You’re a full-fledged adult and things are going really well. You have it all, do it all, go out with friends and live the life you have always deserved.
Suddenly, life throws a curve ball. You find yourself in debt and struggling to cope. You are sitting at the computer thinking “Okay, it’s time to declare bankruptcy!”
STOP! Before you do, in less than the time it takes to talk to mum, dad, neighbour and your how should we say ‘alternative’ roommate, find out some of the facts about bankruptcy.
- You are discharged from the majority of your debts
- Those annoying and abusive creditors have to stop contacting you
- It stops all legal relevant action
- If your wages are being garnished, this will stop
- Some of your property is protected – you have to talk to a professional regarding exactly what property is and isn’t protected in your personal situation
- Your bankruptcy is publically recorded
- All debts secured by fraud you still have to pay back
- Your HECS/HELP debts are still hanging around
- You still have to pay back those pesky speeding fines and all other court imposed fines
- Your stuff can be repossessed – in other words bye bye car
- That inheritance you were banking on? The pesky trustee can take that too
- Overseas trip to Europe – cancelled – no going overseas without permission for you!
- You are recorded on a public register for life as a bankrupt
- If you earn more than $54,081.30 you still have to make repayments towards your debts
- Bad credit rating for 7 years = no homes, no credit cards – no life!
- That rental you love? The landlord might say no!
- Ever dreamed of being a policeman, tradie or travel agent? Not going to happen if you declare bankruptcy
Bankruptcy may be the right choice for you, but you really have to weigh up the pros and cons. If you think bankruptcy may be a bit too dramatic for you, there are a number of other solutions out there such as; Debt Agreements, Informal Arrangements and Debt Negotiations.
Just because you find yourself in debt doesn’t mean the best years of your life are over. There are a number of solutions which allow you to both get out of debt and live your live again. Call us today on 1300 887 211 to find out what options you.
Brand & Communications Manager
Elise is passionate about finance, and is on a mission to explore and share different tactics for tackling the everyday financial challenges in realistic and achievable ways. With a background in communications, digital marketing, and public relations, Elise uses her skills to generate new ideas and content to help make finance fun.