OTC Tax & Accounting recognises that going through bankruptcy is an extremely stressful situation and our team is able to liaise with your trustees or administrators to ensure your matters are handled with minimal distress. As always, our staff at OTC Tax & Accounting will handle your tax and accounting affairs with absolute confidentiality and sensitivity.
How long does bankruptcy last for?
Bankruptcy normally lasts for 3 years and 1 day from the date you file your statement of affairs.
Can I have the option of paying my debt?
There are different options other than bankruptcy. A declaration of intent allows you to present a debtors petition which gives temporary relief from creditors while you figure out your options. A debt agreement is a binding agreement to pay a sum you can afford. A personal insolvency agreement is an arrangement with your creditors to pay an agreed amount.
What are the impacts of bankruptcy?
We recommend getting help if you are becoming stressed about your financial situation.
National Debt Helpline
1800 007 007
Salvation Army Moneycare
(07) 3075 4130
1300 224 636
Lifeline Crisis Support Chat
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