Don't lose your nerve
Debt trap: what personal bankruptcy means
The average personal and consumer debt of Austrians who slipped into personal bankruptcy last year amounts to 66,000 euros. We show why and explain with experts what personal bankruptcy means, what debt relief procedures can look like and what you can do to avert personal bankruptcy.
According to the Credit Protection Association, 8822 personal bankruptcies were opened in 2024 - a slight decrease on the previous year. However, the financial extent of debt has increased: to 138,000 euros for men and 77,000 euros for women. If only private and consumer debts are taken into account, the average amount of debt for men is still 74,000 euros, compared to 53,000 euros for women.
Last year, 61 percent of all private bankruptcies affected men, who are more often self-employed than women. However, women also overestimate their own financial capacity. Across Austria, 41 to 60-year-olds are the most frequently affected by personal insolvencies, accounting for 49 percent. But how does debt relief work?
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