I had so many questions when I was looking at bankruptcy and you probably do too. Check if the answers are here …
Does my debt go away?
As soon as you become bankrupt, all debts covered by your bankruptcy are gone forever. There are no conditions, its absolute.
Having said that, I recommend that you take a step back and have a think about whether you should pay some of your debts (without using credit). I have prepared a checklist below, to help you consider whether it is in your best interest to let all of your debts be removed by bankruptcy.
- Do you need to pay your outstanding rent to ensure you have accommodation?
- Do you need to pay your electricity and gas bills for continued heating and lighting?
- Do you need to pay your telephone bill to keep your telephone number and internet service?
- Do you need to pay your traffic fines to be able to keep your driver’s licence and register your car?
- Do you need to continue to keep paying the monthly loan payments on your car to be able to have transport?
I hope this helps you. I recommend you work out how your life will work once you become bankrupt. I did this and it made the process much easier for me. If you have any questions please call me on 1300 794 492 or email@example.com.
I also recommend you read ‘Types of Debt’ on this website as it details debts that are not covered by bankruptcy.