New Beginnings: Moving on from Bankruptcy

While bankruptcy gives you a fresh start to life, it’s important to ensure you have the foundations in place to go forward.

You may have outstanding electricity and gas bills, and even be behind in your rent and while bankruptcy protects you from these debts it may not be in your best interest to leave them unpaid.

You need electricity, gas and a roof over your head to live. If your past bills aren’t paid, you could have trouble getting services connected in the future and if you are behind in your rent, you may be declined when you try to organise a new rental property.

It is not always the case that you will be adversely affected but you need to be aware that some providers will consider prior payment history when making the decision to accept or reject your application.

For this reason, if you are considering bankruptcy as a solution to your financial pressures, we recommend you put some thought into how your life will work in the future. You may need to settle those unpaid bills to get the full benefit of bankruptcy protection.

Like utility bills, if you have parking fines, speeding tickets or road tolls, you may need to consider paying them. They are included in your ‘bankrupt estate’ but if you don’t pay them there is the risk of your driver’s licence being suspended, which could complicate your new life.

Bankruptcy should be about solving problems and creating a path forward, not replacing one problem with another.

If you have questions in regard to bankruptcy and your outstanding utility bills, call the Nicholls & Co helpdesk on 1300 060 122

Alan Nicholls’ no obligation help desk

Nicholls & Co provide a free, no obligation ‘help desk’ for people considering bankruptcy – we discuss and explain bankruptcy and answer questions for anyone who is considering bankruptcy. The Nicholls & Co help desk can be accessed by phone (1300 060 122) or helpdesk@nichollsco.com.au . Alan Nicholls, Registered Trustee in Bankruptcy is also available to answer your questions to enable you to decide if bankruptcy is right for you.