How to Get Out of Debt
Find Out How to Get Out of Debt
It goes without saying that being in debt is one of the most stressful experiences for any individual or business owner to go through; and, as debts start to mount on top of each other, it can very quickly start to feel like things are spiralling out of control and you’ve lost the power to do anything about it.
If you’re in this situation, it’s important not to panic. Far too many people come to the false conclusion that it isn’t possible for them to get out of debt, and consequently give up on their finances altogether – deciding that the only possible course of action is to declare themselves bankrupt and, in effect, ‘start again’.
But the problem is that bankruptcy doesn’t really amount to ‘starting again’ at all. Whilst your debts do get written off, this doesn’t occur until after all of your assets have been sold in order to minimise the creditor’s losses.
And even then, your bank account will be frozen, everyday financial transactions will become extremely difficult to complete, and a permanent, publicly available electronic record of your bankruptcy will be kept.
As a result, starting out again after bankruptcy is very much a case of starting from a severely disadvantaged position.
So it is much preferable for a business or individual to instead work with a reputable and trustworthy financial and debt management agent in order to find out how to get out of debt without the need to declare themselves as bankrupt.
Plenty of options do exist, even if it doesn’t seem like it at the time. For one thing, it’s always worth bearing in mind the fact that your creditor would naturally much prefer to reach a compromise with you than see you go bankrupt, as they’re much more likely to see more of their money again that way. So pursuing a compromise in the form of an official, legally binding Part 10 Debt Agreement is an excellent choice for many businesses.
Choose TurnAround Pros and Get Out of Debt Now
Whatever the best route is for your business, you can be confident that the highly trained and experienced team of business and financial experts here at TurnAround Pros will know what to recommend.
Whether you reach a compromise with your creditor whereby you pay back a fraction of your debt in either a lump sum or in instalments which are agreeable to them, or you voluntarily enter into administration, you can be confident that we’ll help you find a way out of debt that enables you to steer well clear of the dreaded bankruptcy and potential liquidation.
Our team will work closely with you to gain an understanding of your situation, before giving you clear advice regarding the best steps forward. We’ve helped many businesses escape bankruptcy and pay off their debts before, and you can rest assured that we have the skills and knowledge it takes to do the same for you.
Simply get in touch with a member of staff today for more information, and arrange a free consultation that will transform your approach to debt management and bring you back from the brink of bankruptcy!
TurnAround Pros are Queensland's best professionals for financial distress. If your business is becoming insolvent or you are facing bankruptcy, you are not alone. Work with debt advisors who will help you find alternatives to bankruptcy. Visit our website or call us on 1300 518 070 to learn more.