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.
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:
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:
Getting professional legal advice can help you achieve the best outcome for you. In some circumstances, that means bankruptcy, but there may be other options for you to consider, and it is important that you know what they are. For example, there might be a basis for you to dispute one or more of your debts, and it is sometimes possible to negotiate with creditors to reduce or remove your debt without having to declare bankruptcy.
Our highly experienced lawyers at PCL Lawyers can give you advice on what your options are, and help you to weigh up those options to get the best outcome in your personal circumstances. Contact our team today for a confidential discussion about your circumstances and how we can help you. Please fill out the enquiry box on this page or contact us on 1300 907 335.
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