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Unpaid personal debts can put your home at risk

What debts can put your home at risk? Do you have a credit card, personal loan or store credit which exceeds $5,000? If you do and you fall behind in your payments or stop making payments, any individual creditor owed $5,000 or more can petition for your bankruptcy. How does bankruptcy affect your home? If you are made bankrupt and ...
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Will a debt relief service affect your credit rating?

The key to having a good credit record is to pay your bills on time. However, not everyone lives in a perfect world and it isn’t always possible to pay your bills on time. In fact we find that many people sink into debt over a period of time and don’t realise the significance of the problem until they can’t ...
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What counts as a bankruptcy offence

It is very important that you be aware of offences in bankruptcy. Some bankruptcy offences can lead to prosecution and imprisonment or fines. It’s important to know what counts as an offence in bankruptcy. Below is a list of the more common bankruptcy offences: makes a false statement in an affidavit (Sec 263A of the Bankruptcy Act). a creditor proving ...
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An Explanation of Debt Consolidation

Did you know that, if you’re in debt, there is a way to pay it off as one loan instead of many little ones? It’s called Debt Consolidation. There are many ways of doing this, but the principle is always the same. Being in debt is a very stressful and tricky process. You must keep up with monthly payments, and ...
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What Assets can I keep in Bankruptcy?

If you go bankrupt, you will still be able to keep some assets.  The government's policy is if you go bankrupt, you must be allowed to survive and still maintain a minimum level of comfort.  The aim is not to have you live on the streets and with that policy in mind the government has protected certain assets in bankruptcy ...
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Bankruptcy was the best option

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 ...
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Back on track with a Debt Agreement

Paul called us seeking help with his unsecured debts. He had credit cards and a personal loan totalling around $30,000.  He also had a house with equity in it which he wanted to protect. Before Paul called Debt Free Australia he thought bankruptcy was the only solution but after we explained the benefits of a Debt Agreement  and after he ...
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House saved through a Personal insolvency Agreement

A Personal Insolvency Agreement is an agreement for people whose income and or debts are above the statutory thresholds that are set by the government from time to time. We recently helped a couple (Amanda & David) solve their debt crisis be setting up and administering a Personal Insolvency Agreement for them. Their problems started when David lost his job. For around ...
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