What is Bankruptcy in Australia?

Bankruptcy is a process where people who cannot pay their debts give up their assets and control of their finances, either by agreement or court order, in exchange for protection from legal action by their creditors. Bankruptcy may occur voluntarily or it may be done on the actions of a creditor. In most cases there […]

5 Factors That Could Save You from Bankruptcy

No one ever plans to go bankrupt. It’s usually something that occurs after a life changing event in a person’s life which has caused their income to drop, their bills to rise or both. Here are some measures you can take that can help save you from bankruptcy. 1. Credit Cards Unpaid bills are often […]

Why You Should Not Declare Bankruptcy without Consulting a Professional Advisor

Declaring bankruptcy is a big decision and one that should not be taken lightly. Before you decide to take this step, it is important that you consult a professional advisor who can ensure you understand what is involved and how bankruptcy will affect your life. If you are considering filing for bankruptcy, you may find […]

5 Major Factors to Consider Before Declaring Bankruptcy

There are a number of things you need to consider before making the decision to go bankrupt. Here are 5 major factors to consider before you do: How does declaring bankruptcy benefit me?The immediate benefit to declaring bankruptcy is that creditors cannot pursue any legal action. Sometimes just this alone is enough to make someone […]

Bankruptcy Versus Staying in Debt: The Pros and Cons

While bankruptcy may sound like a scary word, it can actually be one of the best choices you can make for your future. That all depends on your individual circumstances such as your age, how much debt you have, the type of debt, who you owe money to and your income. Let’s look at the […]

Can you Get a Mortgage After Filling for Bankruptcy in Australia?

Sadly, for many Australians, falling on hard times can mean filing for bankruptcy. While this may not be the proudest thing you’ve done in your life, in some cases it’s a perfectly smart decision that can help you get back to where you want to be and achieve your financial goals sooner. Many people have […]

Bankruptcy Advice on the Difference Between Secured and Unsecured Debts

When it comes to debts, there are two kinds: secured and unsecured debt. Before you borrow money, it’s important to know the difference and being well informed also helps when it comes to prioritizing your debts, paying them off and keeping your assets safe A secured debt is a loan that is tied to an […]

How Long Does Bankruptcy Last & How Many Years Will It Affect my Credit Rating?

For those considering bankruptcy, it’s important to fully understand exactly how it will affect your life going forward. One of the biggest concerns people have regarding bankruptcy is the length of time it will last and how it will affect their credit rating. Generally speaking, you will be bankrupt for 3 years however there are […]

What’s the Difference between Voluntary and Involuntary Bankruptcy?

Many Australians are unaware that there are actually two types of bankruptcy; voluntary and involuntary. It’s important to know the difference because each one affects what happens with not only your debts and assets but your rights and responsibilities as well. Involuntary bankruptcy happens when you owe money to an individual or institution who you […]

The Crucial Areas of Bankruptcy that an Insolvency Specialist Should Assist You With

Declaring bankruptcy is often a stressful and confusing time. You may find yourself faced with many complicated decisions that affect major aspects of your life such as your financial freedom, your ability to acquire a mortgage and the security of your assets. This process is made even more confusing by the many myths and misconceptions […]