Declaring Bankruptcy in Western Australia
Being in debt can be one of the most stressful situations you’ll face. But with Debt Rescue’s help, you can take command of your finances, and clear all the stresses that come with being in debt.
To start taking control back over your finances, chat to one of our Case Managers today about declaring bankruptcy in WA.
Is bankruptcy the only option I have?
More often than not, you have other options. You may find you can resolve your financial situation by opting for a:
Both formal debt agreements (such as a Part IX Debt Agreement) and informal arrangements (like our Debtstroyer Agreement) can make your debts more affordable and manageable.
If you can consolidate your debts, you stand to save not only the headache of managing multiple debts, but some of the fees and interest involved.
So, should I declare bankruptcy?
Bankruptcy can be a terrific way to move beyond debt. But it’s not for everyone. Before you declare bankruptcy, it’s worth considering:
- How much you’re making – If your income is almost enough to pay off your debts, a debt consolidation or agreement service with Debt Rescue might just help make them manageable.
- The impacts of difficult events – If you’ve been the victim of unfortunate events like loss, separation, redundancy or health concerns, hope isn’t lost. There’s a chance your Debt Rescue Case Manager can work with your creditors and reach an agreement to make your debts manageable on your income.
- Your job requirements – Some professions (like real estate) require licences that can’t be held if you’ve been bankrupt before. If you’re worried your career might be affected by bankruptcy, have a chat to one of our Case Managers about what options you have available.
With so much to consider, it can be tough to tell what the right option is. That’s where our Case Managers can help. With a wealth of experience in debt resolutions, we can help you find the best path towards a happy and debt-free life.
Guidance Through Bankruptcy’s Red Tape
Declaring bankruptcy in Perth isn’t easy. So your Debt Rescue Case Manager will stand by your side and help you through all of the legal documentation that comes with declaring bankruptcy.
Our sole aim is to help you find your feet again and live a happy and debt-free life. So wherever you may need a helping hand, your Case Manager will be there.
FAQs of Declaring Bankruptcy in WA
Will I get to keep my belongings?
Not all of them, but you’ll get to keep some. Your trustee will be assigned to sell off some of your assets and recover whatever cash they can to close your debts. But some of your assets can be protected, such as:
- Odd items and appliances around the home
- Up to $2,000 in bank savings (so you can meet living costs)
- A car financed (or valued) up to $7,900
- Tools needed for trades (up to $3,750 in value)
- Your superannuation (except if you attempt to hide savings in your super, by making irregular contributions prior to bankruptcy).
If the circumstances play out perfectly, you may even get to continue living in your home. If your spouse, co-owner, family or friend happen to purchase the property from the trustee, they can decide to let you stay in your home.
Is bankruptcy the only option I have?
In most cases, no, you have other options you can consider. You might find that your situation could be resolved with a:
- Debt consolidation – By bringing together the various debts you have, you can save on interest, fees, and the stress of making multiple repayments.
- Informal debt agreement – Arrangements like our Debtstroyer Agreements can keep your credit history clean while making your debts more manageable.
- Formal debt agreement – A Part IX Debt Agreement can help make your debts more affordable and keep you from declaring bankruptcy.
Will my family and friends find out that I declared bankruptcy?
They won’t be able to find out through any public register, and they won’t be told by any financial bodies. Your creditors will need to be notified if you declare bankruptcy, and if you try and apply for another loan down the track, your previous bankruptcy will show up as they scan your financial history.
But the other people in your life will be none the wiser unless you choose to tell them.
Are you done with debt?
If you’re over debt, why wait any longer? Chat to one of our friendly Case Managers, and we’ll help find the best solution for your situation.
For a chat about your financial position, give us a call on 1800 00 3328 today.