Daily BulletinHoliday Centre


  • Written by News Company

Bankruptcy is something that many people have to deal with each year. According to the Australian Financial Security Authority, there were close to 32,000 personal insolvencies in the country in 2017/8.

Yet, this is still something that is often seen as being a taboo subject for some reason. If you have suffered bankruptcy then there are some useful tips that you should know about.

Understand What Went Wrong

The first point you need to consider is why you ended up in this situation in the first place. It is likely that something went badly wrong with your finances for you to end up bankrupt. So what was it?

Did you over-stretch yourself financially or lose control of your outgoings? It isn’t particularly pleasant to go over old mistakes and see what you did wrong. But this is an important part of making sure that you don’t make the same mistakes again in the future.

By understanding what led to your bankruptcy, you can learn a lot about your approach to your finances and what you need to improve.

Make a Financial Plan

Bankruptcy can be a way of wiping the slate clean and start afresh, as well as giving you some other advantages. Yet, for some people it can be really hard work to get back on their feet again. This is why it is important to come up with a plan that helps you to look ahead with no fear.

Clearly, this needs to take into account the lessons learned in the last point. Do you need to try and earn more money? Or should you look to reduce your outgoings? There are likely to be a few changes that you could consider making.

This doesn’t have to be a hugely detailed plan. It can be enough for you to think things through and come up with some practical ideas on how to improve your finances in the future.

You Can Still Get a Loan

One of the most surprising things for people who have been made bankrupt is when they discover that they can still get a loan. You might think that it is impossible to borrow money after suffering bankruptcy.

It is true that you are highly unlikely to be able to get a traditional bank loan. However, there are bankruptcy loans available that you can take out without any sort of problems at all. These are based on you using a possession, such as a vehicle, as collateral.

Being able to borrow some money could be a huge help if you are still trying to get back on your feet. It will give you some much-needed breathing space before putting into place that plan that we looked at in an earlier point.

Don’t Let It Get You Down

Finally, it is vital that you don’t let bankruptcy get you down. While this isn’t an ideal situation, it isn’t the end of the world either. You certainly shouldn’t let it have a negative effect on your emotions for too long.

You need to look ahead to the future with confidence and high hopes. What has happened is now in the past and you have to be ready to make the future better than that. You can only hope to do this if you are full of good ideas and feeling positive.

Going bankrupt is no longer the disaster that it once was. If you handle it in the right way then it might even prove to be a blessing in disguise in the long term.


The Conversation


Closing the Gap Statement to Parliament

Mr Speaker, when we meet in this place, we are on Ngunnawal country. I give my thanks and pay my respects to our Ngunnawal elders, past, present and importantly emerging for our future. I honour...

Scott Morrison - avatar Scott Morrison

Prime Minister Interview with Alan Jones

ALAN JONES: Prime Minister, good morning.    PRIME MINISTER: Good morning, Alan.    JONES: I was just thinking last night when we're going to talk to you today, you must feel as though you've ...

News Company - avatar News Company

Prime Minister Bridget McKenzie press conference

PRIME MINISTER: Good afternoon everybody. The good news is that the Qantas flight is on its way to Wuhan and I want to thank everybody for their cooperation, particularly the Chinese Government as...

Scott Morrison - avatar Scott Morrison

Business News

Choosing the Right Coworking Space For Your Business

As the capital of Victoria in Australia, Melbourne is inhabited by millions of people and is known as one of the most liveable cities in the world. The latter is due to the city’s diverse community...

Sarah Williams - avatar Sarah Williams

What Should You Expect from A Carpentry Apprenticeship?

Those wanting to pursue a career in woodwork, whether it be to make furniture, construct buildings or repair existing wooden structures, will have to first commence a carpentry apprenticeship. This ...

News Company - avatar News Company

4 Tips To Choosing A Reliable SEO Company For Your Digital Marketing Agency

Working with a digital marketing agency Perth is the best bet in ensuring that your business is promoted well in the online space. If you are an app developer Perth, you may have to work closely wit...

News Company - avatar News Company


How to Be a Smart Frugal Traveller

You are looking through Instagram, watching story after story of your followers overseas at a beach in Santorini, walking through the piazza in Italy, and eating a baguette in front of the Eiffel ...

News Company - avatar News Company


Graduation is the stage of life when a student receives the rewards of hard work of years. It must have taken sleepless nights and tiring days to achieve the task. Now, as you have received your cov...

News Company - avatar News Company

A Travel Guide for Vacations Overseas

There are two types of tourists. Of course, that's a sweeping generalization, and we could be talking about any possible part of traveling.  In this case, we're discussing those who stick to the ma...

News Company - avatar News Company