August 2, 201773

What Is It Like To Go Bankrupt?

Posted by:Charles Bosse onAugust 2, 2017

Declaring Bankruptcy, Bankruptcy, Bankrupt, Bankruptcy Sydney, Bankruptcy Advice

There’s no doubt that bankruptcy isn’t a desirable scenario to be confronting. There are some unpleasant financial implications involved and it’s a very demanding and stressful process that will affect you financially for several years to come. Ending up in mountains of debt can develop in a heartbeat, and lots of individuals find themselves in this situation because of a wide variety of factors. Not being able to work due to illness is one of the most frequent reasons why people declare bankruptcy. It’s not as if they had any control over the circumstances, but being unable to repay their debts because they have no income is the hard reality they must face. In reality, 7,900 individuals in Australia declared bankruptcy in the March 2017 quarter1, so it’s not as unusual as some people may think. If you ask me, I think that bankruptcy is neither good nor bad. Indeed, those who declare bankruptcy have made some bad financial decisions and will penalised accordingly, however declaring bankruptcy is also the first step to financial freedom. Lots of folks struggle for years just to make ends meet, even though their debts keep worsening, so in most cases, bankruptcy is an opportunity for a fresh start for people that are unable to repay their debts.

Although I’ve never been bankrupt personally, I’ve witnessed the journey of many individuals who have and surprisingly, most individuals are better off and glad they went through the process. If you’re enduring financial difficulties and considering bankruptcy, this article will illustrate what life is like after you declare bankruptcy.

You Won’t Be Debt Free By Declaring Bankruptcy

Bankruptcy is very complicated, and there is a typical misconception that all debts are eliminated by filing for bankruptcy. This is certainly not the case. There are several debts that won’t be cleared, for instance Centrelink debts, HECS debts, child support, court imposed fines (such as speeding tickets), and money that is owed to an insurance company arising from a car accident where you were uninsured and at fault. On the contrary, filing for bankruptcy will eliminate debts like credit cards, GST and tax, and unsecured personal loans. The reality is, you will still have debts to pay after you file for bankruptcy, but the most notable debts in many cases, such as credit cards, will be removed.

Feelings Of Guilt And Shame Are Standard

Bankruptcy is a demanding process and lots of folks who declare bankruptcy have feelings of guilt and embarrassment; as if they’ve lost in life. This is quite regular, however it’s essential to overcome these emotions because the truth is, humans make mistakes, and bankruptcy is a way that you can go back to square one financially and get your life back on the right track. The sooner you recover from these feelings of regret, the sooner you’ll be able to start the recovery process and work out a plan of how you’re going to repay your outstanding debts and rebuild your credit rating. Remember, bankruptcy lasts for three years and after seven years, it will no longer appear on your credit history, so it’s definitely not the end of the world.

You Can’t Borrow Any Money For Three Years

Unfortunately, by filing for bankruptcy you won’t be able to borrow any money under any circumstances for three years. During this time, it’s vital that you start rebuilding your credit report by maintaining a consistent 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 acquire loans for secured assets like houses and cars, but your interest rates will be much higher due to your poor credit rating. Though it’s not always sensible to acquire loans straight away, it is possible. After seven years from the time you became bankrupt, your credit report will be clean, and you will have the option to secure all forms of loans again at competitive rates.

Life after declaring bankruptcy surely isn’t easy, but the emotional relief that many individuals experience after starting the process certainly softens the blow. There are some severe 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 confronting financial distress, it’s always best to seek professional advice sooner rather than later. Whatever you do, don’t keep battling financially for years because you fear the stigma related to bankruptcy. It’s difficult, but it’s also not the end of the world. If you ‘d like to talk to someone about your financial situation, contact Fresh Start Solutions on 1300 818 575 for a confidential discussion, or alternatively visit their website for more information:



    Get Student Loans

    Got my loans down to exactly $126,000! ???? This 0% partial is exceedingly minute, truly seeing the amount say down, god if I had the funds I’d just pay it off all now ??

    I’m worried when the tempo comes and interest is back on FedLoan it disposition be wonderful onerous to fee idle my loans, I heard one chick owed 80k and then after she paid it off she still owed 120k, like power I aspire I don’t conclude up in a be like circumstances ??

    Anyways it’s lawful likeable seeing the true to life amount of money work down, like I’m making encouragement under way an eye to fashionable ???? musing I’d portion, not as depressed as ahead lmao

    if i owe student loans will i get a tax refund

    (This does not count an added apprentice Sallie Mae loan of 30k my mom is paying for the sake of me consecrate her basic nature)


    viagra over the counter walmart viagra cost per pill


    Today, I went to the beachfront with my kids. I found a sea shell and gave it to
    my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed.
    There was a hermit crab inside and it pinched her ear. She never wants to go back!
    LoL I know this is entirely off topic but I had to tell someone!


    I used to be suggested this blog by means of my cousin. I
    am no longer positive whether this publish is written by way
    of him as nobody else recognize such unique about my problem.
    You are amazing! Thank you!


    how much is viagra: buy generic 100mg viagra online – viagra without a doctor prescription


    over the counter viagra: viagra – mexican viagra


    ed dysfunction treatment mexican online mail order pharmacy – canadian mail order pharmacy


    cialis without doctor prescription otc ed pills – canada pharmacy online legit


    lisinopril 240 buy lisinopril – lisinopril drug


    plaquenil capsule plaquenil – plaquenil 200mg tablets


    Since the admin of this web page is working, no uncertainty very quickly it will be famous, due to its feature contents.

    buying viagra canada

    Comprar Levitra Generico En Espana

    web hosting the

    These are actually wonderful ideas in about blogging. You have touched some fastidious points here.

    Any way keep up wrinting.

    Kireazy – is generic cialis available

    Thanks for some other magnificent article. The place else could anyone get that type of information in such a perfect way of writing?
    I have a presentation next week, and I’m at the
    look for such information.

    codiamy – buy stromectol for humans online

    Its like you read my mind! You appear to know so much approximately this, like you wrote
    the book in it or something. I think that you just could do with a few p.c.
    to drive the message home a bit, however instead of that, this is excellent blog.
    A fantastic read. I’ll definitely be back.

    for scoliosis surgery

    Its not my first time to visit this web site, i am browsing
    this web site dailly and get good data from here

    why asmr

    I read this post fully concerning the difference of newest and previous technologies, it’s awesome article.

    asmr an

    Hi there everyone, it’s my first go to see at this site, and piece of
    writing is really fruitful in favor of me, keep up posting such

    and asmr

    Thank you a bunch for sharing this with all folks you actually recognize what you are talking about!
    Bookmarked. Please also consult with my web site =). We can have a hyperlink trade contract between us

    was scoliosis surgery

    I’m excited to uncover this website. I need to to thank you for
    ones time for this wonderful read!! I definitely liked every little bit of it and
    I have you book marked to check out new information in your web site.

    asmr an

    It’s appropriate time to make some plans for the future and it is
    time to be happy. I have read this put up and if I may
    just I want to suggest you some attention-grabbing issues or suggestions.
    Maybe you could write subsequent articles regarding this article.
    I desire to read even more issues approximately it!


    Cialis 5 Mg Precio Espana

    quest bars off

    I don’t know if it’s just me or if perhaps everybody else encountering issues
    with your blog. It seems like some of the written text within your content are running
    off the screen. Can someone else please provide
    feedback and let me know if this is happening to them too?

    This may be a problem with my internet browser because I’ve had this happen before.
    Thank you quest bars quest bars

    Hello, I think your blog might be having browser compatibility issues.
    When I look at your blog in Chrome, it looks fine but when opening in Internet Explorer, it
    has some overlapping. I just wanted to give you a quick heads up!
    Other then that, fantastic blog! asmr asmr

    I am regular visitor, how are you everybody? This article posted at this website is genuinely good.
    scoliosis surgery scoliosis surgery

    I get pleasure from, lead to I found just what I was looking for.
    You’ve ended my 4 day lengthy hunt! God Bless you man. Have a nice day.
    Bye cheap flights cheap flights

    Hmm is anyone else experiencing problems with the images on this blog loading?
    I’m trying to figure out if its a problem on my end or
    if it’s the blog. Any responses would be greatly appreciated.
    scoliosis surgery scoliosis surgery

    Woah! I’m really enjoying the template/theme of this
    blog. It’s simple, yet effective. A lot of
    times it’s difficult to get that “perfect balance”
    between superb usability and visual appearance. I must say
    you’ve done a superb job with this. Additionally, the blog loads super quick for
    me on Safari. Exceptional Blog! quest bars quest bars


    Amoxicillin And Probiotics

    Immipse – safe place to buy zithromax

    Психолог Онлайн

    Консультация психолога онлайн.
    Психолог Онлайн Індивідуальні консультації.
    Заказать консультацию психолога.
    Психологи онлайн. Консультация психолога.

    Индивидуальный подход к консультированию!
    Консультация психолога.


    Zithromax Expiration Date

    битва экстрасенсов бесплатно

    шоу в истории ТНТ «Битва экстрасенсов» битва экстрасенсов бесплатно битва экстрасенсов смотреть бесплатно

    форсаж 9 онлайн бесплатно в хорошем

    Смотреть фильмы онлайн в хорошем качестве 1080p форсаж 9 онлайн бесплатно в хорошем 50 лучших
    фильмов первой половины 2021 года

    Игра в кальмара 1 серия смотреть онлайн

    Фильмы из кинотеатра легально
    Игра в кальмара 1 серия смотреть онлайн 50 лучших фильмов первой
    половины 2021 года

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyrights © Bankruptcy Experts Pty Ltd.