Bankruptcy is often labeled as a long and tedious process that can leave you with various negative implications for the future. A new bankruptcy bill was introduced into Federal Parliament on the 19th of October 2017, which proposes a few fundamental changes to the bankruptcy regime.
One of the key changes proposed in the new bankruptcy bill is that the duration of bankruptcy will be reduced from 3 years down to 1 year, however, if you are liable to pay income contributions that obligation will stay in place for 3 years (ie for another 2 years after you are discharged from bankruptcy). However, if you are not compliant and you breach certain obligations under the Bankruptcy Act, your trustee will still have the power to extend your bankruptcy up to 5 or 8 years depending on the nature of the breach.
If you would like to speak to a professional to learn more about your options, then please contact Debt Free Australia. 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.