According to the Australian Financial Security Authority (AFSA), an alarming 4,379 Australians filed for bankruptcy in the first three months of 2015. This number represents a 5% increase from the December 2014 quarterly report, indicating a rising concern for the personal finances of many Australians.
Personal insolvency is not a new threat; nor is it looking to go away anytime soon.
While many states saw a decrease in bankruptcies in the March 2015 quarter, the Northern Territory (NT) rose a striking 52.6%. The Australian Capital Territory (ACT) wasn’t far behind, rising 25.6%. However, Australians who live in other areas are not in the clear. Despite their significant increase in insolvency reports, the ACT and NT still hold the lowest individual number of bankruptcies, with their combined contribution to the total number of bankruptcies being less than 100.
“It’s astounding how many Australian individuals and businesses are finding themselves in unfavourable financial situations”, says Anthony Warner, CEO and Founder of bankruptcy firm, Australian Bankruptcy Services. “We always advise that bankruptcy be the last option if all other debt solutions fail, so it is definitely a concern if this many Australians are still having to declare themselves bankrupt.”
After years in the industry giving bankruptcy advice and assistance, Australian Bankruptcy Services recognise the warning signs of impending insolvency. Anyone experiencing difficulty in paying their debts as and when they fall due should:
- Seek immediate professional advice
- Create a household budget
- Seek ways to cut costs and increase income
- Get information about their options, including bankruptcy and its legal alternatives
The number of personal insolvencies in Australia is continuing to rise. The professional bankruptcy services of ABS are needed more than ever by Australians in every part of the country. Guaranteeing to offer the highest quality service at the lowest price, ABS proves their dedication to helping Australians rectify their adverse financial situations.
We also offer free debt assessments and bankruptcy application completion services. To learn more about how to apply for bankruptcy or for free debt advice, call ABS today on 1800 462 767.