Common Questions

Why should you go Bankrupt?

What Is A Simple Definition of Bankruptcy?

This is a term seldomly discussed as it has plenty of negative connotations associated to it. In short it means you reached a stage where you simply cannot continue with your life or business due to circumstances that prevent you from meeting your financial obligations.

In a more business orientated sense, bankruptcy is also a legal term that describes the state and process that will be followed if a person or business has more debt than the ability to service the terms of those credit agreements.

What Are My Options?

If you in your personal capacity find yourself in a situation where you are unable to pay your debts as required in the terms you entered then you have to look at Australian regulations say you have as options.

The Australian Financial Security Authority (AFSA) governs all personal insolvency in Australia but the best place to start is to contact Bankruptcy Advisory Centre because we can help you understand the regulations and how they apply to you.

If this doesn’t make sense to you, it is never a bad idea to speak to Andrew at Bankruptcy Advisory Centre at no cost to you. You will then be enabled to make an informed decision. As a voluntary bankruptcy service provider, we help you navigate this tricky process.

Things to Consider Before You Enter Bankruptcy

If you decide to go the bankruptcy route it means you gave this a great deal of thought both personally and based on strong recommendations from others. Here are some things to consider before you proceed:

  • Your credit rating

Accept the fact that your credit rating will be negative and traditional credit providers will be giving you the cold shoulder. Just remember, this is the era of modern technology and the Internet is a place that can open doors beyond your borders.

Think outside of the box when you are ready to start thinking about your future again. Just because you are in a bad situation now does not mean it has to stay that way.

Will I Be Able to Borrow Money After My Bankruptcy Is Over?

The truth of the matter is, Banks will most likely want to avoid doing business with you, so raising any capital will be difficult to come by in the traditional sense. However there are options, we can help you find the best option for you.

All the Reasons Why Bankruptcy Can Be A Good Idea

Sometimes Things Need to Get Worse Before It Can Get Better

Do yourself a favour and have a candid Questions & Answer (Q&A) session with yourself by asking yourself what the alternatives are, like Debt Restructuring. Often you will realise there isn’t another option, but it depends on the severity of your situation.

Rather consider the possibility that bankruptcy was maybe the way to free you financially so that you can one day be great again. Bankruptcy must never be seen as the end of the road.

Some of History’s Best Business Men and Woman Went Bankrupt

Life isn’t fair, nor is it for certain and nobody can demonstrate that better than a successful person that has gone through bankruptcy but came out stronger at the end of it.

Here are a few examples, thanks to Westonlegal of people that survived bankruptcy. Do yourself a favour and listen to their stories because bankruptcy is a very personal thing and you would need to draw on their strength to turn this into a good learning experience:

  • Abraham Lincoln
  • Walt Disney
  • Henry Ford
  • Donald Trump
  • Larry King
  • Ulyssess S Grant
  • Wayne Newton
  • George Foreman
  • Milton Hershey
  • Francis Ford Coppola

Moral of The Story:

This is a point that cannot be stressed enough. There is no shame in filing for bankruptcy! If ever you had the choice, this would not be the path you would have chosen for yourself nor the people that it affects.

What can be seen as a shameful thing, is to blame yourself and give up completely. What good is it to have taken the risks of life if you are not able to dust yourself off, get up, and try again? One never hits the bullseye with the first and only arrow…

We are here to help guide you every step of the way because we have seen that anything is possible if you have someone willing to guide you. Our guidance is therefore aimed to help you get to place of recovery.

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What you need to know before declaring bankruptcy