Bankruptcy and debts are two things that everyone hopes to avoid through life, particularly during the festive season.

For those in debt, silver decorations and ornaments may be easy to spot during Christmas – but the silver lining can be much more difficult to see.

While some individuals incur their own financial difficulties, many are struck with unexpected loss of income and support due to loss of employment, a spouse and/or another household contributor.

According to the Australian Financial Security Authority’s most recent report for the September 2015 quarter, figures showed a 0.6% increase in total number of individuals requiring formal debt solutions, compared to the same quarter last year.

More specifically, there were a total of 3,406 bankrupts in Australia.
So… where’s the silver lining?

If you have a debt that you are simply unable to repay, filing for bankruptcy can give you a fresh start in life. Declaring bankruptcy can legally release you from almost all of your debts.

However, the financial consequences of bankruptcy differ from person to person. Depending on your individual circumstances, it can either have a positive impact on your life, providing you with the opportunity to start afresh financially – or it can limit your ability to obtain credit for a considerable amount of time and potentially lead to the loss of your personal assets.

For those beginning their bankruptcy journey – call us now on 1800 462 767. We can discuss with you the possible impacts of bankruptcy on your individual situation. Our licensed bankruptcy experts are here to help and can offer advice specific to your own circumstances.

To better understand and cope with your financial disasters, go direct to Australian Bankruptcy Services – for all the assistance and support you need.