Personal Bankruptcy Advice
Although there is a stigma attached to the insolvency, it is important to remember that the law provides certain avenues and options for the benefit of all involved. It is often better to act sooner rather than later when dealing with insolvency.
Similar to insolvency, a person becomes a bankrupt when they are unable to pay their debts when they fall due and payable and there are statutory processes for making a person bankrupt if they commit an act of bankruptcy (such as failing to comply with a bankruptcy notice), alternatively the person can voluntarily become bankrupt if their debts are becoming unmanageable. It is important for a person to understand the consequences of becoming bankrupt and consider possible avenues available within the Bankruptcy Act, including a composition or arrangement, or debt agreement.