How do bankruptcy laws work for individuals in Australia?

I'm curious about the process and implications of declaring bankruptcy in Australia as an individual.

Category: Banking & Finance
Location: Nouvelle-Aquitaine

Answers

Individuals can declare bankruptcy through the Australian Financial Security Authority (AFSA), which involves submitting a bankruptcy application and undergoing a financial assessment.

10 months ago

Once declared bankrupt, an individual's assets may be liquidated to repay creditors, and they may face restrictions on obtaining credit and conducting business.

10 months ago

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