Filling for Bankruptcy How long can you wait until get loan or example start business? Does it effect Centrelink? I have huge loan that I can't pay off.
Filling for Bankruptcy How long can you wait until get loan or example start business? Does it effect Centrelink? I have huge loan that I can't pay off.
By using this site you agree to our terms
4 Replies
I looked into this also.
It's 7 years but it's always a mark against your name. Your interest on your loan is always going to be higher etc. that's if they will loan to you.
Have you looked into the government debt help?
They still black list your name for 5 years no matter how quickly you pay your debt back but I don't think it's as detrimental in the long run - but I would double check.
Good luck
Debt is crippling- I know personally and there is no quick and easy way out of it.
This makes me mad 😡, you borrow and make a mistake and rather than doing the hard yards to sort it out you bail on your responsibilities??? And want to start a new biz and get benifits??? Really. See a financial advise and work in this don't run away. Karma doesn't have a use by date.
Seems too easy and all too common doesn't it 🤦♀️
Some people are so judgmental..
My husband has been through the process due to him being a sole trader ending in a ridiculous tax bill that we couldnt re-coup from.
The ATO didnt want to help us in paying it off in any way as since he started working for an employer his wage was now less than the payment plan they proposed! We were happy to pay off the debt but the time frame was not physically possible for us!
This happens too often to good people who try to work in primary industries that support EVERYONE that eats or wears clothes!
Unfortunately- its the people who dont understand that these people supply your daily needs and get pittance from alot of hard work - that are the first to judge people who file for bankruptcy!!
We sought financial assistance and it was recommended we file bankruptcy.
Look on the AFSA page for contact details of free Financial counsellors.
Its 3 years bankruptcy plus 2 years and 1 day on the credit file.
We are travelling os shortly after seeling permission from AFSA.
We work hard and earn our money -
And one day we hope to get a home loan to help build financial stability despite all the judgmental people on here saying we dont deserve to!!