‘Bankruptcy – how to avoid it’ by Paul Clitheroe
It’s a depressing, but not entirely surprising sign of the times that personal bankruptcies are on the rise. Going bankrupt no longer carries quite the stigma it used to. It can, in fact, offer a fresh start, providing instant relief from the trail of creditors banging at your door. However bankruptcy does leave a black mark on your credit record – and reputation – and should be avoided if possible.
Last financial year around 27,500 Australians went bankrupt. New South Wales had the highest number of bankruptcies (10,500), while the biggest jump occurred in West Australia, which now has 16% more bankrupts.