Recent Statistics Show Bankruptcy is on the Decline in Australia
The good news is that personal bankruptcy applications fell in the June quarter of 2014.
Statistics from AFSA show:
- Bankruptcies fell in all States and Territories compared to last year,
- The main reasons given for going bankrupt were economic conditions and unemployment, and
- The fall in bankruptcies was not offset by debt agreements resulting in a 9%fall compared to last year.
While bankruptcy is on the way down it seems debt agreements are on the up. The June quarter recorded the highest incidence of debt agreements ever.
Overall, personal insolvencies fell across all states and territories.
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