In recent news, AFSA (Australian Financial Security Authority) have released statistics showing that Australians have recorded the highest rate of bankruptcy since June 2016. There has been a sudden increase in the number of Australians declaring bankruptcy, which may appear to be a bad thing, however, with recent developments it is possible that some Australians see it as the best option.
Of course, bankruptcy does impact your credit rating and places certain restrictions on you, however, with amendments currently being proposed, bankruptcy may soon become an even more viable option to many Australians. If you are under extreme financial hardship and you can no longer manage your debts, bankruptcy will relieve that pressure. Any debt that isn’t tied to a security (credit card, personal loans) will be written off once you declare bankruptcy.
Although obtaining credit will prove to be a difficult task for up to 5 years, a bankruptcy provides you with a fantastic opportunity to start afresh and will allow you to rebuild your personal financial strength.
If you would like to learn more about bankruptcy and any other personal debt solutions it is best to contact a professional to understand what best fits you. Please contact Debt Free Australia where we offer a FREE initial consultation so that you can get unbiased, expert advice on how a bankruptcy can be best for you. Our toll-free hotline operates 24/7 so you can call us at your own convenience on 1800 676 598.