WHY SP INSOLVENCY?

Passion, Precision, & Professionalism to help you get through your personal insolvency Issues

One of the key benefits of working with SP Insolvency, you won’t be passed off to an employee when you want to the speak to the Registered Trustee.

25+

Years of Experience

 ”I have had many people give me compliments or good reviews as I genuinely try to assist people. I have a lot of experience and don’t always charge for my services. 99% of my work to date has been from work referred to me.”

Sam Piscopo

Founder & Registered Trustee

mY DEBT SOLUTIONS

Comprehensive Debt Solutions Tailored To Your Needs

Informal Debt Arrangement

If you are here, this option is probably no longer available.

Bankruptcy

Surprisingly the preferred option for many, once they overcome their fears. You will not necessarily lose your house.

Personal Insolvency Agreement

A formal arrangement with creditors that requires a Registered Trustee.

Debt Agreement

Another formal arrangement with creditors.

FAQs

Answers to Your Common Questions

With extensive experience in bankruptcy and personal insolvency, we offer customized solutions to get back on your feet.

Not necessarily and many people don’t.  A typical example is the following.  John and Mary are married.  They own a house.  John has to file for bankruptcy.  The equity in the house is limited.  The bankrupt estate owns half the limited equity.  Under those circumstances I have given many people like John and Mary the opportunity to come to an arrangement to pay off the bankrupt estate over time. It all depends on the numbers, as they
say.

Not necessarily and in fact rare.  A bankrupt is entitled to one car up to a certain value.  In the vast majority of cases I have been able to come to an arrangement to pay off the bankrupt estate over time.

A bankrupt needs written permission to travel overseas for a legitimate reason.  A legitimate reason includes visiting family, for work and even for a holiday.  I have even given permission to a bankrupt to live and work overseas.

No almost without exception.  There are for example some professions where a person will have to “show cause”.  For example, a solicitor might have to explain to the Law Society the reasons for bankruptcy and generally it is not a problem although some restriction might be applied such as being prohibited from operating a trust account.

As Trustee I have the power to close a savings account but have never done it.  I have also left a reasonable amount of cash in the savings account for living expenses until the first pay cheque in bankruptcy.  Please note however that if the bank itself wants to close your savings account it can.  But I only once have ever seen it happen.  In every other case where the bank considered closing a savings account, it contacted me and sought my opinion.  Also please note that a credit card account is different as most banks will close credit card accounts but not always.

Your credit file will be affected for 5 years. Then it will be wiped clean.  For many people in financial trouble who want to buy a house it will take them that long to save for a deposit in any case.  And so it is not all bad news.

This is very rare.  High income earners are required to pay some of their wages into the bankrupt estate.  How much they can keep is generous and designed so that they have a reasonable lifestyle. How much they can keep also depends on their circumstances such as the number of their dependants.

The Trustee will contact creditors but very few others.  For example, I will write to your employer for information about your income but only if you do not cooperate by providing it.

This is concern for tradies and professionals who work for themselves.  There is no restriction on working for yourself.  However, there is a restriction on the use of a business name.

Yes.  A bankrupt is entitled to a reasonable amount of household furniture.

Yes.  A bankrupt is entitled to keep tools for work up to a certain value.  If the tools exceed that value, I have always been able to come to an arrangement to pay off the bankrupt estate over time.

Insightful Case Studies

We specialize in crafting tailored personal insolvency solutions that suit your circumstances.

wHY CHOOSE US

Your Best Choice for Personal Insolvency

I make myself available 24/7. Many people appreciate that because they cannot talk during working hours about their personal insolvency issues.

Comprehensive Solutions

Confidentiality

Empathy and Support

Expertise and Guidance

TESTIMONIALS

What People Say

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