Bankruptcy can provide relief from your debts and an opportunity to reset your personal finances. But bankruptcy will be recorded on your credit rating report.
Success Story: Avoid Bankruptcy By Settling Personal Guarantee Debts
What should you do if you provided a personal guarantee and your business is struggling? One of the things you can do is to negotiate a settlement.
Success Story: Settling a Personal Tax Debt
An accountant we know, recently referred us a client who owed over $230,000 in personal income tax. The accountant had attempted to negotiate a payment arrangement including a reduction of the tax debt. However, negotiations had been unsuccessful. Background information and our engagement We obtained the following general information regarding the client and her tax… Read more »
Success Story: Settling a Mortgage Shortfall Debt
We have written in the past about how we have assisted clients settle mortgage shortfall debts, you can view them here and here. We are constantly helping clients settle mortgage shortfalls and this is another example of how we helped. Background Information We were contacted by Tim and Sarah (not their real names) about a debt… Read more »
Going Bankrupt: What are the effects of Bankruptcy?
The effects of bankruptcy are serious and generally can’t be cancelled if you change your mind. You should get advice before you go bankrupt including on what assets can be sold in bankruptcy and other effects of bankruptcy. We can help you consider your options, so give us a call to discuss your circumstances. In… Read more »
What happens to assets you acquire after your bankruptcy starts?
If you become bankrupt, your bankruptcy trustee can sell or realise any assets which you own which are divisible property. This includes things like your interest in your house, shares in public companies, your car (if valued over a certain amount) or any significant cash at bank. But often people don’t know that a bankruptcy… Read more »
How do you go bankrupt?
Earlier this year there were changes in the way you have to go about filing for bankruptcy. These changes are supposed to simplify how you can become bankrupt and how data regarding bankruptcy is captured. So how do you go bankrupt? And what should you consider before you do?
Success Story: Negotiate debt settlement to avoid bankruptcy
We were recently referred a client who was being pursued for a debt by Timbercorp Finance Pty Ltd (‘Timbercorp’). The debt totalled over $130,000 including interest, which was continuing to accrue.
What assets can you keep in bankruptcy?
If you become bankrupt, your bankruptcy trustee will be able to sell some of your assets. But there are various assets which are protected and which your trustee cannot sell. So, what assets can and can’t be sold?
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