Key Points
- Bankruptcy lasts for three years but the consequences can last much longer.
- Bankruptcy wont release you from all your debts.
- Always seek the advice of a financial counsellor.
Bankruptcy is a legal process that helps you regain financial control by releasing you from most of your debts. It allows you to start fresh.
You can volunteer for bankruptcy or be declared bankrupt by the court at the request of your creditors those to whom you owe money.
It can be a positive step. Even so, bankruptcy comes with serious consequences and stigma.
Registered Trustee in Bankruptcy Clare Corrigan recommends looking beyond that stigma and to the financial relief it gives those facing significant hardship.
More often than not, people that…
Read the full article at: https://www.sbs.com.au/language/english/en/podcast-episode/understanding-bankruptcy-and-its-consequences-in-australia/i1i4u0svj
