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Consequences

Consequences of entering into a Debt Agreement, Bankruptcy or Personal Insolvency.

  • A Debt Agreement  will be recorded on the National Personal Insolvency Index  and a commercial credit record for 5 years, or longer in some circumstances.
  • Personal Insolvency and Bankruptcy will stay on the National Personal Insolvency Index forever and on a commercial credit record for 5 years , or longer in some circumstances.
  • You may have difficulty obtaining further credit.
  • Entering into any formal personal insolvency is an Act of Bankruptcy

 

For more detailed information regarding Insolvency please visit www.afsa.gov.au