When you cannot pay your debts having explored every alternative solution, you may consider filing for voluntary bankruptcy. Bankruptcy is a legal process that can remove accountability from your debts, allowing you to make a fresh start, but doesn’t come without consequence.

Speak with a free financial counsellor by contacting the National Debt Helpline on 1800 007 007 before filing for bankruptcy to ensure you have explored all alternative options.

Consequences of bankruptcy

  • May affect your employability, income, and business.
  • Limits overseas travel.
  • You will be on the National Personal Insolvency List (NPIL) forever.
  • You will have difficulty getting credit and taking out loans in the future including mortgages.
  • Your assets may be sold to pay your debts including your house.

Implementation and cost