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What does it mean to be insolvent?

By Administrator 18 June, 2013

What is insolvent?

Being insolvent means you cannot pay your debts as and when they fall due. This usually happens when your household expenses consume all of your available income and you don’t have any surplus monies to pay your debts. This situation can only be solved if you have assets which you can sell to pay debts.

If you don’t have any assets to sell and you can’t make any changes to your household budget, then you should start looking for a debt solution as quickly as possible.

The good news is that we can help you find the right solution.

What are the consequences of being insolvent?

If you don’t address your insolvency, you could be made bankrupt  by a creditor if you owe them more than $5,000. Becoming bankrupt will place long lasting restrictions on you.

What options do I have if I am insolvent?

If you are insolvent, it is critical that you get professional advice from a company that is fully licenced and registered for all debt solutions. Here at Debt Free our CEO is a Chartered Accountant and a Registered Trustee in Bankruptcy. This means that we are licenced to handle all personal insolvency administrations in house. We can handle your case from the beginning to the end regardless of what solution you need. Listed below are the services you should consider if you are insolvent:

 

Call us now on 1800 676 598 if you wish to discuss your personal insolvency issues.