Personal Bankruptcy
Bankruptcy is a legal process which allows a person relief from the burden of an overwhelming debt load.
It is a solution for those who are unable to qualify for a consolidation loan or to afford a proposal to creditors.
The process offers immediate relief from harassing collections calls and from most garnishees.
While bankruptcy is a process which should not be taken lightly, it is generally the process which will provide the quickest route to the elimination of your debts and the ability to start working on recovering your credit rating.
It is the process which should be chosen if your income does not allow for an offer to creditors (See Guidelines). In most cases you will be released from your debts in 9 months and can then immediately start the process of recovering your credit rating, for which we have good options to pass on. Most people are reluctant to accept the fact that Bankruptcy is their best option, and postpone the decision hoping a better solution will come along. Those who file for Bankruptcy generally feel a huge and immediate sense of relief. With the assistance of our Counselling process our clients learn how to better manage and budget their money. Having no debt in only 9 months, most are able to recover their credit ratings relatively quickly and soon become eligible again for vehicle loans and mortgages.
While Bankruptcy may be difficult to accept, it may be the best thing you ever do to get yourself back on the right track.
Please refer to Facts, Questions & Answers (Q & A) for answers to more specific questions.
Our Trustee is able to advise you which of our options are best suited to your specific circumstances.
