Debt recovery and bankruptcy can be a stressful situation for many businesses or individuals. It’s highly beneficial to collaborate with a bankruptcy lawyer to explore your options and attempt to lessen the detrimental impact debts can impose.
If you or your business cannot pay debts, relief may be available by means such as:
- Debt Agreements or personal bankruptcy in the case of an individual.
- Debt Agreements, voluntary liquidation or administration in the case of a company.
If you’re faced with the question ‘should I file for bankruptcy?’ It may be time to seek legal advice. Bankruptcy is generally a last resort. When a person is declared bankrupt, a trustee is appointed for three years. The trustee will release and distribute the sale proceeds of some of the bankrupt's assets to creditors. If you are declared bankrupt then you may also be forced to make contributions toward repaying your debts from your income.
We can assist you by advising on what your rights are and what protections are available to you under the law.
In the case of a company, administration may enable the company to trade out of its situation. Otherwise, particularly when a company is insolvent, a company may need to be wound up.
Similarly, these measures may apply to those who owe you money. Unpaid debts owed to your business are not only frustrating, but they can be damaging to your cash flow. A range of debt recovery methods exist. Debt collection attorneys can assist with seeking declarations or personal bankruptcy, or making statutory demands as a prelude to winding up a debtor company in insolvency. We can work with you to recover debts while minimising costs where possible.
If you require legal advice or action from a debt or bankruptcy attorney, fill in the contact form and get in touch with our team of professionals.