The federal government introduced The Bankruptcy Amendment (Enterprise Incentives) Bill 2017 late last year. This is why, at Debt Free Australia (DFA), we want to make sure you know how these changes will affect you.
These new laws aim to decrease stigma around bankruptcy and give bankrupts a ‘fresh start’. The negative effects caused by the harsh bankruptcy laws that are currently in place discourages many potential entrepreneurs from pursuing their business endeavours.
What changes have been proposed?
If passed by Parliament the new bankruptcy bill will reduce the default period of bankruptcy from three years to one year.
What will this mean for me?
These changes gives bankrupts a chance to re-engage in business sooner and take on entrepreneurial activities and to start new companies. A reduction in the stigma associated with bankruptcy allows the re-assimilation process to be smoother and feel less demeaning.
Life after bankruptcy can feel intimidating to some people. That is why at Debt Free Australia, we are always ready to help you explore your personal debt solutions. If you would like to speak to a professional to learn more about them, then please contact DFA. We offer a FREE initial consultation so that you can get unbiased, expert advice on which one is right for you. Our toll-free hotline operates 24/7 so you can call us at your own convenience on 1800 676 598.