"Bankruptcy, one of the most feared terms in commerce world, is a legal status of a person in which the person is not able to repay his debts. Bankruptcy literally means broken bench. The process of bankruptcy starts with a petition filing by a debtor or the creditor. Before that, debtor has to go through credit counseling session. After that, all the assets of the debtor are calculated and a portion of the debt is paid. It gives the debtor a fair chance of starting fresh.
Bankruptcy can be declared when the person is unable to pay debts, is in foreclosure danger or are threatened by bill collectors. Bankruptcy matters come under federal courts under federal laws. According to Australian Financial Security Authority (AFSA), bankruptcy lasts for three years from the date of declaration.
Some of the most common asked questions regarding bankruptcy are:
• Am I eligible to file for bankruptcy?
• Can declaring bankruptcy help me to wipe out my debts and financial troubles?
• What is the procedure for filing petition for declaring bankruptcy?
• What are different types of bankruptcy?
• Is there any option that can help me in keeping my property and other assets?
• Can I still have an income after filing bankruptcy?
• Will filing for bankruptcy affect my credit report?
• Will there be any public announcement?
It is important to go through all these questions before taking the decision. Bankruptcy help centers can guide you to work out all the possible options. There are many online bankruptcy help centres in Australia that can help you to know more about solutions related to bankruptcy. Some reputed bankruptcy help centres also provide free bankruptcy advice. These help centres have bankruptcy experts who can analyse your current situation and suggest you the best possible options.
The professional bankruptcy experts can help you understand the advantages and disadvantages of filing bankruptcy. If need be they can also help you to implement these options. According to Australian Financial Security Authority (AFSA), once bankruptcy is declared, the name of the declarer will be enlisted in National Personal Insolvency Index (NPII) which is a searchable document.
Bankruptcy must not be taken lightly. It has its own consequences. Your assets may be sold. It may affect your career and business too. You will not be allowed to travel to other countries without a written permission. You may find it hard to borrow money or to use credit. In case of bankruptcy, it is advisable that seek a reputed bankruptcy help centre for free consultation."
Keywords: declaring bankruptcy in Australia, bankruptcy frequently asked questions, bankruptcy Australia
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