Bankruptcy Solutions
Tip to a Debt Free Future

Tip to a Debt Free Future

If you’re overwhelmed by debt, the first thing to do is to make a plan. There is a way out, no matter how deep you’re in.

Here are our suggestions to get you on the way to a better life.

• Make a budget
• Ask: are you broke or overspent?
• Get a plan
• Don’t get into any more debt
• Cut expenses, somehow
• Make more money
• Ask creditors to lower your interest rate
• Pay on time – avoid fees
• Get help
• Baby steps

Get a Budget

I know budgeting seems ridiculous when you are drowning in debt. You can’t get far in the money game without being smart (and organised) about it. You might think that you don’t have enough money to even need a budget but think again. Every penny counts and, more than that – it’s how you choose to divide it all up that matters.

Knowing exactly how much you have, and where it goes (and needs to) is the very first step.

Check out free (and excellent) online budgeting tools, such as this one from the Australian Government’s Money Smart website.

Broke with little options?

Are you really broke, or are you just spending too much? It may feel like you’ve never got enough money, but often that’s because there’s a money leak. Once you’ve had a good look at your expenses, you may well be able to see areas for improvement.

First, analyse. Next, prioritise.

Create a plan

Now that you can see your money situation in all of its raw glory, you can make a plan that aligns with your plans and (dare we say) dreams.

Avoid going further down a hole.

Okay, this is self-explanatory, and perhaps a little obvious, but it’s so easy to feel that when you’re already in debt, you might as well go really into debt. You know, make it count??!

Don’t fall into this trap.

The little steps that you take add up to your financial freedom in the long run.

How can I get out of debt with no money?

Reduce expenses

Get clear on your priorities, then, once it’s all divvied up into your various pots, you can choose what you do with what’s left.

1. Spend – essentials like groceries, bills, rates, etc.

2. Save – try to save at least 20% of your income.

3. Splash – being too tightly controlled with your cash can often lead to spending binges. Give yourself leeway if you can, with a little pocket money to spend carelessly every week. Even if you can’t achieve this to start with, work towards being in a place where the odd little treat for yourself doesn’t come from the same account as your mortgage does.

Make more money, get creative

Be entrepreneurial, get creative and find ways to earn a bit of extra cash.

Ask creditors to lower your interest rate

Go on, be brave. You never know what they’ll say. And often, being upfront and clear will get you unexpected results.

Pay your bills on time

Once you’ve planned your budget properly, this should be an easy step. Set up automatic payments from a specific account to make sure this happens even if you forget.

Get help and or Advice

Experts in this field are here to help you and will often be able to point out things that you might not have seen for yourself. If it’s all feeling too hard, and you need a bit of help make sure to reach out.

One Step at a Time

Now you have some things to get going with, there’s no need to wait a minute longer. Start putting the wheels in motion – little by little – and jump on the path to your debt-free life.

When there are no options left

If your finances are diabolical and you’re considering bankruptcy? Then feel free to contact us we have assisted thousands of people go through the bankruptcy process from start to finish. At Bankruptcy Solutions we are here for you when you need us the most. For more information call us on 1300 339 604.

Helping Companies prepare for Liquidation

Helping Companies prepare for Liquidation

If your Company is about to enter into liquidation, Bankruptcy Solutions will deliver independent assistance developed to work in the best interests of those involved.

The Company’s balance sheet will be examined to gain a full understanding of the situation. Then with input from the Director/s, the most appropriate action in order to maximise returns for Creditors and Shareholders will be implemented.

Our extensive experience in assisting Companies to prepare for Liquidation means we are able to navigate you through the process.

Call Bankruptcy Solutions today on 1300 339 604 for assistance.

If you are a Sole Trader or Partnership, please visit our Personal Bankruptcy pages.

Helping Directors through the Liquidation process

Helping Directors through the Liquidation process

Though the Company may be in liquidation, that does not indicate your interests are being looked after. The responsibility of a Liquidator is to look after Creditors – not Directors. Bankruptcy Solutions can help! We offer independent recommendations to safeguard your interests, your individual assets and your lifestyle. You and your family shouldn’t need to lose everything you’ve worked so hard to attain just because the Company is financial difficulty.

Call Bankruptcy Solutions on 1300 339 604 to discuss how we can help.

If you are a Sole Trader or Partnership, please visit our Personal Bankruptcy pages.

Reforming a Company to relieve debt

Reforming a Company to relieve debt

There are times when Companies experience a significant event which triggers overwhelming debt. Continuing operations might seem difficult – Company restructuring can offer the solution you are searching for.

This is where Bankruptcy Solutions can assist. We’ll look carefully at your company to examine all available options. In many circumstances, restructuring will offer reprieve from debt and strengthen operational feasibility. Bankruptcy Solutions will guide you through the entire process.

If your Company is in financial stress, we can help. Call us now on 130 339 604.

If you are a Sole Trader or Partnership, please visit our Personal Bankruptcy pages.

Bush Fire Emergency – Financial Help

Bush Fire Emergency – Financial Help

To help those that may be affected by the bush fire crisis, we are sharing the below resources for financial support. Please share this with anyone you know that may have been affected or have family/friends that may have been affected.

Disaster Recovery Payment

Dep of Human Services

$1,000 per eligible adult
$400 per eligible child

Serious injury, Family member of fatal incident, home is destroyed or uninhabitable

Phone: 1802266

Disaster Recovery Allowance

Dep of Human Services

Equivalent to Newstart or Youth Allowance benefit
Subject to income thresholds

Lost income due to bushfires

Phone: 1802266

Red Cross Disaster Relief

Red Cross

$5,000 grant

Home has been destroyed or is uninhabitable


Salvation Army bushfire disaster support

Phone: 1300 662 217

Primary Producer Assistance

NSW Rural Assistance Authority

Recovery grants of up to $15,000
Concessional loans
Transport subsidies, Impacted by bushfires in specific Local Govt Areas

Phone: 1800 678 593

Sporting Club Assistance

NSW Rural Assistance Authority

Concessional loans

Impacted by bushfires in specific Local Govt Areas

Phone: 1800 678 593

Church and non-profit organisation assistance

NSW Rural Assistance Authority

Recovery grants of up to $15,000

Impacted by bushfires in specific Local Govt Areas

Phone: 1800 678 593

Commonwealth Bank
– Accommodation assistance for insurance customers

– Expediting claims for insurance customers
– Assistance for home loan, credit card and personal loan customers
– Credit limit increases (subject to credit approval)

– Loan restructuring
– Waiving prepayment charges for customers accessing term deposits and investment bonds before maturity date
– Waiving of selected fees and charges

* Check with the institution

Phone: 1300 720 814


– Grants of up to $2,000 for temporary accommodation, food and clothing

– Possible deferral of home loan repayments for up to 3 months

– Emergency funds and temporary accommodation for insurance customers

– Possible deferral of credit card repayments for up to 90 days
– Personal loans at discounted rates and no establishment fees for replacement goods (subject to loan approval)
– Waiver of interest rate adjustments for customers withdrawing term deposits
– Customers experiencing severe hardship may be offered a halt on interest accrual on credit products for up to 3 months

*Check with the institution

Phone: 1800 029 749


– Ability to suspend repayments on loans and credit cards for up to 3 months
– Temporary interest rate relief on lending for customers experiencing extreme financial distress
– Access to term deposits early without incurring any fees
– Emergency funds and temporary accommodation for insurance customers

*Check with the institution

Phone: 1800 701 599


– $2,000 grant for customers who’s home is no longer in a liveable condition
– Credit card and personal loan relief where appropriate
– Suspension of home and personal loan repayments
– Waiving costs and charges for early withdrawal of term deposits
– waiving home loan and personal loan application fees
– Support to restructure other existing banking facilities
*Check with the institution

Phone: 1300 683 106


– Waiving of certain fees for customers requiring urgent access to their funds
– Temporarily postponing home loan payments
– Early access to your super if the ATO have assessed you as being eligible on compassionate grounds
– Faster access to pension fund payments
– A one-off 3 month waiver of Life, Total and Permanent Disability, Trauma, Income Protection and Business Insurance Premiums

*Check with the institution

Phone: 13 30 30 (Banking)
131 267 (Insurance and Superannuation)

General Financial help

Free financial help is available through the National Debt Helpline on 1800 007 007

Insolvency-specific help

Alongside these organisations we are offering free services to our affected clients. We are also offering free consultations in order to provide information, direction to appropriate professionals and direction to financial councillors, to all affected. These options may include; hardship applications, negotiations, part nine debt agreements, informal debt agreements, personal insolvency agreements and bankruptcy.