Rural debt in Australia has climbed to crisis levels of over $60 billion, leaving many Aussie farmers and rural workers looking for professional debt relief services. Unmanageable levels of debt and insolvencies plague hundreds of Australian farmers and rural workers each year, with many facing foreclosures of their homes and farms by the banks.
A research economist on the Queensland Government’s Rural Debt and Drought task force, Ben Rees, says that in the past four decades, the prevailing unsustainable policies of agricultural economies-of-scale have led to the creation of large farms with low incomes.
Since the 1970s, the net value of farm production has only reached $15 billion while rural debt levels have soared to over $60 billion.
With debts proving to be more problematic than the drought to many, some Aussie rural dwellers are turning to professional services for debt relief and bankruptcy advice. While informal debt arrangements,such as entering into a Debt Agreement,are a viable solution for some,declaring bankruptcy is the only option left for others.
Filing for bankruptcy on a voluntary basis can be a highly daunting and stressful process. With Australian bankruptcy laws becoming more and more complicated, it can be difficult for individuals to understand their full implications if they do not have any experience with bankruptcy.
That’s why, if you are considering applying for bankruptcy,it is important to speak to an expert and seek professional bankruptcy advice before making this life-changing decision. Debt Free Australia (DFA) is a team of insolvency specialists who can provide you with the bankruptcy advice you need.
At DFA, we have your best interests at heart. If we do not believe that filing for bankruptcy is the most appropriate and beneficial solution for you, we will not force it upon you. We have a full suite of other debt solutions available that may be more suitable for you, including Debt Agreements and Personal Insolvency Agreements. To speak to a registered debt adviser today and receive obligation-free bankruptcy advice at no cost, call 1800 462 767.