Financial help

Bankruptcy

Bankruptcy can mean a fresh start, but it's a big step and there's a lot of misleading information about it.

You're not going to lose normal household property if you go bankrupt, and a car is protected to the value of about $6500, but you do usually lose your home.

You would also lose any inheritance or as much of it as it would take to pay off your debts.

It's very important to seek proffesional help in your decision to claim for bankruptcy. A financial counsellor will explain your options, and how it will effect you in the future.

DISCLAIMER: The information provided in this information sheet is of a general nature only, and is not intended to be legal advice. There may be errors or inaccuracies or the information may not be completely up-to-date. Always check the information provided before relying on it. The information relates to consumer law in New South Wales, Australia