Bankruptcy Advice in Gold Coast

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Bankruptcy will cancel your debt, allowing you to get on with living your life.

Everything is bigger, brighter and better in the Gold Coast, so we can understand if your levels of debt are bigger too. If you are struggling to repay your debts, then bankruptcy may be your best way out. Bankruptcy is a legal status that may allow you to overcome your financial hardships, when you declare bankruptcy, you will be released from your debts and your creditors will no longer be calling, emailing, sending letters, and knocking on your door

At Fix Bad Credit, we start by getting an in-depth understanding of your debt situation in order to develop a tailored solution that meets your current and future financial and personal goals. We then present to you your options for debt relief so you can make an informed decision about what’s best for you. Once you decide on the option that is best for you, we are more than happy to continue to help you, making the process as painless and stress free as possible.

How does Fix Bad Credit help?

It’s Fix Bad Credit’s job to present the options to help you find the best way to hit the reset button, clean the slate, and get on with life without debt holding you back. Our highly skilled, experienced bankruptcy experts will take care of all the uncomfortable requirements throughout the entire process, as you get on with living with your best life in the Gold Coast. Ensuring that when it’s time to come out the other side of bankruptcy, you are in the best shape possible to rebuild your financially secure future.

Will my credit score be affected?

Some people think that applying for bankruptcy means you will have a bad credit score for life. But this is wrong. Truth is, your score will be destroyed for the first three years after you declare bankruptcy, after this you are known as a “discharged” bankrupt. It can be a challenge to obtain loans during this period but it’s not impossible, and we can help. However, after 5 years (or 2 years after you are a discharged bankrupt) your credit score will improve and you can even get it looking perfect again.

How do you become bankrupt in the Gold Coast?

Bankruptcy is the process in which you legally declare you cannot pay your debts. To be eligible for bankruptcy in the Gold Coast, you must:
✓ Prove you are unable to pay your debts when they’re due
✓ Have a business or residential connection in Australia or be living in Australia.

You can either chose yourself to become bankrupt (called voluntary Bankruptcy), or under certain circumstances your creditors may apply to Bankrupt you through the courts, which is called a Creditor’s Petition.

Once you have been declared bankrupt, you can either nominate a trustee or the Australian Financial Security Authority (AFSA) will appoint one for you, to manage your finances on your behalf.
There is no minimum debt amount required in order for you to declare bankruptcy. However, if you have more than $10,000 in debt with a particular creditor, and the creditor has unsuccessfully tried to recover the debts you owe them, they can force you into bankruptcy.

Bankruptcy usually only affects unsecured debts, this means debts that are not tied to an asset such as your credit card debt or personal loans.

Our Aim

At Fix Bad Credit, our mission is your financial freedom. One of our experts in Bankruptcy Advice in Gold Coast 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 Queensland, 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 Gold Coast.

How entering bankruptcy may impact you:

If you are after bankruptcy advice in the Gold Coast, below are some matters that you need to assess and consider before entering into bankruptcy:
✓ Property/Assets – Some assets may be used to cover your debts.
✓ Your bank account – If you have over a certain amount of cash on hand in your bank account, it may be used to cover your debts.
✓ Money or property received while you are bankrupt – If you inherit or win money or property while you are in bankruptcy, it will be impacted.
✓ Paying contributions – If you earn over a certain amount, you may have to pay contributions towards your debts.
✓ Work – Some industries will not allow people to work in the profession if they are bankrupt.
✓ Company Director – You can only be a director of a company or otherwise actively involved in the management of a company, if approved by the court.
✓ Credit, rental property and other services – Your credit report will be impacted for up to 5 years or 2 years from your discharge, whichever is longer, and will be publicly listed on the National Personal Insolvency Index indefinitely. It may also have an effect on your ability to rent property, access telecommunications and other services.
✓ Restrictions on borrowing and trading – you can only borrow up to a certain amount, accept goods on credit or hire purchase up to a certain value, or offer to supply goods or services up to a certain value without disclosing to the lender or customer that you are an undisclosed bankrupt.
✓ Overseas travel restrictions – You can only travel overseas with the permission of your trustee.
✓ Limits on legal proceedings – You can only take or continue legal proceedings without the permission of your trustee except in relation to personal injury to you or your family.

Each and every person’s situation is different. At Fix Bad Credit, we strongly recommend you speak with one of our debt experts to get an understanding of how your own personal and financial circumstances may be impacted. financial

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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 bankruptcy advisor in the Gold Coast 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.

Get Your Free Credit and Debt Assessment Now


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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.