Bankruptcy Myths

A lot of Voluntary Bankruptcy Information is completely false. Look at some of the commonly held bankruptcy beliefs below and then read the reality.

I can’t file for Bankruptcy because I have a job. FALSE – Most people who file for bankruptcy are employed.

I will have to make payments to the government if I go Bankrupt. MOST PEOPLE DON’T – A person with no dependants can earn $1,100.75 a week after tax and it is all protected. You will keep the lot. The protected amount is higher if you have dependants.

I won’t be able to go overseas. FALSE – We have helped thousand’s of people and never had anyone refused permission to travel overseas.

My employer will be told. FALSE – Your employer will not be informed about your bankruptcy except in certain (and rare) circumstances.

Only losers go Bankrupt. FALSE – Bankruptcy laws were made because the government knows that good people can hit bad times.

They will say I can afford my debts. FALSE – We have helped thousand’s of people and only twice has this been said. In both of these cases the person’s were allowed to go bankrupt anyway.

I can’t ever buy a house for the rest of my life. FALSE – Just because you go bankrupt it doesn’t mean you are barred for life from buying a house.

I won’t be able to travel overseas. FALSE – We have had hundreds of clients travel overseas whilst bankrupt. We have never had one refused permission.

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