The number of people entering personal insolvency in the year to June 30, 2024 was 20 per cent higher than the preceding financial year, as more people find themselves unable to repay debts.
Personal insolvency includes bankruptcies and debt agreements, and a relatively small number of insolvency agreements. These include wage earners and owners of unincorporated businesses, which primarily include sole traders and partnerships.
Tim Beresford, the chief executive of the Australian Financial Security Authority, says the greatest risk to those in financial stress is to seek financial advice from untrustworthy sources.Credit: Patrick Durkin
A likely reason f…
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