Safeguard Insolvency advises, and can assist in lodging a Debtors Petition.
Likewise, this process allows you to become bankrupt voluntarily. During the process of a Debtors Petition, a creditor may take some action to the court, to declare you Bankrupt. This is called a Sequestration Order.
Yes, there is. The minimum amount that you need to owe is $5,000.00. This can allow creditors to force you into bankruptcy.
Can you come to an Agreement with your Creditors?
A way in which you can come to an agreement with Creditors is by submitting a Part IX Debt agreement proposal, which allows you to negotiate on funds between you and creditors.
Moreover, the agreement will illustrate how you will repay your debts. It is not always guaranteed that they will accept them, but it is always worth the try.
Safeguard Insolvency are here to help you through, step by step, all the way to find the best solution for you.