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 have the chance to have most, if not all, of it wiped. This is a complicated 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 Experts Hervey Bay we can assist 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 establish a Phoenix Company that rises up out of the ashes of an old one and Queensland has laws in place to prevent this from happening. 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 scenario, as with many concerning bankruptcy, is not as simple as it might seem. It is always a good plan to talk with the experts ﬁrst so call Bankruptcy Experts Hervey Bay today on 1300 795 575.