(Audio in Dinka)Settlement Guide: What is bankruptcy and its implications?

The number of Australians in financial distress is on the rise prompting warnings of more personal bankruptcies as the national economy slows down. Going bankrupt or being declared bankrupt by a creditor, who is owed money that cannot be repaid, is a serious matter and has legal consequences. The journey into bankruptcy often starts with a small debt that wasn’t settled in time and then forgotten.

Young couple having finacial problems Source: Getty Images