Frequently Asked Questions

Do I have to go bankrupt because I can’t pay my debts?

If you have debt which you cannot pay, your creditors can go to Court and get an order for the sheriff to come and take your possessions and sell them, garnishee your wages, have you examined before the court or make application for you to become bankrupt. My advice is to take control and take positive steps yourself to finalise your debt one way or another.

There are other alternatives to bankruptcy including debt agreements and personal insolvency agreements. Personally, I don’t like them because I think they keep continued financial pressure on the individual and don’t release you from your debt until the agreement is fully complied with. This could take many years. Bankruptcy releases you from your debts as soon as you become bankrupt and lasts for 3 years. It lets you get on with your life far quicker and gives you more money for day to day living with less financial pressure.

If you are already in a Debt Agreement or Personal Insolvency Agreement and want to go bankrupt instead, please call me on 1300 794 492 or email hello@understandingbankruptcy.com.au with your information, and let’s work together to get you back on track.

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