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 complex process, 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 Advice Sunshine Coast we can guide you through all of your alternatives. Call us for an obligation free chat on 1300 879 867.
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 Queensland 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 nothing had happened. This situation, as with many concerning bankruptcy, is not as simple as it might appear. It is always a good plan to talk with the specialists ﬁrst so call Bankruptcy Advice Sunshine Coast today on 1300 879 867.