Some companies may try and tell you that it is best to avoid bankruptcy at all costs, but this is not always the case. Every case needs to be individually assessed and if you are a low income earner with few or no assets to protect, then bankruptcy will most likely be the best option.
John called Debt Free Australia – here is a case study of his experience
“My income at the time was only around $1,000 per week in the hand and owned a car worth around $6,000. I had credit cards and a personal loan which totalled around $20,000 which were causing me constant stress as I couldn’t even afford the minimum repayments. When I called Debt Free Australia they explained to me that my income would be fully protected (as it was below the statutory thresholds so I didn’t have to make any compulsory income contributions). I was also able to keep my car as the value of it was also below the statutory threshold.
After doing research on bankruptcy, I realised that it was my best option. After 3 years my bankruptcy is over and it has cleared all of my credit cards and personal loan debts.
Thank you – Debt Free Australia – for giving me advice that I could trust. I now realise that bankruptcy was the best choice & the benefits certainly outweighed the stigma of it”
If you would like to explore the option of Bankruptcy call us today on our toll free advice line on 1800 676 598 and speak with one of personal debt advisors.