Personal Bankruptcy

When faced with the prospect of bankruptcy, many individuals simply follow the order and decisions of the officially appointed Trustee in Bankruptcy. But often with an understanding of the details of the bankruptcy laws and with experience at debt negotiation, it is possible to either avoid bankruptcy or at least reduce the wealth loss. This can sometimes mean a significant difference, even sometimes the difference between losing your house and keeping it.

Based on our many years of experience, TPH has helped hundreds of individuals facing bankruptcy or already placed in bankruptcy. Our work here commonly includes reviewing your financials, recommendations on whether to proceed with bankruptcy, negotiation with creditors (including the Tax Office) and communication with the Trustee in Bankruptcy (if appointed).

For more information and a free initial consultation, call 1300 756 425 or email

Personal Insolvency Advisory

Knowing what to look for and acting quickly can be instrumental in potentially averting Personal Insolvency. We provide advice on factors that need attention in order to prevent bankruptcy. We also provide advice where someone wishes to avoid bankruptcy.

Timing is a key factor. If caught early the possibility of a good outcome is much greater. On the other hand, Personal Insolvency can be also seen as a solution in itself. It can provide a ‘line in the sand’ and put you in a position to go forward. You can examine your Debt and Income and work out the best repayment options.

Personal insolvency situations arise due to a number of causes. It could be simply letting credit cards creep out of control. It could be due to guaranteed debts of a company connected to you. It could be mortgaged Bank debts that can’t be cleared by secured assets.
However the debts have evolved and personal financial distress can happen to anyone. In our experience it is always an emotional process and often being objective can be difficult. TPH is an objective adviser and able to provide advice on the initial steps to take and how to navigate through this rocky period.

We are ‘not’ bankruptcy trustees and as such we will give you impartial advice on all your options. When a debt crisis looms having someone like TPH in your corner could make all the difference between getting on with life really quickly or being locked into a debt cycle for years.

Credit Card Negotation

When credit card debt becomes unmanageable it is very difficult to get on with everyday matters.
If this situation arises the most common solutions are either bankruptcy or negotiating a workable solution with the credit card provider. This is not necessarily difficult work however, in our experience you do need to have an understanding of what makes banks decide on how they will deal with the customer.

Over the years we have gained that experience and we offer the service of negotiating on your behalf with the credit card providers. Our history in this field demonstrates very workable outcomes being achieved and we are always keen to engage in these types of negotiations.

Creditor Debt Negotation

Apart from credit cards there are many debts that can result in problems. TPH can work with you, review your entire personal financial position and develop a program to negotiate more workable terms with your creditors and lenders.

This service is particularly helpful in avoiding bankruptcy and avoiding other ‘formal’ arrangements such as Personal Insolvency Arrangements (Part X’s and Part IX’s under the Bankruptcy Act).

TPH can also provide “Do-It-Yourself” templates. These are a good basis to attempt your own negotiations with creditors and banks.

Case Study: Debt Management

Margaret, a TPH client, was a director of many companies over the years. Due to ill health and the costs of running a defence case against a malicious and inappropriate damages claim, she found herself in the position with very few assets and approximately $400,000 in personal debts spread amongst 7 financial institutions.

Over the course of 8 months, TPH presented her position to the financial institutions in a transparent and logical way with an offer. This was clearly advantageous to the institutions given the obvious outcomes had they not accepted the proposal. Then TPH methodically went through the appropriate paperwork to ensure the arrangement could be implemented. We successfully negotiated with each bank to reduce the debt to 11 cents in the dollar. All creditors entered into deeds of release.

Margaret avoided bankruptcy. Her credit rating was even repaired. It resulted in Margaret having peace of mind. Our fee was fixed and was ultimately only a small percentage of the debt compromised. It was a typical example of how ‘commercial negotiation’ can be very effective to resolve personal debt crisis.