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Effects of Bankruptcy

Want to see how bankruptcy may affect you? We’ve compiled a simple list and can show you how your life will look afterwards.

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How We Can Help

We aim to make the bankruptcy process as simple as possible, let us show you how we can help.

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Contact Us

Want to discuss your situation or request a callback? Our consultants can be in touch immediately.

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Considering Bankruptcy?

It can be hard to get accurate information about bankruptcy and its effects. Most of the time people in your situation are worried that they will never get credit again, they will lose their household items, or that everyone will know about their situation.

Over 18,000 Australians declare bankruptcy every year, that’s over 50 people a day who remove their debt, and move forward with a fresh start.

Below, we have compiled a list of the 5 main consequences of bankruptcy. You may be surprised, as the consequences generally aren’t as bad as people think.

We can guide you through the process, and your money can be yours again.

Frequently Asked Questions

Are the consequences bad?

It all depends on your particular situation, and we can help shed some light. There are a number of thresholds pertaining to what you can and can’t keep as a bankrupt. These thresholds are available at https://www.afsa.gov.au/insolvency/how-we-can-help/indexed-amounts-0.

What are my other options?

For a comprehensive list of your other options, it may be best to speak with a financial counselor. More information can also be found at the AFSA website https://www.afsa.gov.au/insolvency/i-cant-pay-my-debts/what-are-my-options

Won’t everybody know my situation?

Bankruptcy is an extremely private process. Over 18,000 Australians declare bankruptcy every year, so it happens much more often than you think. Chances are, you have already met many people who have declared. There is no need to attend court, no need to meet with anyone in person. We can help you complete your bankruptcy from home, and the only people who know about your situation are the ones you tell. Your name is recorded on the National Personal Insolvency Index, but your bankruptcy is deleted off your credit file 2 years after you are discharged.

How long will it last?

Bankruptcy normally lasts 3 years and 1 day from the day that your bankruptcy application is accepted by AFSA. Your bankruptcy will be recorded on your credit file for 5 years (or another 2 years after you have been discharged, whichever is later) but after that, it is cleared. We’d be happy to discuss your situation with you, obligation free.

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