For many people, just the word “Bankruptcy”
can be intimidating. That’s why – if you’re considering bankruptcy
– getting the facts is important. There are two ways bankruptcy can happen:
you can apply for voluntary bankruptcy… or, the people you owe money to can apply
to the court to make you bankrupt. In any case, you’ll need to provide AFSA
with details on all your debts and your assets, including property, income, super and shares.
A trustee will assess your finances, sell assets where they need to… and help settle your debts. After three years, you’ll be free from most
of your liabilities. But during that time, you need to assist the
trustee in every possible way. Otherwise, your bankruptcy could blow out
to five or even eight years. For more facts on bankruptcy, you can log
on to the AFSA website. Yes bankruptcy can sound intimidating, but
having the right resources and advice will help you get through it.