If you find yourself facing overwhelming financial challenges, you’re not alone. Many individuals and businesses encounter financial hardships that can lead to bankruptcy or insolvency.
Our law firm in Sydney, Stephen Wawn & Associates, specialises in providing legal advice in these matters.
Bankruptcy is a legal process that provides individuals and businesses with an opportunity for a fresh financial start when faced with unmanageable debt. It offers a fresh start by eliminating or restructuring debts, allowing them to regain control of their financial future.
To initiate bankruptcy, a debtor must file a petition to the Federal Circuit or Family Court of Australia. Once a bankruptcy application is approved, an automatic stay is imposed, halting all debt collection activities. The court appoints a trustee who evaluates the debtor’s assets and liabilities. In most cases, non-exempt assets are liquidated, and the proceeds are used to repay creditors.
Some debts, like credit card debt and medical bills, are discharged, while others, such as student loans and taxes, may require repayment or restructuring.
In Australia, bankruptcy is governed by the Bankruptcy Act 1966, a critical piece of legislation designed to protect both debtors and creditors.
If you are an individual or business looking to recover debts, read more about how our lawyers can assist you with your debt recovery.
Bankruptcy in NSW, Australia
If you are a resident of New South Wales (NSW), Australia, and are experiencing financial difficulties, you may be wondering if you are eligible for this formal legal option.
Filing for bankruptcy can release you from most of your debts, but it’s essential to understand the consequences and restrictions involved. Our experienced bankruptcy lawyers in Sydney can guide you through the process, ensuring that you make informed decisions for your financial future.
The Role of a Bankruptcy Lawyer
A bankruptcy lawyer plays a crucial role in assisting clients during this challenging time. At Stephen Wawn & Associates, our team of expert bankruptcy lawyers will assess your financial situation, inform you about your options which may include filing for bankruptcy in Sydney, and represent your interests throughout the legal proceedings. With our deep expertise and knowledge of the Bankruptcy Act 1966, the Bankruptcy (Estate Charges) Act 1997 and the Personal Property Securities Act 2009, we are committed to finding the best possible solutions for you.
How Liquidation in a Bankruptcy case works
One of the key aspects of these proceedings is the liquidation of assets. When you file for bankruptcy, a trustee will be appointed to manage your assets, and certain non-exempt assets may be sold to repay your creditors. While this may seem daunting, our lawyers will work diligently to protect as many of your assets as possible while ensuring compliance with the law.
Insolvency is another financial predicament that individuals and businesses may face. It occurs when a debtor cannot pay their debts when they become due. Unlike bankruptcy, insolvency can sometimes be a temporary situation, and there are various options to address it.
Insolvency in NSW, Australia
If you find yourself dealing with insolvency in NSW, Australia, our skilled insolvency lawyers in Sydney are here to help. We understand that every financial situation is unique, and we will tailor our approach to the proceedings of your insolvency in Sydney to meet your specific needs. Our goal is to find effective solutions to your insolvency disputes and provide you with the guidance you need to move forward with confidence.
The Role of an Insolvency Lawyer
An insolvency lawyer plays a vital role in resolving disputes between debtors and creditors. At Stephen Wawn & Associates, our experienced insolvency lawyers possess a deep understanding of the insolvency laws in Australia. We are dedicated to advocating for your rights and interests, striving to achieve the best possible outcomes for you and your business.
While bankruptcy and insolvency are both related to financial difficulties, they have distinct differences. Bankruptcy is a legal process with specific regulations and consequences, while insolvency refers to the inability to meet financial obligations when due. Understanding these differences is crucial in determining the most suitable course of action for your situation.
Financial crises can be overwhelming, but remember that you don’t have to face them alone. Our team of dedicated bankruptcy and insolvency lawyers at Stephen Wawn & Associates is here to support you. With our extensive knowledge of bankruptcy and insolvency law in Australia, we can provide you with the tools and guidance to regain control of your financial future.
If you or your business is grappling with financial issues, remember you are not alone in this journey. Together, we can navigate through the complexities and uncertainties and emerge stronger on the other side.
Take the first step toward resolution today. Contact Stephen Wawn & Associates for a confidential consultation with our experienced bankruptcy and insolvency lawyers in Sydney.
Let’s face these challenges head-on and turn the tide in your favour. Don’t hesitate to contact us now and take the first step towards financial freedom and peace of mind.