Bankruptcy & personal insolvency

What will happen to my credit rating?

Credit reporting agencies will likely obtain record of bankruptcy.

It's worth considering the credit rating status before a bankruptcy appointment, it may be currently in a less than optimal or poor state.

Bankruptcy is a legal process intended to help rehabilitate, rather than punish.

For business-related tax debt, the Australian Taxation Office (ATO) can choose to disclose your debt information to credit reporting bureaus/agencies. This subject to certain business and debt criteria, and whether if already engaged with the ATO to manage tax debts.

Disclaimer

The enclosed information is of necessity a brief overview and it is not intended that readers should rely wholly on the information contained herein. No warranty express or implied is given in respect of the information provided and accordingly no responsibility is taken by Worrells or any member of the firm for any loss resulting from any error or omission contained within this fact sheet.

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