Recently, we did some research to determine how well our clients understand the consequences of bankruptcy. We found some consequences are well understood, particularly ones that apply to everyone who is bankrupt. For example, most people know they need to disclose bankruptcy when applying for a loan. Some consequences are less well understood – such as paying income contributions.
We’re working on making our website information more tailored and engaging. We want to help people make the right decision for them, and avoid nasty surprises after they’ve gone bankrupt.
We’ve just launched five case studies, each covering a specific consequence of bankruptcy. We used fictional characters and stories to personalise the information. We hope this will help people understand the consequences relevant to them.
Check out each of the case studies and provide your feedback below.
Running a business during bankruptcy
Jointly owning a house and becoming bankrupt
Travelling overseas while bankrupt
Earning income during bankruptcy
Getting an inheritance while bankrupt
Thanks for your feedback!
So far we’ve received some very positive feedback on the case studies – thanks to everyone who has taken the time to share their input!
You told us the case studies are a useful guide for clients who are considering bankruptcy. In particular, they will help debtors who are overwhelmed and find it hard to process the volume and complexity of information available on the AFSA website. Feedback also highlighted that the case studies are a great resource for financial counsellors as its helps them explain the consequences of bankruptcy.
We heard some great suggestions about possible future topics, including:
- Paying a car loan during bankruptcy
- Saving money during bankruptcy
- Superannuation withdrawals prior to bankruptcy
- Superannuation payouts during bankruptcy
- Impact on rental accommodation
- Employment restrictions
- Consequences of non-compliance with legislation
We’re now thinking about some new debt agreement case studies. Stay tuned for more updates!