Exploring Bankruptcy can be daunting at first. But if you get the right information from registered professionals, you’ll have the power to make informed decisions about your financial future.
If you’re struggling with unmanageable debts and it’s causing you financial stress, it’s important you act quickly. Whether you’ve run into money troubles with unemployment, illness, a business or taking on too much debt – the first step in taking control of the situation is to ask for help. There is help available - please reach out.
Bankruptcy is a legal process where you're declared unable to pay your debts. It can release you from most debts, provide relief and allow you to make a fresh start. You can enter into voluntary bankruptcy. To do this you need to complete and submit a Bankruptcy Form. It's also possible that someone you owe money to (a creditor) can make you bankrupt through a court process.
During bankruptcy, your trustee may be able to claim, and sell, some of your possessions (assets). Your trustee can use proceeds from the sale of your assets to repay money you owe to creditors. These assets may include real estate, vehicles, bank balances, tools, lottery winnings. You must declare any assets you have when you apply for, and any you receive during, bankruptcy, with penalties for not disclosing information to your trustee in place.
Mitchell is a Partner of the Restructuring & Recovery division and heads up RSM's Restructuring & Recovery division in Brisbane. Mitchell is a registered Liquidator with over 17 years’ experience in the insolvency profession and has been with RSM since 2004.
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