Your Situation Have you made an informed decision about going bankrupt? Going bankrupt is a big decision and one that you should never make without professional advice and thorough understanding of what bankruptcy means in your particular circumstances. Every situation is different – in some cases it is a simple process, in others it is far more complex. If you reach out to us we will consider your case carefully and advise you regarding any other debt help options that may work for you. Generally, we have been able to help clients avoid bankruptcy when they contacted us sooner rather than later. When You Should File For Bankruptcy If you are at the stage where you are avoiding creditors and suffering the stress of this, then Bankruptcy is usually the best option. Stress itself is quite an indicator in opting for bankruptcy. Oftentimes, clients who have been depressed and even suicidal due to the enormous financial stress that they were under find relief by clearing their debts. You should file for bankruptcy when you are insolvent and realise that you need help. You are officially insolvent when you can no longer pay your bills as, and when they fall due. If we suggest you should file for bankruptcy, you can be sure that we have taken all your personal circumstances into consideration and have considered all of the possible consequences. We will explain these and recommend the best timing for you so as to make the process as stress free as possible. When You Should Avoid Bankruptcy Firstly, without a deep understanding of your debt it is probably best to avoid or at least delay filing for bankruptcy. Many clients we have helped had no idea that there may be other options. For example, many clients have had equity in their home or investment properties. They believed bankruptcy was their only answer to clear unsecured debt and were then shocked to realise that these would be sold once declared bankrupt. Yet in many cases bankruptcy should have been avoided. The family home and investment properties can be saved via strategies such as ‘Debt Agreement’. If you qualify, repayments for the majority of your unsecured debts, such as credit cards and unsecured loans etc., can be reduced and restructured to suit your household income. Typically under a Debt Agreement you repay debts over a 3 to 5 year period.