Rapsey Griffiths Insolvency and Advisory provide Bankruptcy and Personal insolvency advice to individuals and businesses experiencing financial difficulty in the geographical areas of Newcastle, Central Coast and all of Regional NSW.
We assist people to declare bankruptcy or enter into alternative arrangements with their creditors.
An individual can become bankrupt either voluntarily (debtor’s petition) or involuntarily (creditor’s petition).
Voluntary bankruptcy / debtor’s petition
It is possible for an individual or partnership to declare themselves bankrupt. If an individual has been unsuccessful in seeking an informal arrangement with their creditors or the amount owed to creditors is so insurmountable, they can file a debtors petition.
Involuntarily bankrupt / creditor’s petition
If an individual can’t pay their debts and they have not otherwise entered into an arrangement with creditors or voluntarily made yourself bankrupt, a creditor may choose to apply to the court to have that indiviual made bankrupt.
Information about bankruptcy
Bankruptcy has a number of impacts on an individual’s life. Below are links to the most commonly asked questions in relation to bankruptcy.
- House properties
- Bankruptcy and assets – quick guide
- Employment, income and contributions
- Obligations when bankrupt
- Your debts and creditors
- Overseas travel
- When does bankruptcy end?
For detailed information on bankruptcy Click Here.
For further information on declaring bankruptcy in Newcastle, Central Coast and regional NSW contact the team at Rapsey Griffiths for a confidential consultation or read our recent post on How To Declare Bankruptcy.