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AFSA has recently released updated insolvency statistics showing that in the March 2020 quarter, personal insolvencies rose by 4.0% when compared to the previous quarter. Capital City Stats There were rises in all capital cities except for Greater Perth, Greater Darwin and the Australian Capital Territory. New personal insolvencies in regions outside capital cities fell… Read more
If you’re struggling with serious debt, bankruptcy can be a real solution to your problems. What you may not know though, is that there are also serious consequences to this solution. These serious consequences include your trustee being able to claim and sell some of your most-prized possessions. So, what exactly could you lose if… Read more
Bankruptcy. It’s not exactly a positive word. Nor is it a position which any of us want to find ourselves in. However, whether we like it or not, the situation does happen to thousands of Australians, every year. If you can’t meet all your debts and bankruptcy is a possibility, then it’s safe to say… Read more
A recent article from ABC news has detailed the bankruptcy surge to hit Australia, noting that more than 32,000 Australians declared bankruptcy during the 2018 financial year, with households in resource-dependent WA and Queensland doing it particularly tough. As alarming as this topic may be, we feel it’s important for fellow Australians to be in… Read more
Even if you make a good income you can become a victim of debt and become very frustrated – debt does not discriminate. If there is a negative difference with what is coming into the house to what is going out, then this can create problems for you. It can also cause issues when applying… Read more
To blame was unemployment and excessive use of credit. Vanessa Hall declared herself bankrupt at just 20 years old. She had accumulated $8,000 in credit-card debt and couldn’t see any way of paying it off. “I was travelling and living away from home, so I lacked support and I made the decision off my own… Read more
Once you manage to climb to the top of that debt mountain, it can be easy to slip back down. But with a few simple steps you can make sure you don’t slide back down that slippery slope. Once you have created some good financial habits by making sure your credit rating is not dropping,… Read more
How to Get Rid of Debt for Good The majority of people are in some type of debt, whether it be owing money on a mortgage, not being able to pay bills, having credit card debt, or simply not being able to pay your phone bill. There are a number of simple solutions to… Read more
EXCESSIVE use of credit and credit cards has contributed to a leap in the number of personal bankruptcy cases. Figures from the Insolvency and Trustee Service of Australia show that there were 9,300 new bankruptcies, debt agreements orpersonal insolvency cases in Australia in the first quarter of 2009, an increase of 18.25 per cent on the same… Read more
Bankruptcy is a process that provides protection to people who are unable to repay their debts and they cannot reach an informal or formal agreement with creditors. You can become bankrupt voluntarily or otherwise you may be forced into bankruptcy on application by one of your creditors to the Court, in a situation where you cannot… Read more