What If I Have Both Business and Personal Debts?
If you have a mix of personal and business debts when you go bankrupt, you may 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 also. Whether you are in business as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Advice Sydney we can guide 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 put together 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 occurring. 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 situation, as with many concerning bankruptcy, is not as simple as it might seem. It is always a good idea to talk with the specialists ﬁrst so call Bankruptcy Advice Sydney today on 1300 795 575.