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