bankruptcy lawyers sydney

Understanding the Role of Personal Bankruptcy Lawyers in Sydney

Personal bankruptcy lawyers at the leading commercial law firm in Sydney help individuals navigate the challenges of unresolved debt and declaring bankruptcy. These legal professionals specialise in insolvency law and asset protection, helping to prepare bankruptcy petitions to have debts erased so they don’t need to be paid back.

If you’re interested in hiring reputable insolvency lawyers in Sydney, here are a few things you should know about the job of personal bankruptcy lawyers and how they can help you.

Comprehensive Guidance and Support

It’s no secret that bankruptcy is a stressful and overwhelming time for most people, but the help of good lawyers can minimise the long-lasting damage to your financial reputation. Personal bankruptcy lawyers from the top commercial law firm in Sydney are responsible for going through all the outstanding debts before lodging bankruptcy applications and helping clients manage the process accordingly.

The end goal is to achieve a bankruptcy declaration that protects those who can no longer pay their debts, as sometimes erasing these debts is the only reasonable option. However, bankruptcy lawyers in Sydney should walk you through the alternative options first, and if there are no ways to get around a mountain of debt and pay back creditors, then you can move forward to bankruptcy.

Pros and Cons of Bankruptcy Filing

Another important aspect of bankruptcy and insolvency lawyers in Sydney is their responsibility to walk you through the filing process and explain the advantages and disadvantages of declaring bankruptcy. For example, bankruptcy cleans your slate of huge debts and gives you the chance to start over financially, particularly by cancelling most debts like credit cards and personal loans.

However, there are also a few downsides bankruptcy lawyers in Sydney need to make you aware of. Court fines, HECS debts, fraud debts, and CSA child support are not cleared through a bankruptcy filing. Also, during the three-year bankruptcy period, you will be unable to buy any assets, whether it be a large vehicle, home, or shares in a company. Bankruptcy also makes it difficult to borrow money as it’s shown on your credit record for five years.

Contact Bankruptcy and Insolvency Lawyers in Sydney Today

Lancaster Law has decades of experience helping the local community with personal and commercial bankruptcy filings. You can trust our reputable commercial law firm in Sydney with your delicate financial situation – please get in touch with us today if you need help with insolvency or bankruptcy filing.