Personal bankruptcy is never a decision that is to be taken lightly. It is almost always the very last resort for someone in financial distress. Typically people facing personal bankruptcy struggle to sleep at night with the thought of unpaid bills weighing on their mind. The pressure usually mounts from the constant phone calls from creditors and the bill reminders arriving in the mail.

It is best to act now before it becomes too late to file for personal bankruptcy on a voluntary basis. Here at the Australian Bankruptcy Service we specialize in personal bankruptcy applications.

Personal Bankruptcy can be caused by many reasons but the most common reasons are:

• Divorce;
• On-going medical expenses;
• Loss of income for a sustained period;

Many people still struggle with the stigma which society once placed on un-discharged bankrupts. In the modern world the stigma of bankruptcy is significantly less than what it used to be.

In most cases bankruptcy only lasts three (3) years so if you are struggling with insurmountable debt it may be best that you file for bankruptcy as soon as possible so you can start afresh.

Personal bankruptcy can actually provide a significant amount of relief to people truly in need. It is most appropriate for people on a low to moderate income with few or no assets. Personal Bankruptcy is available for all Australians with unsecured debt which they cannot repay. Bankruptcy will stop the threatening phone calls from creditors and the constant bill reminders from creditors.

You can also rest assured that personal bankruptcy doesn’t mean you will always have bad credit as your credit file will be restored after approximately 7 years. In most cases you will be able to start afresh after 7 years with a clean slate.

And you don’t have to worry about losing all of your assets either as essential assets like your motor car and household furniture will be protected (subject the statutory limits prescribed by the Bankruptcy Act).

The decision to file for personal bankruptcy is never easy. That’s why you should only get the assistance from a qualified bankruptcy expert like our consultants at the Australian Bankruptcy Service. We have highly trained experts ready to help you. If you are considering personal bankruptcy, call us today on 1800 462 767. Our toll free telephone line is open 24 hours everyday / 7 days a week.

All calls are free, entirely confidential and if required, anonymous.