evaluation of your options. Dependent on your specific circumstances there are both informal and formal debt solution options available to you. The Fix Bad Credit team is experienced in providing all types of debt help in Brisbane.

What are the alternatives to Bankruptcy?

People often turn to bankruptcy as the first option when struggling with their debt. However, you may be surprised to learn it’s not the only option. If informal debt arrangements are not available to you, a formal debt solution such as a debt agreement, is often a better alternative to declaring bankruptcy.

Formal Debt Solutions

There are other formal options for managing your debt under the Bankruptcy Act 1966, each having benefits and serious consequences. They include:

Debt Agreement – A formal legally binding (Part IX or Part 9) Debt Agreement helps you deal with unmanageable unsecured debts such as credit cards or personal loans. Your debt will likely be reduced to an agreed amount and the remainder you will be able to pay back through affordable regular periodic or lump sum payments. Find out more here.

Personal Insolvency Agreement – A Personal Insolvency Agreement is a formal, legally binding arrangement that is between you and your creditors to satisfy your debts. The arrangement could consist of a contribution of your income over a period of time or an assignment of your assets. It is the last option considered before filing for bankruptcy. Find out more here.

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Informal Debt Solutions

If you’re having difficulty making your repayments, you may want to try to reach an informal agreement with your creditors. Whilst informal debt solutions are not legally binding, they are likely to have fewer serious consequences than formal debt arrangements. Your creditors may be willing to:

✓ give you more time to pay your debts
✓ give you a lower interest rate
✓ charge you fewer penalties

Informal debt solutions in Brisbane could involve one, or a combination, of the following:

A Debt Moratorium, also known as a payment holiday or payment deferral, to either stop or reduce your payments and interest over a short period of time (usually between 3 to 12 months) to enable you to get back on your feet or to put other arrangements in place.

Debt Consolidation by bringing your existing multiple debts together into one single new loan, subject to a single interest rate, with a single regular (usually monthly) repayment it makes managing your debts significantly easier.

Debt Negotiation his involves discussions with your creditors to informally renegotiate the terms of your loan, this might mean settling the debt for less than the full amount, lower interest rates, reduced fees and/or extending the length of the loan to reduce the size of your minimum payments.

Debt Settlement If you have access to a lump sum, a debt settlement may help. A debt settlement is an informal arrangement with your creditors that offers less than the full amount you owe in order to wipe out the debt completely.

A longer-term informal arrangement a long term informal arrangement can last several years and often involves reducing your minimum repayments, reducing or freezing the interest owed over the period if you need more time to get back on your feet or to put other arrangements in place.

Bankruptcy in the Era of COVID-19

The economic impact of COVID-19 is creating significant challenges for both individuals and businesses. As a result, commonwealth legislative changes came into effect from 25 March 2020 to provide immediate relief for people facing financial difficulty due to the economic impacts of COVID-19. The temporary changes included:
an increase in the debt threshold, which enabled creditors to apply for a bankruptcy notice
an increase to the timeframe for a debtor to respond to a bankruptcy notice
an increase to the temporary debt protection period available to debtors.
As of 1 January 2021, those temporary changes have ceased. An amendment has also been made to adjust the bankruptcy threshold. This means:
the minimum amount of debt that can trigger bankruptcy is $10,000, down from $20,000
temporary debt protection allows for 21 days relief from creditors, instead of six months.

Your Fix Bad Credit Brisbane bankruptcy advisor can keep you advised of any other changes to the bankruptcy legislation if and when they come into effect.

Benefits Of Working With Fix Bad Credit

No more missed payments – unlike before when you had several bills to pay with different due dates, the Fix Bad Credit team in Brisbane can put together a payment plan for you where all you have is one payment each month, making it far easier to manage and much harder to forget.

Fix Bad Credit – The team at Fix Bad Credit in Brisbane will negotiate a repayment plan with your creditors that makes it easier for you to make your repayments on time and in full, demonstrating good repayment habits and avoiding defaults through late payments, improving your credit score.

No more annoying calls from creditors – lenders enlist the help of debt collectors to help collect payments from people who haven’t been paying up or who have a history of paying late. When you sign up with Fix Bad Credit, expect any calls from creditors to stop.

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    How It Works

    Becoming Financially Free Is Easier Than You Think

    Step 1: Identify

    Asking for help is the hardest part. Which is why you get a personal debt and credit solution expert to confidentially review your unique situation and work with you every step of the way

    Step 2: Plan

    We then work with you, providing options for improving your credit, reducing debt and managing any repayments

    Step 3: Repair

    We can then assist with your chosen options each step of the way, implementing your unique credit and debt solution strategy

    Step 4: Monitor

    We offer an on-going service to continue to monitor your credit situation, regularly reviewing any changes to your credit score and identifying potential problems before they affect your financial well-being.