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 complicated 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 Wollongong we can assist 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 create a Phoenix Company that rises up out of the ashes of an old one and New South Wales has laws in place to prevent this from taking place. You cannot run up thousands in debt, go bankrupt, then open up the doors again the next morning as if absolutely nothing had happened. This scenario, just like many concerning bankruptcy, is not as simple as it might seem. It is always a good idea to talk with the experts ﬁrst so call Bankruptcy Wollongong today on 1300 795 575.