Key Points
- Bankruptcy lasts for three years but the consequences can last much longer.
- Bankruptcy won’t release you from all your debts.
- Always seek the advice of a financial counsellor.
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Understanding bankruptcy and its consequences in Australia
Understanding bankruptcy and its consequences in Australia Credit: zoranm/Getty Images
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Bankruptcy can be complicated for many people, as it can bring about feelings of financial shame and stigma. However, it may be the only way to alleviate financial distress in some cases. If you struggle to manage your debts, filing for bankruptcy could be an option.
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