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Four Ways You Can Avoid Personal Bankruptcy

Insolvency Services Australia provides specialist services for those who are experiencing business or personal debt problems. If your household is suffering from financial stress, you don’t need to go through it alone; ISA is here to help you find a solution.

We have compiled a list of four ways that you can make changes to your life and try to avoid personal bankruptcy:

  1. Create A Written Budget

    One way we suggest to help avoid personal bankruptcy is to create a written budget for both income and expenses. If you are experiencing financial hardship, you will have to make sacrifices on items you do not need in order to get back on top. When you create a budget, you are organising what your money will be spent on and as a result, the money in your wallet will last longer. At Insolvency Services Australia, we believe that this simple move is more beneficial than any other financial move you can make.

  2. Sell, Sell, Sell!

    Once you have created a written budget you will be able to better understand what is causing your financial pressure. Is your mortgage more than you can afford? Do you owe money on vehicles that you can’t afford to repay? The good news is that often, personal bankruptcy can be avoided when people take a good look at what they owe and why they owe it. If you are paying off two cars but you really only need one, it might be time to consider selling. By selling things that you do not entirely need or use, you will be giving your budget an instant injection of funds.

  3. Cut Up Your Credit Cards

    If you are facing financial hardship you should not be using a credit card. The biggest mistake that people make is still using credit cards when they cannot afford to pay the debt they already have. Until you get your finances completely under control you should not be using credit cards, as they will just get you further into debt.

  4. Increase Your Income

    While this seems like an obvious solution to avoiding bankruptcy, it is often overlooked. You shouldn’t just look at cutting expenses as a solution, but also consider the income aspect of the equation. If you’re able to work overtime or get a second job until you get back on your feet, the extra income will do wonders for your monthly budget and your ability to repay your personal debt.

    At Insolvency Services Australia we consider bankruptcy as a last resort for managing your personal debt, and we strongly recommend that you give us a call so that we can help you explore all of your options before coming to a decision.

    Contact us today on 1800 003 883 to arrange an appointment with one of our insolvency specialists and remember, seeking help is the first step to easing your financial burden.

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