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Declaring Bankruptcy on the Gold Coast

When you’re in debt, it can be tough to see the light at the end of the tunnel. But with the help of our Case Managers, Debt Rescue can guide you towards a happy and debt-free life.

To start taking back control of your finances, chat to one of our Case Managers today.

Is bankruptcy my only option?

More often than not, you don’t have to go straight for bankruptcy. It’s also worth considering if your situation could be resolved by a:

Debt Agreement

Whether it’s a formal debt agreement or an informal agreement negotiated with your creditors, debt agreements can help you manage without declaring bankruptcy.

Debt Consolidation

By consolidating your debts, you can typically save on fees, interest, and the headaches that come with handling multiple debts.

So, is bankruptcy right for me?

Bankruptcy can be a quick and simple way to resolve your debts. But before you make your bankruptcy declaration, it’s worth considering:

  • Your income – If you’re only just unable to manage your debts, a debt agreement or consolidation might just make your debts manageable on your income.
  • Difficult events – It’s easy for debts to spiral if you’ve been affected by difficult situations like loss, redundancy, health issues or separation. In some cases, your Case Manager will be able to negotiate with your creditors and reach an agreement to make your debts manageable.
  • Your job – Some careers (such as in real estate) require licences that can’t be held if you’ve declared bankruptcy. If your career could be impacted by bankruptcy, we’ll help you explore options that suit you better.

With so many variables, it’s hard to tell what the best option is. If you’re not entirely sure how to resolve your financial situation, give one of our Case Managers a call. We’ll discuss your situation and help find the right solution to your specific debts.

FAQs of Declaring Bankruptcy on the Gold Coast

Will I get to keep any of my belongings?

In short, yes. Your trustee will be required to sell off some of your assets to recover what they can for your debts. But you’ll generally get to keep:

  • The appliances and items you have around the home
  • Up to $2,000 in the bank (enough to ensure you can meet living costs)
  • A vehicle valued (or financed) up to $7,900
  • Trade tools worth up to $3,750
  • Your superannuation (unless it’s discovered that you made irregular contributions prior to your bankruptcy).

You may even be able to stay in your own home. If your family, friend, spouse or co-owner is able to purchase the property from the trustee, they may let you stay on the property.

Is bankruptcy my only option?

Bankruptcy is rarely the only option. You’ll typically find you can avoid bankruptcy by opting for:

  • Debt consolidation – Most often in the form of home refinancing, consolidating your debts into a single credit can make them easier to manage and far more affordable.
  • Informal debt agreements – Our Debtstroyer Agreements can keep your credit history clean and help make your debts affordable.
  • Formal debt agreements – If you can’t afford to pay back your loans, a formal debt agreement can help ease what you owe while avoiding bankruptcy.

Will my friends and family find out that I declared bankruptcy?

They are not legally required to know, nor can they find out from any public register. Your creditors will be notified if you declare bankruptcy, and if you apply for another loan in the future, creditors will see that you were bankrupt in your financial history.

Otherwise, no one will be informed of your situation.

Ready to be rescued?

If you’re struggling to keep your head above water, why wait? Chat to one of our friendly Case Managers, and we’ll help steer you towards a happy and debt-free life.

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

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