Bankruptcy Case 3

Age: 31

Occupation: Sales

Annual Income: $42,500.00

Reason for Bankruptcy: Excessive use of credit

Assets to be surrendered: Nil

Secured Debt: $19,000.00

Unsecured Debt: $63,675.00

Unsecured Debt Breakdown: Credit Cards $32,029.00

Personal Loans $31,646.00

Telco $0.00

 

Summary: Single parent with shared custody who simply has too much debt to be able to meet creditors demands.

Bankruptcy Case 2

Age: 23

Occupation: Assistant Manager

Annual Income: $39,500.00

Reason for Bankruptcy: Excessive use of credit

Assets to be surrendered: Nil

Secured Debt: $27,560.00

Unsecured Debt: $26,802.00

Unsecured Debt Breakdown: Credit Cards $15,628.00

Personal Loans $9,974.00

Telco $1,200.00

 

Summary: A younger person saddled with a large amount of debt relative to the modest income. This person choose bankruptcy to get a fresh start.

Bankruptcy Case 1

Age: 68

Occupation: Unemployed

Annual Income: $17,500.00

Reason for Bankruptcy: Excessive use of credit

Assets to be surrendered: Nil

Secured Debt: Nil

Unsecured Debt: $73,200.00

Unsecured Debt Breakdown: Credit Cards $62,000.00

Personal Loans $10,000.00

Telco $1,200.00

 

Summary: A person who is now in retirement age with no ability to make any payments to their creditors. Bankruptcy allows this person some peace from debt in their final years.