Did you know that your bankruptcy will remain private?
Nobody really knows that you’re bankrupt except the people that you owe money to, your trustee and the people that you tell.
Also, did you know that bankruptcy cancels your credit card debts and unsecured loans now, not years down the track like some of the other options?
If you have debts that have become overwhelming then bankruptcy can help you too. Bankruptcy is not the so called ‘last resort’ that everybody seems to say it is. Instead it can be the positive first step you can take to deal with a difficult or impossible situation. You may have been putting off dealing with your problem debt until now because you haven’t known where to turn.
What I know for sure is that nobody I speak to says they ended up regretting going into bankruptcy. On the contrary, they almost always say the one regret they have is that they didn’t do it sooner.
Common misunderstandings include:
- that your problem debts will become payable again once your bankruptcy is completed, this is complete garbage and certainly didn’t happen to me
- you won’t be able to travel overseas when you are bankrupt, the correct procedure is for you to simply fill in a form so the journey can be approved by your trustee
- you will lose your car (this is extremely unlikely, but you will have to keep paying for it of course)
- that your credit rating is worse if you are bankrupt as compared to being in a Debt Agreement, that’s nonsense, it is the same outcome either way
- I’ve heard some people say that they have been told not to go bankrupt as it would be announced in the Newspaper, that probably hasn’t happened for 20 years, and again it certainly didn’t happen to me
- that you would lose your furniture and that a trustee or someone will come to your house to see what you’ve got
- You are on the government’s personal insolvency database for life. Unless you are a public figure no one is ever likely to look as there is a fee to pay to conduct a search.
- Your credit rating will be damaged for five years if you go into bankruptcy (which is the same outcome as using a Debt Agreement)
Bankruptcy will cancel your problem debt immediately from your perspective, no ifs or buts or maybes…. that’s the law.
If you have any questions about bankruptcy and would like to know the facts - then call us today on 1300 887 210!