Many people think that being a bankrupt means that they are no longer able to run a business. That is simply not the case, albeit with certain restrictions. So, what can and can’t a bankrupt do when it comes to running a business?
Do you have an investment property that is now worth less than the loan taken out to finance the purchase?
Have you sold the properties and are now owing a large amount to the bank?
Have you wondered whether the debt can be settled for less than the amount you owe?
Due to the Covid-19 pandemic, a large number of people have debts they cannot pay. So, what are your options to solve your personal debt problems?
The Federal Government has warned the public of potential dodgy insolvency advisers. These unregistered and unregulated advisers target vulnerable people who are in financial distress.
Throughout the years, we have assisted a number of individuals that were audited by the ATO, resulting in large tax debts including GIC and penalties. Read our success story
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.
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.