What If I Have Both Business and Personal Debts?
If you have a combination of personal and business debts when you declare bankruptcy, you might be able to have most, if not all, of it wiped. This is a complex procedure, but it is possible. Personal insolvency does not automatically imply business bankruptcy as well. Whether you operate as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Australia we can guide you through all of your alternatives. Call us for an obligation free chat on 1300 795 575.
Isn’t It Illegal to Run a Similar Business after Bankruptcy?
Is it illegal to run a similar business after bankruptcy? It deﬁnitely can be. It is illegal to establish a Phoenix Company that rises up out of the ashes of an old one and Australia has laws in place to prevent this from occurring. You cannot run up thousands in debt, go bankrupt, then open up the doors again the next morning as if nothing had happened. This scenario, just like many concerning bankruptcy, is not as uncomplicated as it might appear. It is always a good plan to talk with the experts ﬁrst so call Bankruptcy Australia today on 1300 795 575.