Are you staring down the barrel of declaring yourself bankrupt in Australia? If you are facing financial hardship then you are not alone. We understand that everyone can hit hard times on occasion. However, this is no excuse for someone leading you down the path of declaring bankruptcy. Don't be sucked into entering into a debt agreement or declaring bankruptcy. We are here to let you know that we can offer you an alternative solution.
We understand that everyone faces financial strain at some point in their lives. In Australia, even households and businesses that seem to be thriving can experience unexpected hardship due to life changes, job loss, or factors that are out of our control. That’s why, here at Get Out of Debt Today, we offer you expert advice and consultations about the true consequences of bankruptcy, debt agreements and other financial issues - we want you to get back on your feet and stay there with the best possible outcome for your future and all that you wish to attain. We want you to get your finances under control, maintain your great credit record and clear your debts once and for all.
It is worth noting that when it comes to debt in Australia you are not alone. Personal bankruptcies and insolvencies are at a record high in Australia, affecting three times as many Australian compared to twenty years ago. There is, however, no safety in numbers when it comes to declaring bankruptcy and insolvency.
Consequences to Declaring Bankruptcy in Australia
What you need to know before declaring bankruptcy or insolvency in Australia
Get Out of Debt Today treats declaring formal personal bankruptcy and insolvency in Australia as an absolute last resort. Declaring formal bankruptcy can have long lasting negative impacts on your finances, namely your credit rating and ability to borrow money in the future. In some cases, a black mark against your personal credit rating can severely restrict your financial earning capability and liberties for up to 7 years. Furthermore, declaring bankruptcy means that you will be listed on the publicly accessible National Personal Insolvency Index (NPII) - this is permanent. the NPII is an electronic register of all personal insolvency proceedings. This list can be accessed by any person and will include personal information about yourself including your name, D.O.B. and address.
One thing that many Australian people are unaware of is that in actual fact you will be listed on the Australian NPII for simply lodging an application for a debt agreement. Lodging a debt agreement is actually an act of declaring yourself bankrupt. This is an official act of bankruptcy in the eyes of Australian law even if your debt collectors do not accept it. Debt collectors, creditors and insolvency lawyers will be able to use your debt agreement application against you in court of law to force you into bankruptcy.
"...You will be listed on the National Personal Insolvency Index once you make a proposal for a debt agreement..."
During and after your bankruptcy in Australia, you have certain obligations and face certain restrictions. Any creditors who are wishing to obtain a copy of your credit report can request this information from a credit reporting agency. Once you are declared bankrupt secured creditors, who hold security over your property, will likely be entitled to seize the property and sell it. Moreover, your potential freedom is drastically inhibited. Once you have declared yourself bankrupt you will need to gain permission off your trustee when wanting to leave the country.
"...You will not be able to go overseas without obtaining the trustee's permission in advance..."
What You Must Do Once You Have Been Declared Bankrupt
The Lasting Effects of Being Bankrupt or Insolvent in Australia
Other obligations that you are required to abide to once having been declared personally bankrupt in Australia include:
You must inform the trustee immediately if you win any money or other prizes
You must immediately inform the trustee if you obtain any new assets (e.g. a house or car)
Once declared bankrupt you must inform the trustee immediately if you become the beneficiary of a deceased estate
If any of your creditors hold valid security over any property and they take action to recover it, you must assist
You must surrender your passport to the trustee if you are asked to do so
You will remain liable for debts incurred after the date of your bankruptcy
You will will not be able to act as a director or manager of a company without the courts permission
You Don't Have to Declare Bankruptcy or Enter into a Debt Agreement
NO Debt Agreements, NO Bankruptcy, NO Defaults
We differ from other services in Australia in that we do not use debt agreements. Debt agreements are simply another form of bankruptcy. A form of declaring personal bankruptcy, debt agreements will negatively affect your credit rating, limiting your personal freedom and opportunities for the future. However, rest at ease as you don’t need to have a credit default or black mark listed on your record to solve your debt problems.
"...I saw a number of professional advisors about my situation, but only Get Out of Debt Today gave me the full solution to both my company and personal debt issues. Now even my credit card debt has been eliminated and I have no black marks. Why would anyone go bankrupt?!..."
Former director of Fox Symes and founder of Get Out of Debt Today, Justin Fox, offers a fresh perspective on debt solutions by offering a range of personally tailored solutions to wipe off up to 100% of your debt without affecting your credit rating, entering into a debt agreement, or declaring bankruptcy.
How to Wipe All Your Debts Without Effecting Your Credit Rating
Get in Contact with Get Out Of Debt Today
Ensure your future by making sure you can borrow money in the future without any black marks or defaults against your credit history. Talk to our team of experts today about how we can reduce your debt and take control of your finances once and for all.
How Get Out of Debt Today Differs from the Rest
We offer an alternative to Debt Agreements
Tailored Solutions to your unique needs and circumstances
No Black Marks against your name or credit file
Keep your credit rating in tact | No Defaults
Wipe off up to 100% of your debts once and for all
We say NO to debt Agreements
We reduce your debt
We protect your credit rating
We halt the banks | We negotiate a payment plan on your behalf speaking to your creditors and lenders.
Smart Budgeting | We will create a budget and an affordable payment plan tailored to your unique circumstances and financial situation.
Get Out of Debt Today: An Alternative to Declaring Bankruptcy & Insolvency
Finding your way out of debt can often be an overwhelming task – you are most likely stressed (or at least should be), scared, and probably out of your depth with the wealth of legal jargon.
Get Out of Debt Today can help you. They have wiped off up to 90% off some clients debt without entering into any form of debt agreement or filing for bankruptcy. Fill out the online form at http://getoutofdebttoday.com.au to find out more and receive a tailored plan of attack for your unique circumstances. Get Out of Debt Today.