When you’re experiencing financial hardship, it can be difficult to know where to go and who to turn to for help. It’s not uncommon for people in debt to feed a combination of guilt, shame, embarrassment, fear and dread about what their future holds.
Many Australians panic when they discover their only real option is to declare bankruptcy, given the negative stigma around bankruptcy. But the truth is, bankruptcy isn’t as bad as you may think and in fact, is a fantastic option for many people. People say it greatly reduces the stress, anxiety and even depression that can be associated with large amounts of debt.
Bankruptcy Debt Help are insolvency agents specialising in helping everyday Aussies who have found themselves struggling with debts and don’t know how to get back on their feet. We offer non-biased support, advice and guidance for people who are considering bankruptcy as an option and never pressure anyone into something that isn’t right for them.
Here are the 4 formal debt options under the Bankruptcy Act that you may need to consider.
- Declaration of intention to present a debtor’s petition (DOI)
This option provides you with temporary relief from being pursued by creditors while you seek help and decide how to proceed.
Bankruptcy lasts for 3 years and 1 day. At the end of this period, you are released from most of your debts.
- Debt agreements
These are binding agreements between you and your creditors to pay a sum you can afford.
- Personal insolvency agreements
These are agreements between you and your creditors to pay an agreed amount in instalments or lump sum.
Our Bankruptcy help and assistance services are available Australia wide including Perth, Melbourne and Sydney. Our specialists charge no upfront costs and keep all information completely confidential. Contact us today for more information.
If you are in Sydney, Melbourne or Perth and need help to sort out your finances after going bankrupt then bankruptcy Debt Help is the perfect solution for you. Don’t risk your future finances, get in touch with Bankruptcy Debt Help on 1300 900 194 for a confidential discussion on your case.