August 2, 2017 95

What Is It Like To Go Bankrupt?

Posted by:Charles Bosse onAugust 2, 2017

There’s no doubt that bankruptcy isn’t a desirable situation to be grappling with. There are some severe financial repercussions involved and it’s a very complex and stressful process that will affect you financially for a couple of years to come. Ending up in mountains of debt can develop in the blink of an eye, and many individuals find themselves in this situation because of a wide variety of factors. Not having the ability to work due to illness is one of the most common reasons why individuals file for bankruptcy. It’s not as if they had any control over the circumstances, but being unable to settle their debts because they have no income is the hard reality they have to face. Actually, 7,900 people in Australia filed for bankruptcy in the March 2017 quarter1, so it’s not as uncommon as some people may believe. In my opinion, bankruptcy is neither good nor bad. Without a doubt, those who file for bankruptcy have made some poor financial decisions and will penalised accordingly, however filing for bankruptcy is also the first step to financial freedom. Some folks struggle for years just to make ends meet, while their debts keep worsening, so often times, bankruptcy is an opportunity for a fresh start for people that are unable to repay their debts.

Even though I’ve never been bankrupt myself, I’ve witnessed the journey of lots of people who have and surprisingly, most individuals are better off and glad they went through the process. If you’re enduring financial distress and contemplating bankruptcy, this article will describe what life is like after you file for bankruptcy.

You Won’t Be Debt Free By Filing For Bankruptcy

Bankruptcy is considerably complicated, and there is a common misconception that all debts are eliminated by filing for bankruptcy. This is certainly not the case. There are a range of debts that won’t be cleared, for example Centrelink debts, HECS debts, child support, court imposed fines (for example speeding tickets), and money that is owed to an insurance provider arising from a car accident where you were uninsured and liable. Alternatively, filing for bankruptcy will clear debts like credit cards, GST and tax, and unsecured personal loans. The reality is, you will still have debts to pay after you declare bankruptcy, but the most substantial debts in many cases, such as credit cards, will be eliminated.

Feelings Of Guilt And Shame Are Standard

Bankruptcy is a stressful process and lots of people who declare bankruptcy have feelings of remorse and humiliation; as if they’ve lost in life. This is quite natural, however it’s necessary to overcome these emotions because the truth is, humans make errors, and bankruptcy is a way that you can go back to square one financially and get your life back on track. The sooner you recover from these feelings of embarrassment, the sooner you’ll be able to begin the recovery process and work out a plan of how you’re going to repay your remaining debts and rebuild your credit rating. Always remember, bankruptcy lasts for three years and after seven years, it will no longer appear on your credit report, so it’s definitely not the end of the world.

You Can’t Borrow Any Money For Three Years

Unfortunately, by declaring bankruptcy you won’t be able to borrow any money under any circumstances for three years. During this time, it’s imperative that you start rebuilding your credit report by maintaining a regular income and paying your bills and remaining debts on time. It’s simple but effective. After this three-year process, you become a discharged bankrupt and will have the opportunity to secure loans for secured assets like houses and cars, but your interest rates will be much higher as a result of your poor credit rating. Even though it’s not always advisable to attain loans straight away, it is possible. After seven years from the time you became bankrupt, your credit history will be clean, and you will have the opportunity to obtain all types of loans again at competitive rates.

Life after declaring bankruptcy obviously isn’t easy, but the emotional relief that most people experience after beginning the process definitely softens the blow. There are some serious financial implications involved, but declaring bankruptcy is the first step towards financial freedom and securing a bright future for you and your family. If you’re encountering financial difficulties, it’s always best to seek professional advice sooner rather than later. Whatever you do, don’t keep battling financially for years because you’re afraid of the stigma linked with bankruptcy. It’s difficult, but it’s also not the end of the world. If you ‘d like to talk with someone about your financial position, contact Fresh Start Solutions Hobart on 1300 818 575 for a confidential discussion, or alternatively visit their website for more information: https://freshstartsolutions.com.au/bankruptcy-hobart

Sources:

https://www.afsa.gov.au/statistics/personal-insolvency-statistics-0

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