It’s easy to get confused when it comes to bankruptcy, as the term is often thrown around when referring to a business or person running out of money.
Our headquarters are based in Sydney, NSW but we have staff across Australia ready to help you no matter where you or your business is. Corporate Lifeline has already rescued hundreds of individuals and businesses, and also helped many more through their most stressful financial times and through insolvency/bankruptcy. We offer a number of solutions to restructure your personal affairs, to help you turn around/resolve your financial issues.
Bankruptcy is a term that’s often misinterpreted, as many people think of it as the same as insolvency. However, it’s quite different. While insolvency is a financial state you reach when you’re unable to pay your debts, bankruptcy serves as a resolution to insolvency.
It’s the legal process for those people who are unable to pay their debts when they become due. Once you become bankrupt, your creditors are no longer able to collect debts from you. Your available assets are then sold, and the proceeds distributed to repay your creditors.
The consequences of bankruptcy are often quite serious however, as there will be a record listed on the National Personal Insolvency Index. What’s more, along with your assets, any income you earn over a certain threshold could be recovered. There will also be an investigation of your financial affairs.
There are often other options available if you seek help early – bankruptcy doesn’t have to be the end.
By reaching out for help early on, it’s easier to find a solution. This means sitting down with an experienced organisation that’s cable of assessing all possible options. For example, selling assets to repay creditors without going bankrupt, or working out other types of repayment options.
After all, it is going to be a better alternative to turn your finances around instead of declaring bankruptcy.
So where can you actually seek help for bankruptcy?
Thankfully, there’s an organisation that’s available to help.
We understand that admitting you have a financial problem can be tough, and it’s often an extremely personal matter.
Corporate Lifeline is a professional and experienced organisation based in Sydney, with staff located all over Australia. We’re here to work closely with your company and guide you through the often complicated processes of bankruptcy. We can also walk you through a number of other areas that you’ll want to understand, such as the risk of insolvent trading.
You’re able to talk with an experienced insolvency practitioner straight away and you’re given a free quote with no hidden costs or other surprises. What’s more, we also handle the often difficult process of working with your creditors.
Waiting is commonly the biggest issue, so if you’re experiencing problems with regards to your business or your personal finances don’t hesitate to reach out to us.