Credit Score and Borrowing More
No matter whether your credit score is good or bad going bankrupt will cause your score to be badly affected. It will be bad for 5 years from when you go bankrupt. After 5 years if you haven’t done anything else to deflate it your score will rapidly rise overnight
When you go bankrupt your bankruptcy is recorded on the NPII (National Personal Insolvency Index). You will be surprised to know that there are hundreds of thousands of Australian bankruptcies recorded there. If you go bankrupt more than once it will be recorded there again. Every bankruptcy is recorded there.
During the 5 years your credit score is affected borrowing money will be very difficult. On top of this if you are trying to borrow more than $6,017.00 during the three years you are bankrupt you are obliged to inform the potential lender that you are bankrupt.
Phone 1300 163 017
Credit Score and Borrowing
Government & Other
AFCA - Australian Financial Complaints Authority
AFSA - Australian Financial Security Authority
Beyond Blue - Mental Health