Credit Score and Borrowing More
No matter whether the credit score is good or bad going bankrupt will cause the score to be badly affected. It will be bad for 5 years from when bankruptcy starts. After 5 years if nothing else to deflate the score has occurred it will rapidly rise overnight
When you go bankrupt the bankruptcy is recorded on the NPII (National Personal Insolvency Index). There are hundreds of thousands of Australian bankruptcies recorded there. Every bankruptcy is recorded there.
During the 5 years whilst the credit score is affected, borrowing money will be very difficult. On top of this, if trying to borrow more than $6,017.00 during the three years of bankruptcy, there is an obligation to inform the potential lender that you are bankrupt.
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Credit Score and Borrowing
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AFCA - Australian Financial Complaints Authority
AFSA - Australian Financial Security Authority
AFSA - Vulnerable debtor support services
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