The law does not require a person to pay all that debts at one time. A person becomes insolvent if they can’t pay their debts as they fall due.
Before applying for Bankruptcy, you should should explore all your legal options including:
- making a debt agreement with your creditors, and
- negotiating an extension to your mortgage.
Time is a critical factor in all legal matters. If someone owes is demanding money from you then call us immediately on:
(02) 9024 9533
for a free consultation.
Our Legal Specialists have written a paper explaining Bankruptcy in simple terms: