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Interesting Facts About Non Profit Debt Consolidation And Personal Bankruptcy
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If you are unfortunately drowned in debts for whatever reason and want help in succeeding in your financial status, debt consolidation is the only solution as it offers great options. By this system, all your debts are combined into one and transferred to one provider. Non-profit debt consolidation companies can help you ease your financial position.
Advantage of Using Non-Profit Companies
Non-profit debt consolidation companies are obviously better than the private companies that offer financial help. One great advantage is that they offer debt counselling without any charges. This will be of great help to you as it can train you on the various techniques of consolidation and also on finance management. There are qualified financial counsellors who offer genuine services. They also work as mediators between creditors and clients. With their help you can securely transfer your debts to one single provider to whom you will be answerable. The mediator will also help you get the best deal which will reduce your monthly repayments significantly. Late payment fines are also substantially lowered. The non-profit companies are very flexible too. The company will provide clients a safe and sensible repayment method and guarantees a good annual percentage.
Guide to Bankruptcy in Australia
When you are incapable of paying back your debts, declaring personal bankruptcy is the only solution. In Australia, debtors voluntarily declare they are bankrupt or your creditors may appeal to you to do so. By this voluntary bankruptcy, you have to submit a form; a ‘Debtor’s Petition and Statement of Affairs.’ This is submitted to the AFSA or ‘Australian Financial Security Authority.’ All cases of bankruptcy are processed by the AFSA. All personal financial details have to be disclosed in the form failing which you can face severe penalty including imprisonment. After this declaration you don’t have to worry about repayments. In Australia, bankruptcy remains for a 3 year period and this can be extended to 5 or 8 years if prescribed duties are not completed.
Effects of Bankruptcy
After declaring personal bankruptcy if you have secured debts, your assets may be sold to pay back your creditors. There are many debts that are not released even with bankruptcy. These include fines, debt from fraud, maintenance payments or child support, debts for Centre Link or social security and student loans. Furthermore, you will have to renounce control over most of your assets. However, your job will not be affected by this and your employer will also not be informed about this unless he is your creditor. It is difficult to succeed after you have filed for bankruptcy; whether it’s Chapter 7 or 13. According to Chapter 7, you are normally freed of all your debts in a month. If you have filed this, you may not lose your assets. Loans are out of the question because insolvency remains on your personal credit statement for at least 10 years. Chapter 13 takes a longer time for release; maybe 3 to 5 years. It is advisable to live frugally and maintain your minimum balance in your bank accounts.
Author has many years of experience in content writing. He is the most celebrated and acclaimed author in financial sector. His many articles have been published online. Now he is writing for Debt Negotiators and providing information on declaring personal bankruptcy and non profit debt consolidation online.
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