Are your funds drying up? Do you feel anxious every time the phone rings or you access the ATM? Does the daily trip to the mailbox make you fearful?
If you identify with any of the above, you are no doubt looking for a way out. For many struggling individuals, bankruptcy tends to be at the forefront of their minds.
But according to the bankruptcy experts at Debt Free Australia, it is important to have a thorough understanding of the consequences of bankruptcy and any alternatives that might be available, and to reserve bankruptcy as one’s final resort.
When you become bankrupt:
- Your assets may be sold to repay creditors
- Your income and employment may be affected
- You may not be released from all of your debts
- Your ability to travel may be hindered
- Your name will appear on the National Personal Insolvency Index permanently
- You will receive a mark on your credit file, affecting your ability to obtain loans
- Your bankruptcy period will last for a minimum of three years
For these reasons, looking into bankruptcy alternatives, such as a Debt Agreement or Personal Insolvency Agreement, is strongly recommended before committing to bankruptcy. Amongst other advantages, these personal debt solutions allow one to negotiate with their creditors to come to an agreement which may significantly reduce the amount of debt to repaid, without all of the negative consequences of formal bankruptcy.
The professional team at Debt Free Australia are qualified bankruptcy experts who administer hundreds of insolvent cases every year and fully understand the implications of bankruptcy.
Don’t take the risk of working with unregistered professionals; the DFA bankruptcy experts are qualified, knowledgeable, and have many years of experience in the industry, making them the best choice to take on your case.
So for the lowest price insolvency and bankruptcy services from registered bankruptcy experts that you can trust, choose Debt Free Australia. Contact our 24/7 hotline on 1800 676 598 and receive professional financial advice at any time you need it most.