There were 21 insolvencies declared in the Dubbo region in the the first three months of 2019, according to the latest Australian Financial Security Authority (AFSA) figures.
Four were business related insolvencies and 17 were non-business related or not stated.
The numbers differ only slightly from those reported in the last three months of 2018, when 22 insolvencies were declared - three of which were businesses related and 19 of which were non-business related or not stated.
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The AFSA figures showed there have been 17 insolvencies declared in Orange so far this year, eight in Bathurst and 13 in the Lithgow-Mudgee region.
MoneyQuest Dubbo finance specialist Matt Wright said the figures were relatively consistent in recent years, despite an unusual spike in the first half of 2018.
He said the release of the figures provide a timely opportunity to remind people there are two different types of bankruptcy.
"The figures include part 10 bankruptcy, which is a straight up bankruptcies, and they include include part nines," he said.
"A part 10 bankruptcy is literally whereby you declare your inability to pay a debt and the debt's wiped and you're off the borrowing book for up to five years.
"A part nine bankruptcy is a little bit different... it's whereby you make an offer to be able to pay the money back to your creditors, but maybe at a reduced figure, so you might pay it back at 50 cents in the dollar over a negotiated term."
Mr Wright said many people were often unaware they had declared themselves to be partially bankrupt under the part nine "debt agreement" they had entered into.
"They don't understand what they've signed up for and a lot of people think they've signed up to agreements to consolidate debt but in fact its damaged their credit history for up to the next five years," he said.
"There are a lot of people entering these agreements that don't release the implications of what they've done. Its been sold to them by certain companies."
Mr Wright said the bulk of insolvencies in Dubbo being personal was a positive sign of the overall health of the local economy.
"I'd like to think we'll see an improvement in these figures over the next couple of years.
"The unemployment rate in the city is very low and prospects of future employment are really positive, especially with the number of projects that are on the go in the city.
He said if people saw financial difficulties on the horizon they should not put their "heads in the sand".
"Get advice early...talk to institutions, financial planner, mortgage broker or government department if you need to," he advised.