Australian Debt Consolidation

Bankruptcy

Bankruptcy The Only HomeIf you have got debt problems then Bankruptcy should be your very last step but it is one  that more and more people are opting for.

Bankruptcy is not something you can reverse.

With a bankruptcy all your assets, including your family home, may be sold to repay your creditors. Then after a predetermined period, all your debts are totally written off and you're free to rebuild your financial life.

But records of your bankruptcy will remain on your credit history for many finance during this period will be extremely difficult.

Details of your credit history are kept by three big credit agencies and they are referred to by all the banks and major lending organisations.

Having a bankruptcy in your past will decimate your credit rating and whilst the details of that remains on your credit report it will make it virtually impossible to obtain a mortgage or any other form of credit on normal terms, nevertheless it will give you a clean slate to rebuild from.

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Important note: The information on this and all pages on this website contains a summary of basic information on debt and debt consolidation issues. It is not a substitute for legal advice. Some provisions of the law referred to may have important exceptions or qualifications. This document may not contain all of the information about the law or the exceptions and qualifications that are relevant to your circumstances. You will need a qualified professional advisor to take into account your particular circumstances and to tell you how the law applies to you.