Debt Cutter can help you decide whether bankruptcy is the right decision to help resolve your debts.
There are many options available to help you with unmanageable debt but sometimes bankruptcy may be the right option for you.
It is important when making a decision with such significant implications, such as deciding to bankrupt, that you are fully aware of what this will mean for you.
What is Bankruptcy?
Bankruptcy is a legal process where you are declared unable to pay your debts.
It can release you from most debts, provide relief and allow you to make a fresh start.
Bankruptcy normally lasts for 3 years and 1 day.
Although bankruptcy can provide relief if you are unable to repay your debts, there are consequences such as potentially losing assets, mandated income contributions, travel restrictions, credit file impacts, NPII listing for life, and other impacts which may affect you, your work or employment.
Being aware of these consequences can help you decide if this is the best option for you.
Get back on track in just 4 easy steps
Debt can be incredibly
stressful, but it doesn’t
have to be.
If you are considering going Bankrupt, our consultants can discuss the implications applicable to your circumstances, assess if there are any other suitable alternatives and if you do determine that Bankruptcy is the best option then we can assist you with this process.