With the impact of COVID-19 is felt on the economy and individuals, the government has placed temporary relief measures, effective from 25 March 2020 to 25 September 2020, to lessen the impact on individuals and businesses.
The Government has made a number of changes to the personal insolvency system, including:
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- Temporarily increasing the threshold for the minimum amount of debt required for a creditor to initiative bankruptcy proceedings from $5,000 to $20,000;
- Time for debtor to respond to a bankruptcy notice has increased from 21 days to 6 months;
and
- The period of protection a debtor receives after lodging a declaration of intention to present a detector’s petition is extended from 21 days to 6 months.
In such financially uncertain times and with the recent changes to bankruptcy laws, you may find it difficult to navigate the personal insolvency landscape. Debt Free Australia is committed to reducing the impact of COVID-19 and will assist you find the debt solution that meets your individual needs. Where many businesses operating online may only offer one or two debt solutions, we offer the full suite of professional debt solutions ranging from personal insolvency agreements to filing for bankruptcy (for more information on offerings please click here). We will take the time to explain each option so you can select the one that best suits your needs to ensure you find relief during times of crisis.
Here at Debt Free Australia we always try to find the least severe financial solution before we consider bankruptcy. In the case where you find bankruptcy to be your best option, we offer a service where we will assist you to complete the bankruptcy forms for a once off fee starting from $600 as we recognise completely the forms by yourself can be overwhelming and that money may be tight right now.
Debt Free Australia are passionate about helping Australians get out of debt and prepare for a better financial future. Please contact us on our 24/7 toll-free hotline on 1800 676 598 to speak to one of our friendly and professional debt relief consultants.