Declaring voluntary bankruptcy is sometimes the best step to take to start rebuilding your life if you have unmanageable debt.

Bankruptcy will release you from unmanageable unsecured debts. Unsecured debts are amounts owing that aren’t tied to any form of security (like a car or a house). Most of the time they are credit cards or personal loans where there is no physical asset linked to the debt.

Although bankruptcy will impact on your ability to obtain future credit for 5 years, it will wipe the slate clean and allow you to start afresh.

You should view bankruptcy as an opportunity for you to evaluate your situation and to identify what spending habits you need to change, whether that be to minimise any unnecessary spending or to save more money for emergencies items.

If you are looking to take the first step to start rebuilding your life, then get in touch with Australian Bankruptcy Services. We have expert Bankruptcy specialists who can offer you FREE and professional advice specifically tailored to you. Call us on our toll-free 24/7 hotline on 1800 462 767 now.