Bankruptcy Advice in Sydney

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Pull Yourself Out of Hard Times

Not only is Sydney Australia’s biggest city, but it is also the most expensive place to live. Keeping up with the Joneses and the fear of missing out is forcing many people to get into unmanageable levels of debt. Are you struggling and finding yourself near bankruptcy? Don’t worry, you can get advice from our bankruptcy experts in Sydney. Finding yourself needing to go bankrupt can be stressful, however, our bankruptcy advice in Sydney is here to your rescue. If you are facing growing debt and trying to decide what steps to take, you can get tailored bankruptcy advice from Fix Bad Credit when you live in Sydney. Our experts in bankruptcy are able to assist.

What Causes Bankruptcy?

The leading cause of bankruptcy in Sydney today comes from excessive use of credit. When your debt only seems to increase, living life can become stressful and frustrating, you can’t sleep at night, your relationships are affected and even everyday shopping like buying groceries can seem overwhelming. The impact of the stress can lead to physical health problems, including decreasing our capacity to fight off illnesses – which is the opposite of what we all need right now. To keep yourself from drowning, you could take out more loans or use multiple credit cards, but the harder you try to get out of debt, the deeper you sink, and sometimes if you are only paying off the interest, it can feel like you are trapped. Sometimes the only solution is bankruptcy.

Our Aim

At Fix Bad Credit, our mission is your financial freedom. One of our experts in Bankruptcy Advice in Sydney 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 New South Wales, 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 Sydney.

Is There Any Way Out to Avoid Bankruptcy?

At Fix Bad Credit Sydney, we know that that mountain of debt can look overwhelming, we also know that that it’s possible to get out of debt, no matter how tough it might look. As debt solution experts, we assess your unique situation and offer personalised, tailored debt solution options to help you take back control of your money and start on your journey towards financial freedom for you and your family. There is always a way out of the problem, and bankruptcy doesn’t need to be your first choice. Fix Bad Credit is dedicated to helping you achieve financial freedom. We are an independent bankruptcy Sydney advisory team with access to people all over Australia.

How much can I earn when I am bankrupt?

It doesn’t matter where you live in Sydney, or across Australia, there is no restriction to how much you can earn when you’re bankrupt. However, once your income is over the net amount listed below, for every dollar you earn over that threshold you need to pay half back towards your debts.
Number of Dependants*Annual Net Income (after tax) – September 2021
0$60,515.00
1$71,407.70
2$76,854.05
3$79,879.80
4$81,090.10
More Than 4$82,300.40
Over this amount, half of any income you get goes towards repaying creditors. The applicable threshold depends on how many dependants you have.

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Get the Bankruptcy Advice You Need in Sydney

Located in the heart of Sydney, the Fix Bad Credit firm offers a wide range of services. All organisations, creditors, and individuals, including bankruptcy clients in Sydney, can rely on us to help with bankruptcy and insolvency matters. You can take advantage of our free initial consultation to better understand your current financial situation and help you determine the best course of action.

What You Can Do After Bankruptcy

For life after bankruptcy to be successful, your recovery from debt must be effective. Making specific life changes can help you recover after bankruptcy. Other than seeking expert bankruptcy advice in Sydney, here are a few tips that can help keep you on track:

✓ On top of all, you must keep track of your finances.
✓ Create a budget and stick to it. Avoid spending extravagantly.
✓ Do not use credit cards excessively; try opting for the “cash-only” option.
✓ Do not accumulate your bills. Pay them on time.
✓ Make sure you keep a check on your daily expenses.

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 Sydney Fix Bad Credit 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 Melbourne 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 Melbourne 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.