Begin again
Understand where you are, and where you can be. Discover your new journey towards financial freedom.
Alleviate your stress
Experiencing debt is overwhelming and stressful. We will provide you with options to a fresh start.
Speak to experts in the field
With over 20 years experience in personal insolvency, our in-house registered trustee will guide you through the process.
Discover your new path
Personal Insolvency is when you’re dealing with unmanageable debt and unable to meet your repayments. It can be incredibly overwhelming when your personal debts begin to accrue, it is important to know of your options. Sometimes people experience debt to circumstances beyond their control, and it’s okay. In Australia, over 20,000 people enter into personal insolvency. There is always light at the end of the tunnel, outlined in the Bankruptcy Act 1966 there are numerous options you can enter to get on the front foot of your personal finances.
“A pleasure to work with, efficient and proactive in their approach to all tasks. Transparent with information and very honest each step of the process, with no surprises at the end. I would highly recommend Mackay Goodwin to friends, family and colleagues.”
Solutions to financial freedom
Bankruptcy
Bankruptcy is the legal process when you are unable to pay your debts. It is a process that begins by submitting a statement of your financial affairs to declare you are personally insolvent. During this process your trustee will be responsible for communicating to your creditors as they begin to sell your assets to repay your debts. The bankruptcy process usually lasts three years, providing you with a clean slate.
Learn moreDebt Agreements
A debt agreement is a legally binding agreement between you and your creditors. The agreement states terms on repaying your debts over a period of time, usually from 3-5 years. To begin, your financial advisor will lodge your proposal to your creditors to pay a percentage of your total debt. Your creditors will then vote on your proposal, given they approve you will then begin to make repayments to your debt agreement administrator.
Learn moreCreditor Negotiations
Offering a more informal approach to your financial freedom, creditor negotiations include informal debt agreements and personal insolvency agreements. This process involves an expert financial advisor to negotiate with your creditors on repayments that are affordable to you.
Enquire nowPersonal Insolvency FAQs
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Enter your details below or call 1300 750 599.
Get in touch
Enter your details below or call 1300 750 599.