Going bankrupt is a life changing decision – so why is the process to do it so easy?
- Written by Gregory Mowle, Lecturer in Finance, University of Canberra
The process to go bankrupt is too easy and does not allow for the debtor to explore all their options.
As part of my research I interviewed 29 people who had recently declared bankruptcy. We discussed the process. I found that at least half of the people interviewed did not have to go bankrupt.
Going bankrupt still carries great stigma in Australia....
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