The Crucial Areas of Bankruptcy that an Insolvency Specialist Should Assist You With

Declaring bankruptcy is often a stressful and confusing time. You may find yourself faced with many complicated decisions that affect major aspects of your life such as your financial freedom, your ability to acquire a mortgage and the security of your assets. This process is made even more confusing by the many myths and misconceptions surrounding bankruptcy in Australia.

An Insolvency specialist is someone who is equipped with the right tools and knowledge to not only advise you on whether or not bankruptcy is right for you, but also to ‘hold your hand’ throughout the process.

The fact that you have gone bankrupt will go on to a government file and then from there, on to the credit rating company known as VEDA where they can store your details for up to 7 years. You may have questions or concerns about your credit rating and how your credit rating will affect you in the future which your Insolvency Specialist can discuss with you.

During your bankruptcy period (generally 3 years), you may be required to make income contributions. The amount you must contribute will depend on how much you are earning and whether or not you have exceeded the income threshold amount; all of which your Insolvency Specialist can advise you of. They can also discuss with you how your assets, home and business will be affected by your bankruptcy and will work with you to get the best possible outcome.

At Bankruptcy Debt Help, we care about you and always have your best interests at heart. The goal of our Insolvency Specialists is to work along-side you through what can be a very stressful time in your life. contact our understanding team today for confidential debt help.

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