OVERVIEW

Bankruptcy can be a confronting time for an individual, and having the support of a professional and experienced team is essential. At Rapsey Griffiths we’ve been offering expert personal insolvency advice for years, guiding people from all walks of life through what can be a complex process.

At a basic level, we assist people to declare bankruptcy or enetr into alternative arrangements with their creditors. There are actually two ways an individual can become bankrupt – either voluntarily (debtor’s petition) or involuntarily (creditor’s petition).

VOLUNTARY BANKRUPTCY is when you declare yourself bankrupt. If you’ve been unsuccessful in seeking an informal arrangement with your creditors or the amount owed to creditors is so insurmountable, you can file for this.

INVOLUNTARY BANKRUPTCY OR CREDITORS PETITION is when you can’t pay your debts and a creditor applies to the court to have you made bankrupt.

Bankruptcy: what to expect

Bankruptcy is not only an emotional time, but a confusing one too. At Rapsey Griffiths we’re here to take you through the entire process and help you stay in control.

  • You will provide details of your debts, income and assets to your trustee.
  • Your trustee notifies your creditors that you’re bankrupt, preventing most creditors from contacting you about your debt.
  • Your trustee can sell certain assets to help pay your debts.
  • There will possibly be compulsory payments if your income exceeds a set amount.

Useful resources

Let’s talk today and tackle bankruptcy together.

AN EASY TO UNDERSTAND GUIDE TO INSOLVENCY

We’ve been offering expert personal insolvency advice for years, guiding people through what can be a complex process.

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OUR INFO

PHONE
1300 727 739
FAX
(02) 4926 8888

MAIL
PO Box 613,
Newcastle NSW 2300