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 »
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 »
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 »
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 »
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?
It is a common scenario that when a company goes into liquidation the directors will have debts they are liable for because of personal guarantees.
The short answer is yes, you can be bankrupt twice at the same time. You may be thinking “how could someone be bankrupt twice at the same time?”
With investment property values falling – sometimes below the mortgage value – take these 3 steps to avoid the bankruptcy & find a better outcome…
Considering a debt agreement? Go in with your eyes wide open: find out what the main benefits are but also understand some of the red flags to look out for…