If you’re unable to pay off your mounting debts, you may feel that declaring personal bankruptcy is the only way to relieve the pressure of your financial situation. It’s important to know that declaring bankruptcy is a significant decision that will affect you for years to come.
At Debt Busters, our financial experts understand the benefits, implications, and drawbacks, and can help you decide if declaring bankruptcy is the right solution for you.
How It Works
Bankruptcy is a legal process that releases you from most, if not all of your debt. It’s a way to achieve a fresh start while you regain your financial footing. Individuals can declare bankruptcy when they’re unable to pay their debts on time or in full.
To begin the bankruptcy proceedings, you’ll need to complete a bankruptcy form online, which provides essential details about your financial situation. When you have been declared bankrupt, you agree to give up the control of your finances and assets to a registered Trustee.
In exchange, your debts will be cleared and you’ll be protected from legal action being taken against you by creditors. You also won’t be contacted by those creditors anymore.
The Australian Financial Security Authority is responsible for managing bankruptcy and debt agreements to ensure they meet legal requirements, and the National Personal Insolvency Index keeps a record of all bankruptcies in Australia so you can better understand how your case compares to others.
