Filing bankruptcy in Brisbane is considered one of the most severe legal actions that you may decide to do. However, whenever you are filing bankruptcy in Brisbane, you need to be very careful in all the financial decision that you may take, since they may affect your bankruptcy case. For this reason, any moment you are thinking of filing bankruptcy in Brisbane, you need to have a lawyer whom you can speak to before and during the process of filing bankruptcy. The lawyer will help you come up with the various ways that you can use to ensure that your bankruptcy case goes smoothly.
Apart from getting legal help from your lawyer, there are also several things that you need to do, and also there are things that you should avoid before you file bankruptcy in Brisbane. When you decide to file for bankruptcy, you should also ask yourself about the advantages and also the disadvantages of filing bankruptcy in Brisbane. This is because at times you can file for bankruptcy, but you may end up going through so many consequences. In this article, we will discuss the advantages and disadvantages of filing bankruptcy in Brisbane
1. It helps you in discharging many of your debts
One of the benefits that you get to enjoy when you file for bankruptcy in a court of law is that all the debts that you are having will all be discharged. This means that even if you owe your creditors vast amounts of money, you will not be required to pay them. You will not be responsible for the debts anymore.
2. Any bills will be legally waived.
In case you have bills that you cannot pay, filing bankruptcy will be of help to you since all those debts will be waived. You will have a chance to reorganise and consolidate these debts in a way that you can pay them more efficiently since you will manage and afford them.
3. You will be offered an automatic stay.
In regular times when you have any debts, your creditors even if they are your family members and friends have the right to come and ask for their debt from you. Other creditors will keep on calling you so that they can know when you will pay them their debt and why you have stayed long without repaying them. However, when you file for bankruptcy in Brisbane, your creditors will be denied the right of coming to your house, place of work or even call you to ask for the debts you owe them.
4. No property will be lost.
Most people fear to file for bankruptcy because they think that they will be exposed and lose their property. However, filing bankruptcy in Brisbane is very important for you because your belongings such as houses, clothing and buildings will not be taken from you. You will have to keep your property although you will have debts.
5. You will not lose your job for becoming bankrupt.
Filing bankruptcy in Brisbane prevents your employers from discriminating against you in the place of work and protects you from losing your job.
Disadvantages of filing bankruptcy
1. Your debts are not eliminated.
Although filing bankruptcy in Brisbane hinders your creditors from asking for their debts, makes your bills waived and your debts are discharged, they are not eliminated. Debts like student loans, taxes, and fines will remain even when you file bankruptcy.
2. Exempt property is taken away from you.
Although when you file for bankruptcy in Brisbane, you get to keep non-exempt property, you will not be allowed to keep any property that cannot be claimed by your creditors.
If you are still at a lost on exactly what to do, Brisbane’s NR Consulting offers bankruptcy help. Get in touch with their financial experts for advice.