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Carlton North, Australia Attorneys in related practice areas.
Bankruptcy & Debt Law in Carlton North operates under the broader Australian legislation, which is designed to support people who cannot pay back their debts, while offering a level of protection to creditors. Bankruptcy involves declaring that you are unable to repay your debts, which then provides certain legal protections but can also have serious future implications on your ability to obtain credit. Debt law covers a wide range of issues related to debt recovery, unpaid debts, and insolvency.
You may need a lawyer if your debts become unmanageable and you're considering bankruptcy to look at your legal options and understand the implications. A lawyer can help you explore alternatives like debt agreements or insolvency. If you're being taken to court over unpaid debts, a legal professional can represent you to ensure your rights are protected. Lawyers can also help businesses facing insolvency to navigate the complex laws around Director's liabilities and insolvency trading.
Bankruptcy and Debt Law in Carlton North and throughout Australia is primarily governed by the Bankruptcy Act 1966 (Cth). This law provides for the declaration of bankruptcy, an agreement between debtors and creditors, as well as stipulating the rights and obligations of each party. It's always advised due to the complexity of these laws, that anyone facing financial hardship seek the assistance of a legal professional.
1. Can I avoid bankruptcy?Yes, with the help of a legal or financial professional, you may be able to agree on a payment plan called a 'debt agreement' with your creditors.
2. What happens to my assets when I declare bankruptcy?Some assets may be sold to repay your creditors. However, you may be able to keep some assets such as certain types of personal property.
3. How long does bankruptcy last in Australia?Bankruptcy usually lasts for three years, but it can be extended in certain circumstances.
4. Do I still owe secured debts after bankruptcy?Yes, if you have secured debts like home loans, declaring bankruptcy does not absolve these. This usually results in the sale of the asset to pay back the loan.
5. Can businesses declare bankruptcy?Businesses typically don't declare bankruptcy. Instead, they go into receivership, administration, or liquidation.
The Australian Financial Security Authority (AFSA) is the government agency that handles all bankruptcies in Australia. They offer information, resources, and support for those facing bankruptcy. Additionally, the National Debt Helpline offers free financial counselling. For legal advice, the Victoria Legal Aid and the Legal Services Commission of South Australia are helpful resources.
If you need legal assistance, it's recommended to approach a legal professional with experience in the field of bankruptcy and debt. Have a consultation, discuss your circumstances thoroughly and explore all options. Remember, there is help available and you're not alone in this situation. Seek guidance and take informed decisions to manage financial difficulties without getting overwhelmed.
