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 as well. Whether you are in business as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Geelong 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 Victoria 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 straightforward as it might appear. It is always a good idea to talk with the specialists ﬁrst so call Bankruptcy Geelong today on 1300 795 575.