How long does bankruptcy last?
Bankruptcy has long term ramifications, such as obtaining credit and other restrictions. If you are experiencing trouble paying your debts it is important to act quickly, as negotiations and solutions can take time.
Bankruptcy comes about as a consequence of a person being unable to pay their debts and there is no prospect of being able to do so within a time acceptable to the creditors and according to law.
If you are an individual or a creditor we can provide clear advice about the bankruptcy process.
Our bankruptcy lawyers can work closely with you, your accountants, and your financial advisors to find the best solution for you, which can include:
If you have been served with a creditor’s petition by a creditor you have a few options. If you don’t respond to a notice or take action to file for bankruptcy voluntarily, bankruptcy will ensue and a trustee will be appointed, in which you have no say. This scenario is generally not the best way to go. If you have to declare bankruptcy, a more engaged and informed process is likely to be better for you.
If you do have a defence, you can engage a bankruptcy lawyer to help you defend yourself from the claim.
If you are considering entering bankruptcy or a creditor intends to bankrupt you, it is very important to understand the implications this will have on your future. Bankruptcy can be a complicated and stressful process with a number of strict deadlines; however, there are other options available to you. Our team of experienced bankruptcy lawyers can advise you on the many options available and help find the best outcome for you, as hard as that may seem at the time.
Good planning can minimise the stress greatly and many individuals find bankruptcy to be a relief from being chased by creditors. An experienced Bankruptcy lawyer knows how to present things in a legally compliant and appropriate way, reducing your stress levels in an obviously difficult situation. We are empathetic to your circumstances if you need to consider going bankrupt or are already bankrupt and need legal advice.
Our lawyers have extensive experience in helping creditors with debt collection. If you are considering filing a creditors petition you need to ensure that the legal documentation is correct in order for it to be successful. We can provide concise advice and representation if you are owed money.
Bankruptcy occurs begins in one of two ways:
If you have been served with a bankruptcy notice or a creditor’s petition, you should obtain legal advice as soon as possible. Failing to respond to a creditor’s petition will result in you being made bankrupt without recourse.
Seeking advice from a bankruptcy lawyer will help you navigate the process and may help you avoid bankruptcy altogether. Often, there are alternatives and an experienced bankruptcy lawyer will be able to navigate you through the process.
Our Brisbane Lawyers will provide you with expert legal advice as well as practical solutions. Our law firm has extensive experience in guiding client through their matter addressing commercial considerations and real-life situations and resolving issues quickly.Request a meeting
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