Bankruptcy Advice in Australia

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How entering bankruptcy may assist you

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.

Below are some ways Bankruptcy can relieve the burden of debt:

The pressure is taken off you because you don’t have to deal with your creditors
Legal action against you to recover many types of debt will stop.
The Sheriff will not be able to take your essential household goods
You will be able to keep some protected property such as essential household goods and a motor vehicle (speak to our debt expert for more information and the conditions that apply)
You can still earn an income
Most of your debts are cancelled.

How entering bankruptcy may impact you:

Below are some matters that you really 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 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 those that 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.

Our Aim

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

What are the alternatives to Bankruptcy?

At Fix Bad Credit, we understand the impact that declaring bankruptcy can have. Your Fix Bad Credit debt expert will conduct a comprehensive analysis of your unique financial situation, investigating all other debt solution options. 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.

Formal Debt Solutions

There are other formal debt solutions that have been developed and implemented by the Australian Government under the Bankruptcy Act 1966, to provide options for people who find themselves in situations where the debt they carry becomes unmanageable, but they wish to avoid bankruptcy. It is important that you fully understand what you are agreeing to before signing up to them, as whilst they have benefits, there can be serious consequences.
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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What is an Informal Debt Solution?

If you’re having difficulty making your repayments, you may want to try to reach an informal agreement with your creditors. Whilst informal debt arrangements are not legally binding, they are likely to have fewer serious consequences than formal debt solutions. An informal debt arrangement involves entering into an informal payment plan with your creditor(s) to enable you to pay your debts off over time – potentially deferring payments until you get back on your feet or making your payments more management and affordable.

The negotiated new payment plan could include paying your debts in a single, lower lump sum or continuing with a different repayment plan involving one, or a combination of options.

What are your Informal Debt Solution Options?

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.

How can Fix Bad Credit help?

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.
Debt is one of the few stressors in life that doesn’t go away. The worry is always there, along with the feeling that there is nothing that can be done about it. Money and debt worries cause heavy emotional and mental burdens, affecting your health, your work and your relationships. But just know you’re not alone. If you’re feeling overwhelmed by money matters, we’re here to help you find relief from your debt stress. Talking about debt can be daunting. It’s hard to know where to start or what your options are. However, you can take a small step right now by picking up the phone.

For more information on what might be the best option for you, call one of Fix Bad Credit’s debt experts on 1300 406 172. Our debt experts can help you assess your financial situation for free and identify debt solution options tailored for your specific personal financial circumstances, using their in-depth knowledge of credit law and debt processes.

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 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.