While your bankruptcy will generally last for three years and one day from the date you were declared bankrupt, credit reporting agencies will keep note of that same bankruptcy for the longer of the following two periods:
Additionally, your name will be permanently listed on the National Personal Insolvency Index, which keeps track of insolvency proceedings in Australia.
If you have any significant assets you may have to surrender them for the benefit of your creditors. However there are some things that you are allowed to keep such as a car up to a certain value, household & personal items and tools of trade, for example.
Just because you have chosen bankruptcy does not mean that you can’t have a business or be self-employed. You are however unable to be a director of a company.
We have never had a client refused from travelling overseas. If overseas travel is an issue for you then please speak to us.
If your car is under finance it does not mean that you will lose it, generally if you can maintain the payments you can keep your car.