Bankruptcy. It’s not exactly a positive word. Nor is it a position which any of us want to find ourselves in. However, whether we like it or not, the situation does happen to thousands of Australians, every year.
If you can’t meet all your debts and bankruptcy is a possibility, then it’s safe to say you’re probably feeling worried, stressed and overwhelmed. But don’t worry, not only are you not alone, many go through it and go on to future success.
Bankruptcy is not failure, bankruptcy is not the end.
If debt is building up, the best path may be to voluntarily file for bankruptcy. And while bankruptcy is a legal process, it is designed to protect you and may even give you the fresh start you’ve been looking for.
Bankruptcy is not failure
Failure: The state or condition of not meeting a desired or intended objective, and may be viewed as the opposite of success.
Bankruptcy is not failure because it doesn’t involve an inability to meet a desired or intended objective. If your objective is to get out of debt, then bankruptcy really is nothing more than a legal means to that end.
Whether that legal means to an end is right for you … is a question of the state of your assets and liabilities and is to be asked by professionals, like us.
At Life After Debt ® we specialise in assisting those who are looking for options to avoid bankruptcy, however in certain circumstances that is just not possible or the best option.
There are advantages to Bankruptcy
Believe it or not, there are some advantages to being bankrupt:
- Immediate relief from debt pressure
- An assessment of your finances to look for possible exemptions from the settlement
- Fair division of your assets
See? It’s not all doom and gloom.
A line in the sand
It takes time to rebuild your credit after bankruptcy. Most experts say about 5-7 years, but you get there in the end and you really can start over again!
What’s more, did you know that many multimillionaires had rough starts leading to bankruptcy? And yet, through starting over and reinvention, created powerful business opportunities and enormous net worth.
Yep! Donald Trump, Walt Disney and Burt Reynolds, are some of those multimillionaires. If they can draw a line in the sand and start over to become a success, why anyone else? We’re not saying you’re going to become a famous multimillionaire, but it’s always possible.
You can start over again, debt-free.
Whilst we can’t stop you from going bankrupt, we can provide you with an outline of the process of bankruptcy and refer you to people who can help.
Alternatively, if you feel like you are facing Bankruptcy and want to find out about other options, then you need to speak to us!
At Life After Debt® we have offices in Perth and Sydney; we can help you reduce your debt and avoid bankruptcy by offering affordable, practical financial solutions, proven to relieve hardship.
We provide honest and sympathetic, without judgement, advice. Contact us to see how we can help you today.