tag:blogger.com,1999:blog-8518887740578505242024-03-04T20:27:46.845-08:00Bankruptcy Advice BrisbaneBankruptcy Advice Pty Ltd in Brisbane can help you if you are feeling entirely trapped and overcome by debt and you are thinking of bankruptcy.Give us a call 1300 879 867.Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-851888774057850524.post-55985758411812916042018-09-26T21:11:00.004-07:002018-09-26T21:11:49.310-07:00Losing your house: Just how much do you know of Bankruptcy in Darwin?<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1Wg8h7QpE8bLWrdTgGggLLV_pX1i_VevLdMcMGcwYI6-Kx6iSrCF9fUafBBHMR63tsDeFFd5CUTDOEn1sUwQGRgJsPjQCQOCr-LND6qSHdk6APKsMTeLlca83T3OmH8qpMrK8_zerGpqG/s1600/Losing+your+house.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="750" data-original-width="1124" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1Wg8h7QpE8bLWrdTgGggLLV_pX1i_VevLdMcMGcwYI6-Kx6iSrCF9fUafBBHMR63tsDeFFd5CUTDOEn1sUwQGRgJsPjQCQOCr-LND6qSHdk6APKsMTeLlca83T3OmH8qpMrK8_zerGpqG/s400/Losing+your+house.jpeg" width="400" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">The most important question people have
when they come to our company about Bankruptcy is normally 'Can I keep my
house?' and in many cases the truth is yes, you can manage to keep your house.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">The only reason you can be compelled to
sell your family home if you file for bankruptcy is actually because you have a
lot of equity in the home that it is viewed as an asset. Please check out these
straightforward hypothetical case studies below to get your head around Bankruptcy
and how it impacts houses in Australia. Remember If you have to know more about
Bankruptcy and houses feel free to consult with us here at Bankruptcy Advice
Darwin on 1300 879 867, or go to our website:
www.bankruptcy-advice.com.au/Darwin.com.au</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><b>Case Study 1. (Mike & Sue Smith).</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">5 years ago Mike and Sue bought a house in
a mining town for $450,000. At this time the mining boom was keeping all the
property prices nice and high. Now they are needing to look at Bankruptcy given
that they have massive debts of $80,000 on top of their mortgage and credit
card and tax debt.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">They really want to keep their house but
wonder if they can, they know that house prices if anything have gone down in
the area in the last 5 years so to be safe they think that their house is still
only worth $450,000 after all these years, to make sure they searched
www.realestate.com.au/ sold section of the website to see what other houses in
the streets close by have sold for lately.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">However they have not paid any principal of
the home loan over the last 5 years, mainly just interest, so they still owe
$450,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current House Value = $450,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current Mortgage Value = $450,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Net Equity Value = $0.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Because there is no equity in this
particular property the trustee will not ask Mike and Sue to sell their home
when they go bankrupt, as long as they keep up the mortgage payments then all
will be well for them for the 3 years they are in bankruptcy.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">At the end of the bankruptcy period the
trustee will write to them and ask if they would like to take over ownership of
their house again and so long as it has not increased in price over the 3 years
they have been bankrupt they will be asked to make an offer to have their house
back. This is usually somewhere between $3,000 and $5,000 to cover the legal
costs of modifying the land title deed etc.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Now let's look at a slightly different
example of Bankruptcy and houses.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><b>Case Study 2. (Bill & Michelle
Johnson).</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">2 years ago Bill and Michelle bought a
townhouse in a great suburb of Darwin for $850,000 they tipped in $50,000 as a
deposit and now the townhouse two years later is worth $900,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current House Value = $900,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current Mortgage Value = $800,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Net Equity Value = $100,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Due to a recent business problem Bill is
about $240,000 in debt. Michelle who does work in banking has a separate job
and no other debt aside from the mortgage. Bill cannot pay his debts therefore
he is reviewing Bankruptcy. Michelle is bothered that she too may need to
declare bankruptcy or be forced into it due to the house loan.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">With this particular case the trustee is
required to access or get their hands on Bill's part of the equity which is
$50,000 less selling costs. They can do this in a few ways; 1. Have them sell
the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in
the home - but It's very unlikely with this case that the trustee would be
happy to leave Bill and Michelle in the house because there is just too much
equity. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">So Michelle may have the opportunity to
purchase Bill's share of the equity by coming up with $50,000 and buying out
Bills' half and from that moment its now 100 % Michelle's house.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Property and Bankruptcy in Australia is
challenging and complicated, these two case studies above are just the tip of
the iceberg as far as your options in Darwin are concerned. If you need to know
more about Bankruptcy and houses feel free to call us here at Bankruptcy Advice
Darwin on 1300 879 867, or head to our website: <a href="http://www.bankruptcy-advice.com.au/Darwin.com.au.">www.bankruptcy-advice.com.au/Darwin.com.au.</a></span></div>
<div style="text-align: justify;">
<br /></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-75508477676540285052018-09-26T21:09:00.004-07:002018-09-26T21:09:41.840-07:00Losing your house: How much do you know about Bankruptcy in Canberra?<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh12G9ClwGmx3mTGqECK3JFblMYsoD42w1liVhjudZ6QUydomE_UsrDTdAuGotOZgM1CkMhRYLsxkRyJ8yLEl-ACiVqp-XRrUh9aRA8sm-hO8LDwgTbt0Y48h3MYCdFbHuBw6Vyr5iPR6i1/s1600/Losing+your+house.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="750" data-original-width="1124" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh12G9ClwGmx3mTGqECK3JFblMYsoD42w1liVhjudZ6QUydomE_UsrDTdAuGotOZgM1CkMhRYLsxkRyJ8yLEl-ACiVqp-XRrUh9aRA8sm-hO8LDwgTbt0Y48h3MYCdFbHuBw6Vyr5iPR6i1/s400/Losing+your+house.jpeg" width="400" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">The greatest concern a lot of people have
when they come to our business about Bankruptcy is simply 'Can I manage to keep
my house?' and sometimes the answer is yes, you can keep your house.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">The only reason you may be driven to sell
your family home if you file for bankruptcy is because you have so much equity
in the home that it is regarded as an asset. Please go over these basic
hypothetical case studies below to get your head around Bankruptcy and how it
has an effect on houses in Australia. Remember If you need to know more
regarding Bankruptcy and houses feel free to contact us here at Bankruptcy
Advice Canberra on 1300 879 867, or check out our website:
www.bankruptcy-advice.com.au/Canberra.com.au</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><b>Case Study 1. (Mike & Sue Smith).</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">5 years ago Mike and Sue purchased a house
in a mining town for $450,000. At this time the mining boom was helping keep
all the property prices nice and high. Now they are needing to look at Bankruptcy
considering they have massive debts of $80,000 on top of their mortgage and
credit card and tax debt.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">They really wish to keep their house but
wonder if they can, they know that house prices if anything have gone down in
the area in the last 5 years so to be safe they think that their house is
currently only worth $450,000 after all these years, to make sure they searched
www.realestate.com.au/ sold section of the website to see what other houses in
the streets nearby have sold for recently.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Having said that they have not paid any
principal of the home loan over the last 5 years, mainly just interest, so they
still owe $450,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current House Value = $450,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current Mortgage Value = $450,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Net Equity Value = $0.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Because there is no equity in this
particular property the trustee will not ask Mike and Sue to sell their house
when they go bankrupt, as long as they keep up the mortgage payments then all
will be well for them for the 3 years they are in bankruptcy.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">At the end of the bankruptcy period the
trustee will write to them and ask if they would like to take over ownership of
their house again and so long as it has not increased in price over the 3 years
they have been bankrupt they will be asked to make an offer to have their house
back. This is typically somewhere between $3,000 and $5,000 to cover the legal
costs of modifying the land title deed etc.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Now let's look at a slightly different
example of Bankruptcy and houses.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><b>Case Study 2. (Bill & Michelle
Johnson).</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">2 years ago Bill and Michelle purchased a
townhouse in a wonderful suburb of Canberra for $850,000 they tipped in $50,000
as a deposit and now the townhouse two years later is worth $900,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current House Value = $900,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current Mortgage Value = $800,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Net Equity Value = $100,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">As a result of a recent business downfall
Bill is about $240,000 in debt. Michelle who works in banking has a separate
job and no other debt except for the mortgage. Bill cannot pay his debts
therefore he is looking into Bankruptcy. Michelle is worried that she too may
need to file for bankruptcy or be obliged into it due to the house loan.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Within this particular case the trustee is
required to access or get their hands on Bill's part of the equity which is
$50,000 less selling costs. They can do this in a few ways; 1. Make them sell
the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in
the home - but It's very unlikely in this case that the trustee would be happy
to leave Bill and Michelle in the house because there is just too much equity. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">So Michelle may have the ability to
purchase Bill's share of the equity by coming up with $50,000 and buying out
Bills' half and from that moment its now 100 % Michelle's house.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Property and Bankruptcy in Australia is
confusing and demanding, these two case studies above are just the tip of the
iceberg as far as your options in Canberra are concerned. If you need to know
more about Bankruptcy and houses feel free to get in touch with us here at
Bankruptcy Advice Canberra on 1300 879 867, or visit our website:
<a href="http://www.bankruptcy-advice.com.au/Canberra.com.au.">www.bankruptcy-advice.com.au/Canberra.com.au.</a></span></div>
<div style="text-align: justify;">
<br /></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-1608794927413246252018-09-26T21:07:00.001-07:002018-09-26T21:07:11.993-07:00Losing your house: Just how much do you know of Bankruptcy in Brisbane?<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwcGK4J0ZoDD0uPtg-GOQh8G-aZYWWOCX2QG351pUzH7F-9fYqP4VxegeMxKGWPYhUybcjfCGPdIJBGQwfbI0JSAh3kjEjBwzOwZivSLK-2baKw4Yjdf6x4oMemdDq2PYHYegIJ31giS6R/s1600/Losing+your+house.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="750" data-original-width="1124" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwcGK4J0ZoDD0uPtg-GOQh8G-aZYWWOCX2QG351pUzH7F-9fYqP4VxegeMxKGWPYhUybcjfCGPdIJBGQwfbI0JSAh3kjEjBwzOwZivSLK-2baKw4Yjdf6x4oMemdDq2PYHYegIJ31giS6R/s400/Losing+your+house.jpeg" width="400" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">The primary concern a lot of people have
when they come to our business about Bankruptcy is generally 'Can I manage to
keep my house?' and sometimes the truth is yes, you can manage to keep your
house.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">The only reason you are going to be obliged
to sell your family home when you file for bankruptcy is due to the fact that
you have a lot of equity in the home that it is deemed an asset. Please read
through these basic hypothetical case studies below to get your head around Bankruptcy
and how it impacts houses in Australia. Remember If you have to know more
regarding Bankruptcy and houses feel free to contact us here at Bankruptcy
Advice Brisbane on 1300 879 867, or visit our website:
www.bankruptcy-advice.com.au/Brisbane.com.au</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><b>Case Study 1. (Mike & Sue Smith).</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">5 years ago Mike and Sue purchased a house
in a mining town for $450,000. At this time the mining boom was helping keep
all the property prices nice and high. Now they are needing to look at Bankruptcy
because they have massive debts of $80,000 on top of their mortgage and credit
card and tax debt.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">They really want to keep their house but
wonder if they can, they know that house prices if anything have gone down in
the area in the last 5 years so to be safe they think that their home is still
only worth $450,000 after all these years, to be sure they searched
www.realestate.com.au/ sold section of the website to see what other homes in
the streets close by have sold for fairly recently.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">However they have not paid any principal of
the home loan over the last 5 years, mainly just interest, so they still owe
$450,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current House Value = $450,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current Mortgage Value = $450,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Net Equity Value = $0.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Because there is no equity in this
particular property the trustee will not ask Mike and Sue to sell their home
when they go bankrupt, as long as they keep up the mortgage payments then all
will be well for these people for the 3 years they are in bankruptcy.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">At the end of the bankruptcy period the
trustee will write to them and ask if they would like to take over ownership of
their house again and as long as it has not increased in price over the 3 years
they have been bankrupt they will be asked to make an offer to have their house
back. This is typically somewhere between $3,000 and $5,000 to cover the legal
costs of altering the land title deed etc.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Now let's look at a slightly different
example of Bankruptcy and houses.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><b>Case Study 2. (Bill & Michelle
Johnson).</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">2 years ago Bill and Michelle purchased a
townhouse in a wonderful suburb of Brisbane for $850,000 they tipped in $50,000
as a deposit and now the townhouse two years later is worth $900,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current House Value = $900,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Current Mortgage Value = $800,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Net Equity Value = $100,000.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Due to a recent business downfall Bill is
about $240,000 in debt. Michelle who works in banking has a separate job and no
other debt except for the mortgage. Bill cannot pay his debts so he is
reviewing Bankruptcy. Michelle is bothered that she too may need to file for
bankruptcy or be compelled into it thanks to the house loan.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Within this particular case the trustee is
required to access or get their hands on Bill's part of the equity which is
$50,000 less selling costs. They may do this in a few ways; 1. Have them sell
the home. 2. Invite Michelle to buy Bills half of the equity. 3. leave them in
the home - but It's very unlikely in this case that the trustee would be happy
to leave Bill and Michelle in the house because there is just too much equity. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">So Michelle may have the opportunity to
purchase Bill's share of the equity by coming up with $50,000 and buying out
Bills' half and from that moment its now 100 % Michelle's house.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Property and Bankruptcy in Australia is
challenging and complicated, these two case studies above are just the tip of
the iceberg as far as your options in Brisbane are concerned. If you need to
know more about Bankruptcy and houses feel free to call us here at Bankruptcy
Advice Brisbane on 1300 879 867, or go to our website: <a href="http://www.bankruptcy-advice.com.au/Brisbane.com.au.">www.bankruptcy-advice.com.au/Brisbane.com.au.</a></span></div>
<div style="text-align: justify;">
<br /></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-17827547540926633182017-08-07T18:36:00.000-07:002017-08-07T18:36:54.292-07:00Bankruptcy Brisbane, What is the Deal with Debts?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYlczbRbFUl-63Usg8wj9ijzibZJk5JII1luzgUrTro2bphx1navH6NAQBqyS60-tjjMTxtg3UbMecKEYrBCwZRawF6aMgJtn9rWu1fvxUejDehyphenhyphen-qfYK9s12EKssXucPy0cPt8ftUxyEX/s1600/ghanas-debt.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: justify;"><img border="0" data-original-height="543" data-original-width="800" height="217" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYlczbRbFUl-63Usg8wj9ijzibZJk5JII1luzgUrTro2bphx1navH6NAQBqyS60-tjjMTxtg3UbMecKEYrBCwZRawF6aMgJtn9rWu1fvxUejDehyphenhyphen-qfYK9s12EKssXucPy0cPt8ftUxyEX/s320/ghanas-debt.jpg" width="320" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Precisely what Debts are erased if I go
Bankrupt?</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">The straightforward answer is that when it
involves <b><i><a href="http://bankruptcy-advice.com.au/brisbane" target="_blank">Bankruptcy </a></i></b>most debts are wiped, and I have provided a compendium
below for you to look at.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">But, put simply some of the exceptions are
Centrelink Debts, Child Support, Court fines (like speeding fines) in addition
to any debts arising from uninsured Motor-vehicle claims and educational debts
like HECS or FEE-HELP. These debts are not eliminated when you file for
bankruptcy.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What about Secured Debts?</b></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">A secured debt is a car loan or a home
loan; it is a debt that has some definite security linked to it. So for
instance if you buy a new car for $40,000 dollars the security for that car is
the actual car itself.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>So, can my secured debts be removed if I
file for bankruptcy?</b></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Yes. If you have a car loan for $40,000 you
can have that debt eliminated if you simply return the car. So the lesson is
that you cannot have your cake and eat it too (so to speak), so yes all of your
secured debts could be wiped but the asset will need to be sold or returned.
This is just one aspect that, when it comes to Bankruptcy, it is essential to
get professional guidance - like that readily available at Bankruptcy Advice
Brisbane.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What about my Tax Debts with the ATO can
they be wiped out If I go bankrupt?</b></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Yes they can, both business and personal
debts owing to the ATO can be eliminated with bankruptcy. If you have a
business with any kind of debts get some advice because it is not always so
self-explanatory. Feel free to call us here at Bankruptcy Advice Brisbane if
you have any questions on 1300 879 867. Or feel free to check out our website:
www.bankruptcy-advice.com.au/Brisbane.com.au</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What about my business or Company debts?</b></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Sometimes when it concerns Bankruptcy we
can really help you with your business debts, call us concerning this first.
Remember bankruptcy applies to an individual not companies, trusts or
businesses. Usually you may need to liquidate a company to deal with the debt
that way. And when it comes to Bankruptcy, it can be a confusing area, so
remember there are implications for a business owner such as insolvent trading.
At Bankruptcy Advice Brisbane we specialise in business and personal debts so
contact us here at Bankruptcy Advice Brisbane if you have any questions
regarding Bankruptcy on 1300 879 867. Or feel free to head to our website:
www.bankruptcy-advice.com.au/Brisbane.com.au</span></span></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-77924045335581889082017-05-21T18:03:00.001-07:002017-05-21T18:03:24.824-07:00Bankruptcy, Will I lose my Superannuation?<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b><a href="http://bankruptcyexpertsperth.com.au/" target="_blank">Bankruptcy </a></b>in Australia can be complicated
and difficult to understand. A question we often get asked here over at
Bankruptcy Advice Perth is 'what happens to my super if I file for Bankruptcy'?
The answer for most is simple, if your super is in a regulated fund or industry
fund like Sunsuper or Host Plus then virtually nothing happens; your super is
100 % safe when it involves Bankruptcy.</span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8vaeW_avIAn7D0XacIVGz7AjBHHkzGaph9XZv9w2kr_yTMhvqBqhuafGnQuv3U7y5bmWU0S5v8Il10X67ZjRHnuA59b8lsQ9J-UQBOoMS-bGvULB9kX-CPrUB-HmhNcgrzuJLy-uHpxOV/s1600/superannuation.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="326" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8vaeW_avIAn7D0XacIVGz7AjBHHkzGaph9XZv9w2kr_yTMhvqBqhuafGnQuv3U7y5bmWU0S5v8Il10X67ZjRHnuA59b8lsQ9J-UQBOoMS-bGvULB9kX-CPrUB-HmhNcgrzuJLy-uHpxOV/s640/superannuation.jpg" width="640" /></a></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What if I have a Self Managed Super Fund?</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">This is a growing concern, take into
consideration the evolving number of members of Self-Managed Super Funds
("SMSFs") lately; the ATO tells us it has grown Australia-wide from
758,589 in 2009 to 1,011,689 in 2014. So what happens to these Superfunds when
it comes down to Bankruptcy?</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Remember Bankruptcy Advice Perth is not
proposing this article is the complete story, if you have any questions feel
free to contact us on 1300 879 867. Whether or not you call us or another
person it does not matter, just please don't walk into bankruptcy blind when it
comes to your SMSF actually we advise you find both legal and financial advice
before proceeding with any of the actions proposed in this article.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What is a Disqualified Person?</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">First and foremost, if you are taking into
account Bankruptcy, you can not be a part of a SMSF. Why? Because if you are
going up against bankruptcy, you will be labeled as a 'disqualified person'.
And a disqualified individual cannot operate as an Individual Trustee. This
poses a problem due to the fact that usually most of the SMSFs are just 2
people, which means the two of these members must also be the individual
trustees. The duty of trustee causes a lot of legal rules, and if you are in
this role I would highly encourage you to be aware of them all-- for example
the fact that you can not 'know or suspect' that one of you are bankrupt. So
you can see how an individual bankruptcy can be quite destructive to a SMSF and
as you can imagine the process of Bankruptcy for a SMSF is rather convoluted.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>How long do I have so as to restructure my
SMSF Fund once I'm bankrupt?</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">So what transpires if one of the members of
an SMSF does enter Bankruptcy?</span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">For starters, the SMSF will have to be
reorganized. This means that you will have to consider your entire structure
and make certain it is meeting the basic conditions, including things like
having a new trustee that is not suffering from issues with Bankruptcy. The
Australian Tax office will supply you a 6 month 'grace period' to get this done
before you face penalties. And bear in mind, sometimes the very best plan would
be to simply roll the fund into an industry or corporate fund.</span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Beyond these large scale restructuring
issues, there is a lot of paperwork to deal with too, and you need to be
continuously keeping the ATO informed of what is happening. This suggests you
have to let them know that you have a bankruptcy problem with your current
trustee, that they are being removed as soon as possible know who the new
trustee/director is. The Bankrupt will also need to inform the ATO using the
form NAT 3036 (Found on the ATO website) and they must also notify ASIC of
their resignation.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Over that 6 month period you will need to
remove the Bankrupt from the SMSF-- including their property and assets.
Remember if you are uncertain call Bankruptcy Advice Perth for some free advice
on 1300 879 867.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What if I have a single member fund?</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you are a single member fund, then you
will have to appoint a new director, and it will then become their
responsibility to oversee the sale and relocation of assets into a managed
fund. If there are two or more members, than the bankrupt member will need to
resign and the other member will take away the property and halve the proceeds.
They would then want to decide if they would like to remain as a single member
SMSF, or if they intend to roll everything into a managed fund. If both members
are entering bankruptcy, then they would need to sell all assets as soon as
possible and transfer the liquid assets to the managed fund.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">From this you can notice how when it comes
to Bankruptcy, even when one single member is facing issues, it can affect the
very existence of an SMSF. If you are already facing this concern yourself, or
with a partner in a SMSF, please seek financial advice to make certain you are
fulfilling the ATO requirements.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>A simple solution ...</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">As I proposed earlier, a simple solution to
your SMSF issue is to put your super back into a normal regulated managed fund
prior to bankruptcy and save yourself all the frustrations outlined above. Bankruptcy
is never easy, but getting proper advice is the best initial step. If you want
to discuss your options further, give us a call at Bankruptcy Advice Perth or
visit our website: www.bankruptcy-advice.com.au/Perth.com.au or just call us on
1300 879 867.</span></span></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-12239329144543095972017-05-21T17:31:00.001-07:002017-05-21T17:31:10.272-07:00Bankruptcy, Will I lose my Superannuation?<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b><a href="http://bankruptcy-advice.com.au/brisbane" target="_blank">Bankruptcy </a></b>in Australia can be convoluted
and confusing. A question we often get asked here at Bankruptcy Advice Brisbane
is 'what happens to my super if I declare Bankruptcy'? The answer for most is
easy, if your super is simply in a regulated fund or industry fund like
Sunsuper or Host Plus then virtually nothing happens; your super is 100 % safe
when it comes to Bankruptcy.</span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVHxRypStVHYnWu0SW7bHJ3NutOXXRKTpp0144JwO9KnnogtV3Y4XdQGRUcJ55Eee_JYidEgPAURxu7jOiYeWWz9RhvHSI7R-akD3APtUHxZ8ZQlN2oETaafUz8SX4PU4k-Aip1caohzDL/s1600/couple-with-superannuation-advisor.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="308" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVHxRypStVHYnWu0SW7bHJ3NutOXXRKTpp0144JwO9KnnogtV3Y4XdQGRUcJ55Eee_JYidEgPAURxu7jOiYeWWz9RhvHSI7R-akD3APtUHxZ8ZQlN2oETaafUz8SX4PU4k-Aip1caohzDL/s640/couple-with-superannuation-advisor.jpg" width="640" /></a></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What if I have a Self Managed Super Fund?</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">This is a growing concern, look at the
increasing number of members of Self-Managed Super Funds ("SMSFs")
lately; the ATO tells us it has increased Australia-wide from 758,589 in 2009
to 1,011,689 in 2014. So what happens to these Superfunds when it concerns Bankruptcy?</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Remember Bankruptcy Advice Brisbane is not
suggesting this post is the complete story, if you have any questions feel free
to call us on 1300 879 867. Regardless if you call us or another person it
doesn't matter, just please don't walk into bankruptcy blind when it comes to
your SMSF actually we encourage you seek both legal and financial advice before
proceeding with any of the actions proposed in this article.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What is a Disqualified Person?</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">First and foremost, if you are thinking
about Bankruptcy, you can not be a part of a SMSF. Why? Because if you are
being confronted by bankruptcy, you will be classified as a 'disqualified
person'. And a disqualified person cannot operate as an Individual Trustee.
This poses a problem since usually most of the SMSFs are just 2 people, which
means the two of these members need to also be the individual trustees. The job
of trustee poses a lot of legal rules, and if you are in this role I would
highly recommend you to be familiar with them all-- for example the fact that
you can not 'know or suspect' that one of you are bankrupt. So you can notice how
an individual bankruptcy can be rather damaging to a SMSF and as you can assume
the process of Bankruptcy for a SMSF is rather convoluted.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>How long do I have so as to restructure my
SMSF Fund once I'm bankrupt?</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">So what transpires if one of the members of
an SMSF does enter Bankruptcy?</span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">For starters, the SMSF will need to be
restructured. This means that you will want to consider your extensive
structure and make certain it is meeting the basic conditions, including having
a new trustee that is not suffering from issues with Bankruptcy. The Australian
Tax office will offer you a 6 month 'grace period' to get this done before you
face penalties. And bear in mind, sometimes the most ideal plan would be to
simply roll the fund into an industry or corporate fund.</span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Beyond these large scale reorganizing
issues, there is a lot of paperwork to deal with too, and you need to be
frequently keeping the ATO informed of what is happening. This indicates you
need to let them know that you have a bankruptcy problem with your current
trustee, that they are being removed as soon as possible know who the new
trustee/director is. The Bankrupt will also have to inform the ATO using the
form NAT 3036 (Found on the ATO website) and they will need to also notify ASIC
of their resignation.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">During the course of that 6 month period
you will need to remove the Bankrupt from the SMSF-- including their property
and assets. Remember if you are not sure call Bankruptcy Advice Brisbane for
some free advice on 1300 879 867.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What if I use a single member fund?</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you are a single member fund, then you
will need to appoint a new director, and it will then become their obligation
to oversee the sale and transfer of assets into a managed fund. If there are
two or more members, than the bankrupt member will have to resign and the other
member will clear away the property and halve the proceeds. They would then
need to decide if they want to remain as a single member SMSF, or if they
intend to roll it all into a managed fund. If both members are entering
bankruptcy, then they will need to sell all assets at once and transfer the
liquid assets to the managed fund.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">From this you can see how when it comes to Bankruptcy,
even when one single member is facing issues, it can affect the very existence
of an SMSF. If you are actually facing this problem yourself, or with a partner
in a SMSF, please seek financial advice to make certain you are satisfying the
ATO requirements.</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>A simple solution ...</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">As I proposed earlier, a basic solution to
your SMSF problem is to put your super back into a normal regulated managed
fund prior to bankruptcy and save yourself all the problems outlined above. Bankruptcy
is never easy, but finding proper advice is the best 1st step. If you want to
discuss your options further, give us a call at Bankruptcy Advice Brisbane or
visit our website: www.bankruptcy-advice.com.au/Brisbane.com.au or just call us
on 1300 879 867.</span></span></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-50688215933172952542017-01-11T18:53:00.000-08:002017-01-11T18:53:01.610-08:00Bankruptcy in Brisbane - Will I lose my house if I go bankrupt?<div class="MsoNormal" style="text-align: justify;">
<a href="http://bankruptcy-advice.com.au/brisbane" target="_blank"><br /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://bankruptcy-advice.com.au/brisbane" target="_blank">Bankruptcy Brisban</a>e is a confusing
process, but I know from meeting with thousands facing the possibility of
bankruptcy over the years, that virtually nothing troubles people more than the
idea of losing the family house. Almost every person is emotionally connected
to their home - it's where the children have grown up, it's where you enjoy
life on a day to day base.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijGP7CRiuxZjZ-cLGvRLn50rO7qoJUKd0yHd3PVUhhFXuBbqXI3RLZu-e2yiuojd0KBqYbBkZVrroIgzdW8u4talqzDeS4a-JD8-WM4PVW-uFwRCH9u_E6Fjpa8oQqpF0AdRIq5Jx1Q7e6/s1600/lose+my+home+if+I+go+bankrupt.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="432" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijGP7CRiuxZjZ-cLGvRLn50rO7qoJUKd0yHd3PVUhhFXuBbqXI3RLZu-e2yiuojd0KBqYbBkZVrroIgzdW8u4talqzDeS4a-JD8-WM4PVW-uFwRCH9u_E6Fjpa8oQqpF0AdRIq5Jx1Q7e6/s640/lose+my+home+if+I+go+bankrupt.jpg" width="640" /></a></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Will you lose your home if you go bankrupt?
The answer is a resounding maybe. (not very helpful, I know) People generally
assume it's an inevitable consequence and a part of Bankruptcy, and because of
this push themselves to the brink of insanity to not lose the family home. But
when it comes to the whole process of Bankruptcy, a key benefit of Debt
Agreements and Personal Insolvency Agreements is you can keep your house. The
reason is simple: you've accepted to pay back the debt you are in.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">So how is it possible to keep my Brisbane
house, you ask? It's easier if I explain the basic theory behind the Bankruptcy
process as administered by the trustee, then you'll have a more clear picture.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">The responsibility of the bankruptcy
trustee is to firstly agree to the regulation of the bankruptcy act 1966 (it's
a very dry read about 600 pages if you are eager).</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Within that regulatory framework, the
trustee is to help recover monies owed to your creditors, that is executed in a
bunch of different ways but it mainly comes down to income and assets. The
trustees role is to collect payments beyond your income threshold. The further
role is to sell off any assets that can contribute to fixing your debts.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">What this seems like is that yes the
trustee will sell your house right? Not necessarily. The only reason the
trustee will sell any asset including your house is to get money to pay back
your debts. If there is no equity in your home then it's pointless to sell your
home. This is happening increasingly since the GFC as house prices in many
locations have been heading south so what you paid 4 years ago may not
automatically reflect the price today.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">A quick tip here if you have a house in
Brisbane and are looking at Bankruptcy: get a professional to help you through
this process, there are a lot of variables in these scenarios that should be
considered.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">You might wonder, why would the bank want
bankrupt customers? wouldn't they want to sell your house and not take the
risk? The bank that has kindly lent you the money for your house is generating
good money every month in interest out of you, month in month out, just as long
as you keep up to date with your repayments then the bank wants you in there at
all costs. Essentially however it's not the bank's call if the trustee
determines that there is plenty of equity in your house the trustee will force
you and the bank to sell the house.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">When you file for bankruptcy you are asked
to mark the value of your house and the level you owe on the house. A tip if
you are trying to work out the value of your house: use a registered valuer as
this will provide you peace of mind, don't use your neighbours' gut feel tips
or a real estate agents advice to come to this figure. When you get a valuer
out to your property, make certain you tell the valuer to value the property
for a quick sale, make certain you mow the lawn and don't leave the kitchen in
a mess also.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Valuers used to provide two valuations: one
for a quick sale and one for a well marketed non time delicate sale. Nowadays
that's not the case, but if you meet them and let them know you need to sell
your home in the next 30 days you may control the result. The idea is that you
want a realistic sell now figure.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">There are two reasons this valuation
technique is critical to you: one you will certainly have peace of mind
ascertaining the market value of your house, then afterwards you can easily set
up your equity position. Second of all, your property may be really worth even
more than you thought. Get some suggestions before doing this. The number of
times I've met clients that have sold their family home of 20 years just to
discover I could of helped them keep it; unfortunately this happens all too
often</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">When it comes to Bankruptcy and houses,
another significant consideration is ownership, in most cases houses are
acquired in joint names. To puts it simply a couple may be a house 50/50 using
both incomes to make the payments. If one party declares bankruptcy and the
other party doesn't, the equity is only factored on the 50 % of the property.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">When it comes to Bankruptcy, this is just
one of possibly numerous scenarios that are likely when it comes to the family
home. Bear in mind the non-bankrupt party can buy the bankrupt's portion of the
house in bankruptcy also. I should repeat this but get some assistance on this
area of Bankruptcy because it is very tricky and every single case is
different.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<br />
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you want to learn more about what to do,
where to turn and what questions to ask about Bankruptcy, then feel free to
contact Bankruptcy Advice Brisbane on 1300 879 867, or visit our website:
www.bankruptcy-advice.com.au/Brisbane.</span></span></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-3221784140214570662016-11-16T18:20:00.003-08:002016-11-16T18:20:39.997-08:00Bankruptcy in Brisbane - Who exactly do I talk to?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMsY-4XPdkFMhJAtuL5gpy918Lhn6sjZG9VHjnvgIvw_k-hiyZv3Lx0Ezh2VRq8Zc6EFYt_lau9ewwA6sxh3GZGc7caKRH0a2UvM3IllANyqo7FsM9cDsfkEr0HMG96PnIdu5e_EdLiK8_/s1600/who+will+to+talk.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMsY-4XPdkFMhJAtuL5gpy918Lhn6sjZG9VHjnvgIvw_k-hiyZv3Lx0Ezh2VRq8Zc6EFYt_lau9ewwA6sxh3GZGc7caKRH0a2UvM3IllANyqo7FsM9cDsfkEr0HMG96PnIdu5e_EdLiK8_/s640/who+will+to+talk.png" width="640" /></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: x-large;">Should I consult with my accountant about Bankruptcy?</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">The answer seems obvious doesn't it: if
anybody knows your financial situation well in Brisbane, It's going to be your
accountant. However, the short answer is a definite No! It's not that your
accountant won't have your best interests at heart when it comes to <a href="http://bankruptcy-advice.com.au/brisbaneBankruptcy%20Advice%20Pty%20Ltd%20in%20Brisbane" target="_blank">Bankruptcy</a>,
it's that his specialization lie in helping you save you money at tax time,
lowering your tax liability and lodging your BAS.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Most accounting degrees will put in hardly
any to no time on bankruptcy, it's generally performed as a post graduate
speciality program for those who intend to work in the field. Unless your
accountant is an insolvency expert, he wouldn't know that a lot about the
implications of Bankruptcy, I can guarantee you insolvency specialists know
much about tax returns or BAS in. If you do happen to find an insolvency
accounting firm in Brisbane, they have the tendency to be large firms with very
nice offices who charge accordingly.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-large;">Should I talk with my Solicitor about Bankruptcy?</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">No! You can talk with your solicitor in Brisbane
but more than likely it won't do you much good. Solicitors are certainly good
at doing things lawyers do, like assisting you do your Will and buying your
house and trying to keep you out of court if you're lucky. When it relates to Bankruptcy,
the specialists in Brisbane have the tendency to have either a legal or
accounting background, and the reason for that is simply that you can't start
in the post graduate study to become a qualified insolvency practitioner unless
you have a law or accounting degree.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Just like there are a handful of insolvency
accounting firms, there are very few insolvency legal practices in Australia,
and yes if you find one you will pay an ample price for their expertise.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-large;">Should I talk to a financial counsellor
about Bankruptcy?</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Yes! There are plenty of financial
counselling services that can help you with this, they have no hidden agendas
and they're a fabulous option for helping you think through your circumstance
when it comes to Bankruptcy. If you end up freaking out constantly, not
sleeping, not eating or over-eating and thinking of money pressures at all
times, then get some help.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">There are also charities around Brisbane
like Lifeline that offer a fantastic service. They will be a sounding board if
you just need a person to go over with you what your choices are. Don't let
your financial issue destroy your life - in the end it's just money.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you wish to learn more about what to do,
where to turn and what issues to ask about Bankruptcy, then feel free to call
Bankruptcy Advice Brisbane on 1300 879 867, or visit our website:
www.bankruptcy-advice.com.au/Brisbane .</span></span></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-83976852436770108542016-08-07T22:37:00.004-07:002016-08-07T22:37:35.723-07:00Bankruptcy in Brisbane - Will I lose my business if I go bankrupt?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbPtcoiYW1UV0lDIye0rTcezqND6kpj5pz6AYHkflbcace_29pER9Uq-WQWsV05ZqcCINpZ0hgCL_Zeq_piEDKl9IfgnNG4ikROknaBgTDCZo6prdizrfHXFt7Saa_SavIxkuWXsnYkl1a/s1600/Going+Bankrupt+in+Australia+-+Will+I+lose+my+business+if+I+go+bankrupt.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: Arial, Helvetica, sans-serif;"><img border="0" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbPtcoiYW1UV0lDIye0rTcezqND6kpj5pz6AYHkflbcace_29pER9Uq-WQWsV05ZqcCINpZ0hgCL_Zeq_piEDKl9IfgnNG4ikROknaBgTDCZo6prdizrfHXFt7Saa_SavIxkuWXsnYkl1a/s640/Going+Bankrupt+in+Australia+-+Will+I+lose+my+business+if+I+go+bankrupt.jpg" width="640" /></span></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">When people in
Brisbane come to me planning to talk about <b><a href="http://bankruptcyexpertsbrisbane.com.au/" target="_blank">Bankruptcy</a></b>,
they are usually full of questions. The internet has plenty of information, but
far too much of it is confusing or contradicts itself, so I make it my mission
to try and make it clearer. One of the very most general matters is 'Will I
lose my business if I declare bankruptcy?' The short answer is no. If you are
an owner of a business any shape or size you can maintain your business if you
wish to. In Brisbane, businesses that end up being insolvent have a few options
such as liquidation, voluntary administration and so on. It's people who go
bankrupt not businesses.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Bankruptcy is a
complicated area so get some expert advice on this one if you have a business.
Generally speaking, the financial debts in a business and personal debts go
hand in hand when a business owner goes bankrupt. There are some essential
implications for directors of companies when it comes to Bankruptcy in
Brisbane: A bankrupt can not be a director of a company, so if you have a pty
ltd company you definitely will need to retire as a director soon after you're
bankrupt.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">A restriction
that applies when you are actually bankrupt as a business owner is that you can
be in your very own business as a sole trader only. Generally there are things
you have to make known as an aspect of that but in essence you can still run
your company. For some business owners, bankruptcy impacts their ability to run
the business because of the licensing issues. For example, if you run a
building company, your license will be suspended once you're bankrupt and as a
consequence you can not trade without that license, so make sure you are asking
the ideal questions when it concerns licenses and Bankruptcy in Brisbaane.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">On the other
hand if your business is not impacted directly by such issues, then you'll need
to restructure the way you run your business. There are considerations when and
if you go bankrupt as a business owner: you can not acquire heaps of debt in
your company, then go bankrupt and after that open the doors the next day like
absolutely nothing had happened. There are laws in place to stop what is called
phoenix companies growing out of the ashes of an old company.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Having said
that, it's just a matter of consulting with the suitable people about Bankruptcy.
Here in this circumstance you may believe you need a liquidator for your
business, and you might be right, but keep that in mind every liquidator is
distinct and have their own motives. Liquidators profit from your liquidation -
heaps of money - so what advice do you think you will get?<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">When it comes to
Bankruptcy, I think that giving generic advice in this area is potentially
dangerous as it can have very severe implications for directors and business
owners. This is since it is one of those cases where what the right guidance
for one business owner is the inappropriate advice for the other. There are
some basics however, that you may benefit from. There is no restriction to the
size of the business you run while you are bankrupt. You can employ staff. You
can continue to deal with your distributors under certain conditions, the main
one being you will need to meet the payment terms agreed upon.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<br />
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">So when it comes
to Bankruptcy, don't get extremely worried about what you can and can't do as a
business owner, just get the right advice ... If you need to learn more about
what to do, where to turn and what questions to ask about Bankruptcy, then feel
free to contact Bankruptcy Experts Brisbane on 1300 795 575, or visit our
website:.bankruptcyexpertsBrisbane.com.au.</span><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-60478813880909009432016-07-03T22:31:00.002-07:002016-07-03T22:31:48.295-07:00Bankruptcy in Brisbane - does it matter if it is voluntary?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY62Pd5TgZ0i0s_tF4uk2alME2eQOlITqjxHn9U14btMsCTJ693fKDrzQhIZedaT1EopopEBt0vHz2fqauyLfGj4NsJlDjhp2s7c4_Qot-gcEOGzW0TSOwWLPNIrh9kYtwYMIl-ZeChctu/s1600/Voluntary+Bankruptcy.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgY62Pd5TgZ0i0s_tF4uk2alME2eQOlITqjxHn9U14btMsCTJ693fKDrzQhIZedaT1EopopEBt0vHz2fqauyLfGj4NsJlDjhp2s7c4_Qot-gcEOGzW0TSOwWLPNIrh9kYtwYMIl-ZeChctu/s640/Voluntary+Bankruptcy.jpg" width="640" /></a></div>
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<br /></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">When it comes to
<b><a href="http://bankruptcy-advice.com.au/brisbane" target="_blank">Bankruptcy Brisbane</a></b>, usually people
aren't aware that there can be both voluntary, and involuntary bankruptcy -
both of these have unique approaches and guidelines.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Involuntary
bankruptcy arises when someone you owe money to involves the court to declare
you bankrupt. Usually when you get one of these notices, you have normally 21
days to pay all the debt. If you do not, then the creditor goes back to the
court and asks the court to issue a sequestration order that declares you
bankrupt. A trustee is assigned, and then you have 14 days to get the
documentation in and then you are bankrupt.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">You can contest
a bankruptcy notice by going to court after the 21 days have expired and put
your case forward, to stop it going to the next level. Apart from the way you
became bankrupt there is in reality no distinction between Involuntary
Bankruptcy and or Voluntary Bankruptcy - once you are declared bankrupt,
they're managed to in the very same way.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">However, when it
comes to Bankruptcy for this, the stress and anxiety, torment and fear that
accompanies this process is incredible. If you think you are prone to be made
bankrupt by someone, get some help and act on that advice. Generally I've found
it's always more effective to know what you can and can't do before you have a
person bankrupt you. Once you are bankrupt, it's generally too late.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Voluntary Bankruptcy<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Alternatively,
when it comes to Bankruptcy, sometimes there are times that it is the best
option. So you may need to ask yourself, 'when should I consider voluntary
Bankruptcy?'.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">This question is
not the same for everyone of course, but generally I find that one way you
could work it out is to figure out just how long it will take you to pay all of
your debts - if its longer than 3 years (the period you are declared bankrupt),
then this may help you make that decision, and help you to understand Bankruptcy.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Once, I had an
80 year old pensioner, who came to me once regarding * Bankrupcty tell me that
her credit card statement calculated how long her debt would take to pay at the
rate she was paying her account, and it was 35 years! Imagine 35 years for one
credit card bill.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Credit rating
damage can help you think this through. If you move house and forget to pay
your $30 phone bill for 6 months more, it's very likely the phone company will
default your credit file. That default will remain on your file for 5 years, so
for $30 you can have your credit file very seriously damaged for that period of
time - and all of this will impact how you need to approach Bankruptcy.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">In many ways,
the ease with which companies/credit providers can default your credit file is
not fair. The punishment doesn't seem to match the crime in my book. So if you
already have defaults on your credit report for 5 years, keep in mind that
bankruptcy is on your credit file for a total 7 years then its wiped off
completely.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">So if your
credit rating is a big aspect in trying to decide whether to participate in a
Debt Agreement or Personal Insolvency Agreement or Bankruptcy remember they
will all sit on your credit file for a total of 7 years. The biggest difference
is that with a DA or PIA you pay back the money and still have it on your file
for 7 years.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Bankruptcy<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">I have stated
the word a few times now, but when it comes down to it, Bankruptcy is the
biggest part, and the element more people are afraid of when they come to me to
go over their financial situation and Bankruptcy. The other side of crime and
punishment equation is bankruptcy, and in this specific country the
arrangements are very generous: you can go bankrupt owing millions of dollars
and after 3 years it's all finished with no strings attached. As compared to
countries like the United States, our bankruptcy laws are very good.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">I don't pretend
to know why that is but a couple of hundred years ago debtors went to prison.
Nowadays I suppose the government believes the sooner it can get you back on
your feet working and paying tax, the better. It makes more sense than locking
you up which in turn costs the taxpayer anyway.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Bankruptcy wipes
all of your debts including ATO debts except for a few things:<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-AU">·<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-AU">Centrelink Debts, Court Fines
like parking and speeding fines.<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-AU">·<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-AU">HECS or Fee Help loans.<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-AU">·<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="EN-AU">Money to take care of a car
accident if the car was not actually insured.<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-AU"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">There is a lot
more that can be said about doing this and Bankruptcy in general but the
objective of this blog was to help you decide between a few readily available
options. When getting some advice, always remember that there are always
options when it concerns Bankruptcy in Brisbane, so do some investigation, and
Good luck!<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you wish to
find out more about exactly what to do, where to turn and what questions to ask
about Bankruptcy, then don't hesitate to contact Bankruptcy Advice Brisbane on
1300 879 867, or visit our website:bankruptcy-advice.com.au/Brisbane .<o:p></o:p></span></span></div>
<br />
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<br /></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-44763810413729740292016-05-22T23:26:00.002-07:002016-05-22T23:26:35.279-07:00Bankruptcy in Brisbane - Will my income be altered if I go bankrupt?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimExaI3VgZIdd0NazY3ij6PLfAhabcd7g7MD9dy2PAzHDxv9bNwK1hr4Kt1AckPJZygEwc-CNWBidJMIzE3a8BmAu9KfDE8l-j9zCFe3FiDUSTZoaxrwGYWyfWWrnV8rYndE3ncDpPlVPT/s1600/income+change.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimExaI3VgZIdd0NazY3ij6PLfAhabcd7g7MD9dy2PAzHDxv9bNwK1hr4Kt1AckPJZygEwc-CNWBidJMIzE3a8BmAu9KfDE8l-j9zCFe3FiDUSTZoaxrwGYWyfWWrnV8rYndE3ncDpPlVPT/s640/income+change.jpg" width="640" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><b><span lang="EN-AU"><a href="http://bankruptcy-advice.com.au/brisbane" target="_blank">Bankruptcy Brisbane</a></span></b><span lang="EN-AU"><a href="http://bankruptcy-advice.com.au/brisbane" target="_blank"> </a>is a
intricate process, and you need to make sure you get the right recommendations.
And when it comes to your income being affected, the answer to the question is
maybe. The first thing you need to know about going bankrupt is there is no limit
on how much you can earn. However, I will point out that your income is a
considerable consideration when working through when it comes to Bankruptcy.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span lang="EN-AU"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">The first thing
you need to know about this area of Bankruptcy is the amount you can earn
before you start paying back money to your creditors via your trustee (see
table below).<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Net income is
the pre-tax/ in the hand quantity you earn each year. A dependant is someone
who lives with you and earns less than $3,124 per year (regardless of their
age).<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">You can apply
for a hardship variation that increases the threshold amount, if you have costs
in Brisbane like medical, child care, considerable travel to and from work, or
a situation where your spouse used to work but is not able to add to the
household income.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Some of the
interesting parts of Bankruptcy is that your employer will not be alerted when
you file for bankruptcy. Also, Child support is always considered in
bankruptcy, if you receive child support that is not factored in as income. If
you pay child support this will be also considered, for example if you pay
$5,000 child support each year and you have no dependents living with you then
your changed net income limit will be $55,332.10.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">There are more
issues encompassing income and what is or isn't regarded as income - if you're
uncertain, it's recommended to get experienced advice. The reason you need to
consider your income as a part of the Big 5 questions here is that bankruptcy
is in some instances not an economically practical option.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If one of your
creditors is the ATO (for unpaid taxes), then your tax refund may be taken by
the ATO whilst you are bankrupt to contribute toward your tax bill. If you
don't have a tax bill then you will keep your tax refund so long as that
doesn't take you over your threshold income caps.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you believe
that when it comes to Bankruptcy, your situation is more complicated, then
please get qualified advice in Brisbane. I may sound like a broken record, but
remember that it's always a good idea to work through these options before
declaring bankruptcy, since once you have filed the paperwork it's too late to
change your mind.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you intend to
learn more about what to do, where to turn and what problems to ask about Bankruptcy,
then don't hesitate to contact Bankruptcy Advice Brisbane on 1300 879 867, or
visit our website:bankruptcy-advice.com.au/Brisbane .</span><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-89729480980843197122016-05-02T22:50:00.000-07:002016-05-02T22:50:23.886-07:00Bankruptcy in Brisbane - Choices, Choice, Choices<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPZ2NKI6ssi3XqCKy67usfkSxzEfV5GCJTg7asD6rD32haResaefma00IUk8clkQQ89jVDPbMlSnD-HLPxDzbCwwfDtUsQnZAu9aL_Lz9EV1gS8So8Yp8J0R5DjOglBJ7nYtHJeCq9LAap/s1600/Bankruptcy+Choice.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPZ2NKI6ssi3XqCKy67usfkSxzEfV5GCJTg7asD6rD32haResaefma00IUk8clkQQ89jVDPbMlSnD-HLPxDzbCwwfDtUsQnZAu9aL_Lz9EV1gS8So8Yp8J0R5DjOglBJ7nYtHJeCq9LAap/s640/Bankruptcy+Choice.jpg" width="640" /></a></span></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">When it comes
down to <b><a href="http://bankruptcy-advice.com.au/brisbane" target="_blank">Bankruptcy Brisbane</a></b>, there are a load of choices that we get given
depending on who we are, who we speak to, and what exactly has gone wrong. The
most common trouble I see with Bankruptcy is when it comes to selecting between
Debt Consolidation, Personal Insolvency Agreements, and Bankruptcy itself.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">Should I consolidate my debts?<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">When it comes to
Bankruptcy in Brisbane, much of the info you receive on this topic will reflect
the interests of the advice giver. That is why, if you call a debt
consolidation provider, I can guarantee you they will tell you to consolidate
your debts. The debt consolidation operation is a multi-billion dollar industry
making money in one very basic way: charging you a fee for assisting you wrap
each one of your credit card and personal loans into just one neat and tidy
package.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">I hate to tell
you this but they won't be doing it for free. Please do not misunderstand me:
if you believe your financial issues in Brisbane may possibly be solved by
paying less interest, then go ahead and explore the options. Even a small
amount of interest saved over years rapidly adds up.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">Usually I find
if you read this blog you've probably attempted to consolidate your debts already
and come to the following realisations like these:<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<ul>
<li><span style="font-family: "arial" , "helvetica" , sans-serif;">Your credit
rating is not good, and your credit file definitely has defaults on it so not a
single person will offer you a loan, consolidated or otherwise,.</span></li>
<li><span style="font-family: "arial" , "helvetica" , sans-serif;">By the time
you work it all out, you're so far down a hole that saving a tiny bit of
interest simply won't make a great deal of difference,.</span></li>
<li><span style="font-family: "arial" , "helvetica" , sans-serif;">You've quite
possibly gotten to the point where you've had more than enough, you're mentally
burnt out, you can't go on one more day ignoring blocked calls on your phone,
ignoring the demands in the mail and so forth.</span></li>
</ul>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">Personal Insolvency Agreements<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">So when it comes
to Bankruptcy in Brisbane, what's the big difference between a Debt Agreement
and a Personal Insolvency Agreement?<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">Freedom is the
main point Personal Insolvency Agreements (PIA) have in their favour. They're
also administered by a registered and - might I add - regulated trustee
including the government trustee ITSA, and not a private company that
advertises on TV. Ultimately this process resembles Debt Agreements (DA): The
trustee has a meeting with the people you owe money to and these guys arrange a
deal on your behalf. You can give a lump sum settlement figure or enter into a
payment plan, or you can offer them assets rather than cash. This might sound
okay when it comes to the problems with Bankruptcy-- that is up until you
realize that one of the problems with PIA's is that 75 % of the people you owe
money to have to come to an understanding the deal. If they don't, your plan is
rejected or will need to be renegotiated.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">Generally the
people you owe money really want all their money back and also interest.
Sometimes they'll settle for less than the amount you owe them - it's typically
a percentage of the debt-- but let me stress this aspect: because of all the
variables involved in the negotiation process to put together a PIA its
difficult to put a figure on what the people you owe money to will actually
settle for.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">In many cases
you'll have to pay back 100 % of the debt owed. This is not just because your
creditors are greedy or have a mean streak, it's because the administrators
take 20 % of whatever is agreed upon with the people you owe money to. That
applies whether you use a private company for this process or ITSA, the
government body setup to administer to these PIAs.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">When it comes to
Bankruptcy and insolvency I've heard of creditors settling for less 80 % on
rare occasions, but that usually only occurs with a public company going into
receivership owing huge sums of money (the kind that makes the news). If you
are were owed $10million and you know the people who owe you the money have a
team of smart lawyers and some very clever structures in place and they offer 5
% of the debt, you might take it and be grateful. Sadly, ordinary punters like
you and me in Brisbane aren't going to get that lucky!<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">If you would
like to learn more about what to do, where to turn and what questions to ask
about Bankruptcy, then feel free to call Bankruptcy Advice Brisbane on 1300 879
867, or visit our website:bankruptcy-advice.com.au/Brisbane .</span><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-51912504406435924322016-03-22T00:34:00.000-07:002016-03-22T00:34:09.564-07:00Bankruptcy in Brisbane - Are you going to get bitten?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLeie2HwqjWwpddWuS3C2_47wuj7yTC06MEOMaSRRJSSnZUzfNzwh74jvmSgW6CrGn9OieoYhYmX-zMzmPTjuPOV7RPJ2Gpx1SHXgCDL8wPn88STpgsNPx38d8zsRYfAILb4ZrI6MpccDg/s1600/%255EE3986DAB09B2A4C8525776A2CC4066AE5B0CA6A391D0B715C3%255Epimgpsh_fullsize_distr.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="472" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLeie2HwqjWwpddWuS3C2_47wuj7yTC06MEOMaSRRJSSnZUzfNzwh74jvmSgW6CrGn9OieoYhYmX-zMzmPTjuPOV7RPJ2Gpx1SHXgCDL8wPn88STpgsNPx38d8zsRYfAILb4ZrI6MpccDg/s640/%255EE3986DAB09B2A4C8525776A2CC4066AE5B0CA6A391D0B715C3%255Epimgpsh_fullsize_distr.jpg" width="640" /></a></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">When people in
Brisbane ask me about <b><a href="http://bankruptcy-advice.com.au/brisbane" target="_blank">Bankruptcy</a></b>, I
tell them the classic Native American Fable of the little boy and the
Rattlesnake. An old rattlesnake asks a passing young boy to carry him to the mountain
top to view one last sunset before he passes away. The boy was reluctant, but
the rattlesnake vowed not to bite him in exchange for the ride. They went
together only for the snake to ultimately bite the boy despite his assurance
not to do so. The snake's reply was 'You knew what I was when you picked me up.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Getting the
right financial advice in Brisbane when it concerns Bankruptcy is a whole lot
like that little boy's journey, fraught with risk and danger, and usually
skewed for the benefit of the person offering the advice. In many cases you'll
get bitten unless you know what you've picked up long before you move forward
(avoid the rattlesnakes). I learned the problem with getting financial advice
as a teenager, and it has been vital to Bankruptcy. I'd been keeping my nose to
the grindstone for a few years, and saved up a little bit of money I wanted to
invest. It was the early 1980s so interest rates were pretty high and investing
your money was quite profitable. I spent time researching different investment
options, and I went to visit a few financial advisors. It was transparent that
they had more money than I did: they had good suits and plush offices, they all
appeared to exude confidence and have all the answers. What struck me was that
they all had a very different idea of what I should do. This frustrated me so
much that it put me off the entire idea of choosing any of them.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">I'm sure by now
you have read enough on the internet to be totally puzzled about Bankruptcy and
what to do. It would probably be easier for me to help you comprehend the
nature of the financial snakes you may be grasping while you are attempting to
get to the bottom of your financial troubles in Brisbane. Essentially, you have
to try and figure out what your overarching alternatives are, do your own
research into where to proceed with your plan for Bankruptcy, and after that
approach what you feel is best in Brisbane for your requirements. Basically,
you have 3 options for who to turn to.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">The first option
is a Solicitor - This may seem like the go-to choice when you seem to be in
trouble. But there certainly is only just so much assistance they can give on
this matter. There are absolutely specialist legal advisors in bankruptcy, but
their expertise features a hefty price.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Another
possibility you may consider is your accountant - they are incredibly useful
and vital to the task of operating your business, but for the most part, when
you are considering Bankruptcy, your accountant won't be much help to you
anymore.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Your best choice?
A Financial Counsellor that can outline debt consolidation, personal insolvency
agreements, and virtually all you should know when it comes to Bankruptcy.<o:p></o:p></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you want to
find out more about what to do, where to turn and what questions to ask about Bankruptcy,
then feel free to contact Bankruptcy Advice Brisbane on 1300 879 867, or visit
our website:bankruptcy-advice.com.au/Brisbane.<o:p></o:p></span></span></div>
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Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0tag:blogger.com,1999:blog-851888774057850524.post-85162847857529036162016-02-25T18:11:00.000-08:002016-02-25T18:11:39.382-08:00Bankruptcy in Brisbane - Changes that can help Small Business and Entrepreneurs<div class="MsoNormal" style="text-align: justify;">
<b>5th February 2016 - By Charles Bosse</b><a href="https://www.blogger.com/null" name="_GoBack"></a></div>
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<span lang="EN-AU">Do you know how much <b><a href="http://www.bankruptcy-advice.com.au/brisbane">Bankruptcy</a></b> in Brisbane
is changing? The Australian Government at the end of 2015 came up with some
innate changes to the Bankruptcy Laws in Australia. One of the most significant
of these is the length of time that a person is bankrupt for. Now, there is a
minimum amount of time that you must continue to be bankrupt, but, this 3 year
period may in fact be reduced to just 12 months. So if you are inquiring about
Bankruptcy, this news may be considerably important to you.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8k6p6ZU5C2bE6bY560_ImHpYh8nu5qAsUWB8JE9_AQ8W_sb07ZaJhZn3Cyf6hnWpqU5jEHcpPgJPwFcOmUoXWUksgk3QxznHve9gyJ5wOSQdKOiTIY0SCv1GbrEIiP6m7bAmyfjeOqQmu/s1600/Small+Business+and+Entrepreneurs.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8k6p6ZU5C2bE6bY560_ImHpYh8nu5qAsUWB8JE9_AQ8W_sb07ZaJhZn3Cyf6hnWpqU5jEHcpPgJPwFcOmUoXWUksgk3QxznHve9gyJ5wOSQdKOiTIY0SCv1GbrEIiP6m7bAmyfjeOqQmu/s640/Small+Business+and+Entrepreneurs.jpg" width="640" /></a></div>
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<span lang="EN-AU"><br /></span></div>
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<span lang="EN-AU">Mark Carnegie in the Financial Review on
the 7th December 2015 suggested that "the proposed changes to ease the
burden of bankruptcy laws didn't go far enough and the government should adopt
US-style laws to protect the family home".</span></div>
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<span lang="EN-AU">These modifications to the issue of Bankruptcy
will take 18 months to implement. Mr Carnegie, went on to say in the Financial
Review that protecting family assets was important because "banks just
terrorise small business and the mental health consequences to society are
enormous".</span></div>
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<span lang="EN-AU">The problem is Australia's bankruptcy laws
discouraged investors from supporting start-ups, and therefore mentoring had
been "driven out of the system".</span></div>
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<span lang="EN-AU">"They naturally find it very
intimidating themselves personally and with their assets at risk in a risky
early-stage deal, but with their own money in the deal and a lightened-up
provision I think we 'd probably see more willingness. It could be more
important than the money.".</span></div>
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<span lang="EN-AU"><b>Fraudulent Behaviour.</b></span></div>
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<span lang="EN-AU">The argument about this Bankruptcy issue in
Brisbane that some make is that this variation will only push fraudulent behaviour
opening pandora's box in a manner of speaking for the unscrupulous to
defilement of the bankruptcy system. We have considered the minimum, but on the
other side of the problem, The government is not submitting to change the
maximum term of 8 years if it deems a bankrupt has behaved in an unethical or
fraudulent way, and there are no suggestions to change the consequences of
misrepresenting yourself or financial situation when filing for bankruptcy in
Australia.</span></div>
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<span lang="EN-AU">As a bankruptcy professional in Brisbane, I
have a decent share of knowledge when it comes to Bankruptcy. And having dealt
with countless bankruptcy cases in Brisbane I have never struck someone abusing
the system or acting in a careless way as to exploit the insolvency laws in
Australia. When it comes to Bankruptcy, every week I help a small business
owner or entrepreneur look at the very tough task of bankruptcy, not once have
I thought they are happy about it. The average small business owner or
entrepreneur in Brisbane does not start out taking enormous financial risks
with the intention to fail. The media really loves citing the apparent
wrongdoing that will be rampant if these changes occur, what a joke!</span></div>
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<span lang="EN-AU"><b>A Win for Small Business.</b></span></div>
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<span lang="EN-AU">These proposed changes will be good for
often the most effective and brightest in Brisbane not get tossed out of the
game financially for financial decisions often outside of their control. Most
small business owners I help with Bankruptcy, are hardworking, tax paying,
managers keeping this country going.</span></div>
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<span lang="EN-AU">Truth be told there is a fine line with
exactly what the government is trying to do here, because they are attempting
to balance helping individuals who have made decisions out of their control,
and deterring people from making missteps that land them in trouble and as a
result an issue of Bankruptcy. However you also don't want to eliminate the
experience and knowledge that business owners have. You definitely don't want
to smash people simply because they have had a genuine failure in a large or
small start-up enterprise that has not worked out.</span></div>
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<span lang="EN-AU">At the big end of town large established
companies have long been criticised for their failure to innovate - lets face
it they would be more likely to do so if the risks of insolvency were decreased
because directors are worried they'll be personally accountable in an
insolvency arrangement if the new endeavor doesn't work out.</span></div>
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<span lang="EN-AU">The government's proposed 'safe haven'
changes for directors of companies will allow Australia to more fully explore and
innovate, which will make big updates for Bankruptcy. I can not imagine, that
these improvements will be destructive to Australia's economy, indeed these
bankruptcy laws will save the tax payer in all areas of health - Especially in
the mental health field because the emotional cost of bankruptcy is
substantial. When it comes to Bankruptcy in Brisbane not a day goes by where I
don't hear the tragic experiences of relationship failures, thoughts of suicide
and the list continues.</span></div>
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<span lang="EN-AU">Bankruptcy helps save lives, and it could
save yours. If you want some help with your debts in Brisbane or are just
considering Bankruptcy, feel free to call us here at Bankruptcy Advice Brisbane
on 1300 879 867, or visit our website: www.bankruptcy-advice.com.au/brisbane</span></div>
Anonymoushttp://www.blogger.com/profile/12534233190268012690noreply@blogger.com0