Declaring Bankruptcy in Qld

Even in the most difficult financial positions, there’s hope for a brighter future. If you’re looking at declaring bankruptcy in Queensland, Debt Rescue can help make the procedure as simple as possible.

With our friendly Case Managers by your side, we’ll find the best option for your financial situation.

Is declaring bankruptcy my only option?

In a lot of cases, no. It all comes down to the nature of your circumstances, and whether another solution might be suitable. In the right situation, you may be able to resolve your situation with a:

Debtstroyer Agreement

One of our Case Managers will work with you and your creditors to reach an informal agreement where you pay back what you can (often without affecting your credit history).

Debt Agreement

Using the legal frameworks of a Part 9 Debt Agreement, your Case Manager will help you arrange an agreement to pay back as much of your debts as you can.

Should I declare bankruptcy?

It may seem like the simplest way to resolve your financial difficulties. But before you make the declaration, it’s worth considering:

  • Your income – If you still have access to income, would a debt agreement put your debts in a more manageable position?
  • Changes in lifestyle – Sometimes we can work with you and creditors to find an agreement that suits any changes to your lifestyle. If you’ve been affected by loss, separation, redundancy or health concerns, there’s a chance your situation can be resolved without bankruptcy.
  • Your credit history – After declaring bankruptcy, acquiring a loan can be more difficult than it otherwise would be. If the situation is right, we may be able to help spare you credit history the weight of bankruptcy.

It’s not easy to tell what the best option would be. That’s where our Case Managers can help. With a wealth of experience in financial management, we can help guide you towards the solution that’s right for you.

Help Through All of Qld’s Bankruptcy Forms

The steps involved in becoming bankrupt can seem overwhelming. But with Debt Rescue, your friendly Case Manager will take care of all the forms and complexities, making the process as simple as possible for you.

We’re committed to getting you through your difficult financial positions with as little stress as possible, to smoothly transition you back to financial freedom.

FAQs of Declaring Bankruptcy in Queensland

Will I lose everything if I go bankrupt?

Definitely not. Your trustee is required to sell assets to help reduce your debt, but sometimes assets can be protected. These include:

  • Normal household items and appliances
  • Money in your bank account (usually up to $2,000) to cover basic living expenses
  • A motor vehicle valued up to $7,900
  • $3,750 worth of tools for a trade
  • Your superannuation (unless irregular contributions were made just before you went bankrupt).

You may even be able to stay in your home if a co-owner, spouse, family or friend is able to buy it from the trustee.

If I can’t pay my debts, do I have to go bankrupt?

Not always. If you’re earning a higher income, or you’re in a position where you need to avoid bankruptcy, it’s always worth considering:

  • Refinancing your home – This can help consolidate your debts.
  • Informal debt agreement – You pay what you can, without affecting your credit history.
  • Debt agreements – We’ll help you reach a formal agreement with creditors.

Will people find out if I go bankrupt?

Not necessarily. Officially, only your creditors will be notified of your bankruptcy. And if you apply for credit from financial institutions, they’ll learn of your bankruptcy from your record. But aside from these parties, no one else will find out.

Chat to an Expert Today

If you’re in need of financial support, why wait? Chat to a friendly Case Manager today, and we’ll help you get back into a happier and more manageable financial position.

For a chat about your circumstances, give us a call on 1800 00 3328 today.