Q. I am 35 years old, single with no children and have about $21,000 in personal loans that have now been sold by the bank to a debt agency.
I was out of work for a few years and the debt got out of hand. I feel that due to earning only about $33,000 a year at the moment, going bankrupt would be my best option.
Do you think this would be my best choice? If not, what do you suggest?
I have about $8000 in super and have no savings.
I plan to go overseas soon to visit family I haven’t seen for many years and would like to see older family as they might die in the time period of bankruptcy. I would be applying for bankruptcy once I got back from the trip. – Paul
A. Crikey Paul, I really do have to say that I am not overly delighted to hear that you would spend a fair bit of money going overseas and then go bankrupt.
Going bankrupt is far from ideal.
What I would really like you to do is to phone the National Debt Helpline on 1800 007 007.
It is a confidential free service.
Have a chat with a professional debt counsellor and see whether there is a better way of doing this.