personal debt

While many of us do attempt to save as much money as we can by budgeting and building funds, unfortunate circumstances do arise – sometimes without warning. This often results unavoidably in company bankruptcy or voluntary bankruptcy.

Credit cards have made it easy for us all to swipe and shop, but with this modern convenience comes a frequently overlooked problem – long-lasting debt. This article highlights the pros and cons of credit cards to help you determine whether or not they are the right choice for you

One of the terms you agree to when you declare bankruptcy is to accept certain travel restrictions. This does not mean you cannot travel overseas, just a process to go through. Your bankruptcy trustee serves as the person who can give you permission to leave Australia while bankrupt.

When you declare bankruptcy, you are wiping as much debt as you can from creditors to whom you owe money. Your bankruptcy trustee will act as an in-between in this compromise and help you settle your debts by selling or transferring your assets to the creditors.

A major reason people try to avoid bankruptcy is because it can mean losing your family home or other property assets you have. When you declare bankruptcy, you accept that your trustee will be selling the property to settle your debt. In some cases, you'll still be able to live in the house.