Personal Bankruptcy

Personal Bankruptcy Lawyers

If you are being chased by debt collectors, or facing a personal debt crisis such that you cannot see a way through, getting legal advice might be the last thing on your mind. But when your financial situation is really dreadful and it looks as though bankruptcy might be on the cards, it is crucial that you get professional advice.

Getting advice and assistance from a lawyer who is experienced in bankruptcy and insolvency will help to protect you against claims. Our lawyers can help you preparing your bankruptcy application and assist with any queries or disputes that arise thereafter. In some circumstances, bankruptcy may be unavoidable but there may be other options for you to consider. We consider other pathways for example, there might be a basis for you to dispute one or more of your debts. It is sometimes possible to negotiate with creditors to reduce or remove your debt without having to declare bankruptcy.

Bankruptcy is a legal process that provides protections to people who are not able to pay their debts as and when they fall due. There are two ways to be made bankrupt:

  • you can volunteer to be made bankrupt; or
  • someone to whom you owe money (one of more of your creditors) can apply to the court for you to be made bankrupt.

Although bankruptcy can give you somewhat of a financial fresh start, you should not enter into bankruptcy without a proper understanding of what it means, because the consequences may impact you for years to come.

Some of the possible consequences of bankruptcy include that:

  • a trustee in bankruptcy will be appointed to deal with your creditors on your behalf;
  • some of the things you own may be sold to pay off your debts;
  • if you earn over a certain set amount, you may need to make compulsory payments to your trustee to be distributed to your creditors;
  • there may be restrictions on your employment or whether you can run a business;
  • there may be restrictions or conditions placed on you if you wish to travel overseas while you are bankrupt;
  • you will probably find it difficult to obtain credit – credit reporting agencies will keep a record of your bankruptcy for 5 years from the date you became bankrupt, or 2 years from when your bankruptcy ends, whichever is later; and
  • your name will permanently appear on the National Personal Insolvency Index.

Bankruptcy is a legal process and comes with some risks if you do not adhere to the laws and processes. Getting professional bankruptcy legal advice can help you achieve the best outcome for you and ensure you are protected.

Our highly experienced lawyers at PCL Lawyers can give you advice on what your options are in your personal circumstances.

Contact one of our bankruptcy lawyers in Melbourne or Sydney today for a confidential discussion about your circumstances. Please fill out the enquiry box on this page or contact us on 1300 907 335.

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Our Locations

CBD Office

Level 15, 440 Collins Street,
Melbourne VIC 3000

Chadstone

Level 8, 1341 Dandenong Rd,
Chadstone VIC 3148

Frankston

Ground Flr, 435 Nepean Hwy,
Frankston VIC 3199

Moorabbin

Level 1, 441 South Road,
Moorabbin VIC 3189

Preston

Ground Flr, 84 Hotham St,
Preston VIC 3072

Dandenong

Level 2, 311 Lonsdale St,
Dandenong VIC 3175

Sunshine

Level 5, 12 Clarke Street,
Sunshine VIC 3020