After years of working with people struggling to manage their debt, I’ve decided bankruptcy is the most ‘humane’ option for getting past the situation.
For starters, all the debts are covered (with exceptions such as Child Support etc), once the bankruptcy option is chosen. People can get on with their lives with their personal effects protected, and earning enough money to take care of their everyday needs.
Money can be saved from your pay during the bankruptcy process, providing it is in a bank account and not in shares or a managed fund.
You can also travel overseas for business or pleasure, during bankruptcy, providing the trustee consents. You have to be doing the wrong thing for the trustee to deny your travel request.
And no-one needs to know about you declaring bankruptcy, except those who need to know, because it is not advertised in the newspaper.