Introduction Facing financial hardship can be overwhelming, especially when debt becomes unmanageable. In Australia, household debt is among the highest in the world, with the average household debt-to-income ratio exceeding 180%. Many Australians rely on credit cards, personal loans, and mortgages to sustain their lifestyles, but financial distress can arise when debt repayment becomes unfeasible. According to the Australian Financial Security Authority (AFSA), over 9,500 Australians filed for personal insolvency in the past year, highlighting the necessity of understanding debt solutions. While bankruptcy is often seen as a last resort, it can be a strategic move for individuals and businesses struggling with overwhelming financial obligations. However, before taking such a…