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    bankruptcy

    Bankruptcy and Your Credit Score: The Facts

    If you find yourself in a position where you’re unable to pay your bills, have growing debts like credit cards and loan repayments and your weekly income is not enough to meet your day-to-day living expenses, then you could be facing personal insolvency. Personal Insolvency is defined as a situation where you are unable to pay your debts when they fall due. Unmanageable debt is not only caused by overspending, although this is a common reason for personal Insolvency. It can also be triggered by factors out of your control. Severe illness, an accident, a job loss, or a relationship breakdown are also common causes. There are a number of options which may provide relief from unmanageable debt. However, some also have long-lasting effects on your credit score and ramifications or restrictions when applying for future finance.

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    Topics: Bankruptcy, Credit File

    Declaring Bankruptcy in Australia

    The number of people declaring Bankruptcy each year is on the decline in Australia. In the 2016-17 Financial Year:

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    Topics: Bankruptcy

    5 Reasons to Avoid Bankruptcy

    When Aussies get into debt, their minds immediately jump to bankruptcy. However, there are plenty of options to avoid bankruptcy. Declaring bankruptcy is commonly viewed as ‘the easy way out’ of debt but there is nothing easy about bankruptcy. The process is stressful, lengthy and involves several rules and restrictions you have to live by.

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    Topics: Bankruptcy

    Bankruptcy Discharge: How to Rebuild Your Finances

    Congratulations! Your bankruptcy period is over and your debt troubles are far behind you. You might now notice that the Bankruptcy has left a mark on your credit file and you are finding it difficult to start over. Here are some tips on how to get your credit rating back on track and how to rebuild your financial portfolio.

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    Topics: Bankruptcy

    Bankruptcy Means Test

    Bankruptcy is an accessible and readily available option for people to get out of severe debt. The eligibility criteria is minimal and the application process is as simple as providing the appropriate documents. There is no specific Bankruptcy Means Test in Australia, but we have explained the thresholds and criteria to help you decide if Bankruptcy is for you.

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    Topics: Bankruptcy

    The Definitive List of Bankruptcy Regulations

    Here is a definitive list of bankruptcy regulations. If you are considering bankruptcy, you should first consider how the strict bankruptcy regulations will impact your life. Bankruptcy has many restrictions and regulations which could impact your home, your job and your credit file. Read on for our definitive list of Bankruptcy Regulations to determine how they will impact you.

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    Topics: Bankruptcy