There are many myths about bankruptcy. You would be surprised how many
people go through bankruptcy every year, some 6,000 each year. Many people
choose it as their best option to get rid of overwhelming debt and free
themselves of so much stress. They then get a chance to recover. Many of
these people even dream of buying their own house one day. Some even go into
bankruptcy with a half interest in a house with their spouse. They don’t
necessarily lose it just like they don’t necessarily lose their car. They can still
travel overseas for a legitimate reason, including a holiday, although they will
need the Trustee’s permission. Nor will they necessarily have to pay any of
their wages into their bankruptcy – few do in fact, especially if they have a
family to support. Nor will they lose their superannuation or money paid for
personal injury. There is more to know, of course, and what is relevant to you
depends on your circumstances.
