What If I Have Both Business and Personal Debts?
If you have a combination of personal and business debts when you declare bankruptcy, you may have the chance 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 also. Whether you are in business as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Northern Rivers we can assist you through all of your options. 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 happening. 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 simple as it might seem. It is always a good idea to talk with the experts ﬁrst so call Bankruptcy Northern Rivers today on 1300 795 575.