| No, consolidating your debts is not the same as being bankrupt. Debt consolidation is the practice of using a new personal loan, or another product, to pay all of your current debts, thus consolidating your debt commitments to one place. Bankruptcy is when a consumer cannot meet their debt obligations and files a debtors petition with the Australian Financial Security Authority to be declared bankrupt, or when creditors whom are owed at least $5,000 file a creditors petition in a court, having been unable to come to another form of debt settlement. |
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