When Should I Declare Bankruptcy?

Bankruptcy can be a difficult situation and decision to make.  At Australian Bankruptcy Services, we are happy to guide you through the process.  While it can be challenging to decide when or if bankruptcy is right for you, there are signs that it might be your best option.

Owing Too Much

Paying back your debts is not easy, but it is more complicated if you do not have the capital to afford to pay them back in full.  If you are in a situation where you have fewer assets than what you owe creditors, it might be time to consider bankruptcy as a solution out of your financial situation.

Unemployment

If you are unable to work, this would be another sign that bankruptcy would be the right decision for your situation.  No matter the reasoning, it makes it more challenging to pay back debts without income.

Overextended Credit

Unfortunately, there is the potential that you have overextended your credit.  When you have credited more than you can afford, it could take many years to rise out of the debt that has been created.  Instead of paying it off over many years, bankruptcy might be able to save you from losing fundamental property, such as homes and cars.

Medical Expenses

Having a problematic sum of medical expenses to pay back is also a reasonable reason to consider filing for bankruptcy.  Just as with overextended credit, you are paying back medical debt can take many years and be an unwanted burden on your finances.

Contact Us to Start the Process

If you feel this describes your situation, we are here to help.  Australian Bankruptcy Services has a proven method to assist you with improving your financial situation.  Contact us at 1800 462 767 to consult on your best options for your future.