What If I Have Both Business and Personal Debts?
If you have a combination of personal and business debts when you declare bankruptcy, you may be able to have most, if not all, of it wiped. This is a complex procedure, but it is possible. Personal insolvency does not automatically imply business bankruptcy also. Whether you are in business as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Advice Perth 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 Western Australia 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, just like many concerning bankruptcy, is not as uncomplicated as it might appear. It is always a good idea to talk with the specialists ﬁrst so call Bankruptcy Advice Perth today on 1300 795 575.