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.

6 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.

6 months ago

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