Are you having financial difficulties? Are debt collectors pursuing you? Do you need a fresh start?
Personal bankruptcy can be stressful and take a serious toll on your mental and physical wellbeing.
Clifford Gouldson can help to ease the stress of bankruptcy by working with you to ensure you understand all financial options available and by prioritising your assets and happiness.
We recommend that if you are considering bankruptcy that you first evaluate all your potential options and keep bankruptcy as a last resort. This is because there are strict obligations and limitations imposed on a bankrupt individual.
Before declaring bankrupt you should consider the following:
- Not all debts are cleared from bankruptcy
- A bankrupt individual’s ability to travel overseas can be limited and can be made to surrender their passport
- If a bankrupt individual earns over a set amount, they will be required to make payments to the trustee
- For a certain time period, a bankrupt individual cannot act as a company officer and cannot trade under a registered business without disclosing their bankrupt status.
If you would like tailored, expert legal advice regarding bankruptcy, contact a member of our Litigation and Dispute Resolution team.