A big misconception when people declare for bankruptcy is that you become ‘debt free’ afterwards. Although declaring bankruptcy does mean being freed from a majority of debts, it doesn’t automatically release you from all debts.
In most cases, you will be freed from your unsecured debt when you declare for bankruptcy. These usually included the following:
It’s important to understand that when you declare for bankruptcy your outstanding debts can be treated differently, conditional to your situation and the types of debts that you have accrued.
Declaring bankruptcy can have long term repercussions. If you’re looking for help with bankruptcy, give us a call – Find your local number here.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
How long after A mortgage default can I get a mortgage? Table of Contents If you have a default on your credit record, you might
Take advantage of engaging J Daniels & Associates Pty Ltd to help you with your situation and use our expertise to assist. For more information, please call us.
Copyright © J Daniels & Associates Pty Ltd