Ezy Debt Solutions
For free and friendly advice call:
0433 690 051
We can help you take control of your Debts and regain your Financial Freedom.
Don’t go it alone.
Do not file for bankruptcy without our assistance and risk
the ramifications of getting your bankruptcy documentation wrong . An inadvertent error in your paperwork may be innocent, as you may not know the law.
However, subject to the error, omission or the missing piece of information, it could be defined as bankruptcy fraud and as such may result in a severe penalty.
You may also receive an extension of your bankruptcy term to either 5 or 8 years.
There are many instances when the Trustee/ Government will have further questions for you during the term of your bankruptcy, all our clients have the peace of mind that they simply contact us and we can bring up their file on our computer system and assist them with any of these questions, without the need to pay for legal advice or speak to your accountant.
This free support service only applies to clients who’s full documentation has been prepared by the EZY Debt Solutions team.
You may have received personal bankruptcy information from family and friends who mean well, but if it is incorrect information or you misunderstood something, it can be a costly error on your behalf. It is advisable to not file "D.I.Y" Personal Bankruptcy documentation which must be completed by filling the government forms correctly and ensure information to comply with AFSA requirements.
Contact EZY Debt Solutions today to learn how we are here to help you start a new, debt-free life. We offer free, no-obligation consultations, taking all the pressure off of you during the process. We can discuss all viable options with you, as well as the potential outcomes for each option. Filing for bankruptcy is scary— but you don't have to do it alone.
The bankruptcy trade-off
You might be able to wave goodbye to your debts, but there is a trade-off.
Once bankrupt, you'll remain so for three years. During that time a trustee will be appointed to manage your bankruptcy.
Although that debt has been cancelled, your trustee will, if possible, try to recoup some of what's owed.
To do that they can sell your assets like shares, investments, holiday houses and boats to help pay off your debts.
Sell your house, depending on how much equity is in it and whether it is jointly or solely owned.
Limit your earnings to $37,146 after tax, with anything over that going towards recouping your debts.
Some assets are protected. You may keep any vehicle worth less than $7600, and any normal voluntary super contributions are also safe.
You can keep your passport, although you may have to get permission from your trustee to go overseas.
Some debts are also protected. Going bankrupt will not cancel your HECS repayments, Child Support arrears or Court imposed fines.
The other financial implication is your credit rating
will be affected for 5 years, but don’t let that worry you.
To learn from your current situation, credit should not be important to you any longer. Imagine staying debt free and not working for the credit card payments any more.
Once again – your wages are yours to use. Why revert to credit? You only add to the wealth of the banks not your own. Learn to Budget and Save, be totally Independent of Credit Service providers. We can help you with a Budget plan and help you to stick to it.
Personal Bankruptcy protects people who are insolvent from most of their unsecured creditors.
All Personal Bankruptcy information on this website is based on government regulations as per the Australian Financial Security Authority, AFSA – formerly known as ITSA.
We're here to help.
Sometimes, the best way to have your questions answered is to ask them in person. Come and speak to any one of our specialist consultants. We can work together to find creative solutions for you. For a free half hour assessment of your current circumstances please book an appointment or please feel free to phone us. Refer also to our FAQ for finite details.
Reclaiming Your Future Starts Here
Personal Bankruptcy can be a Good Solution.
We believe Bankruptcy is always the last solution, a serious solution. However, what looks like the end is also the start of a new beginning for you.
Every day many Australians bring a stop to their personal financial difficulties by filing for bankruptcy.
These are honest, hard working people that for one reason or another find themselves overwhelmed with financial problems and recognise that they can no longer fight the debt battle on their own.
Prior to formal filing for Bankruptcy our Personal Insolvency advisor's will work with you to find alternative solutions to your financial problems.
Should you decide that the only option is to go Bankrupt when overwhelming debt is no longer manageable and causing you an enormous amount of stress and anxiety , we can help you by making this process stress free and as easy as possible. We facilitate the best of advisor's, lawyers and Insolvency practitioners to help you.
The biggest fear most people encounter when considering Bankruptcy is the unknown and of the steps and process of what will happen next.
We sincerely understand your circumstances and we provide practical and emotional support during this period of your time of dire need whereby to reduce your stress and give you great peace of mind.
Personal Bankruptcy may sound frightening, but in reality if you are already insolvent, becoming bankrupt can be a blessing. Personal Bankruptcy is giving you the chance to start over again.
EZY Debt Solutions can map out a strategy to best suit the specifics for your particular situation. We can have all bankruptcy documents completed for you professionally in just a matter of days.
We also provide all our clients with a support service for the 3 year duration of the personal bankruptcy.
This support service only applies to clients who’s full documentation has been prepared by EZY Debt Solutions.
We complete all forms for you and totally remove you from the stress of this task.
Once you have entered into personal bankruptcy, most, if not all of your provable unsecured debts are cleared. You are free to take on new challenges and start again without the heavy debt weighing you down. This may be one of the most liberating effects about personal bankruptcy.
To go bankrupt does not always have to result in the loss of your property.
There are circumstances and conditions under which your house may be saved. A Mortgage is a secured loan, as such you can chose to keep making the payments if these are up-to-date at the time of declaring bankruptcy. Please come in to see us for more detail to explain the equity issue and we can try to establish if or how your house could be saved.
EZY Debt Solutions will advise you on your property options as part of our service. A Trustee can arrange a Heads of Agreement with a non bankrupt party to purchase your share of equity in your property and this will remove the trustees vested interest. Tell us your situation and we can tell you what it would take to keep your house. It can be done, the less equity you have the better.
In a joint ownership a pay out of the bankrupts share of the equity at the start of the bankruptcy may be viable. This will require the non bankrupt party to make an acceptable offer to the trustee in the bankruptcy estate.
If you have joint ownership and both/ all parties enter into bankruptcy, you may be able to get a family member or friend to offer the trustee to purchase your equity in the property.
Alternatively EZY Debt Solutions can explore a Debt Agreement option with you which allows for you to hold more equity in your home compared to the tougher restrictions with bankruptcy and houses.
The Debt Agreement threshold amount is indexed and gets reviewed on a regular basis. Currently you can have assets to the value of approximately $140,012.
This includes your car and other assets you may have, but gets divided into 2 if you are the joined owner of the property.