While bankruptcy has various financial consequences, it certainly does not represent the end of the world. Lots of people file for bankruptcy for many reasons, and this number only intensifies with the harsh economic conditions that we see today. According to reports from the Australian Financial Security Authority (AFSA), there were 7,466 incidents of [...]
Too many bills? Too much debt? Not nearly enough money? Many people struggle financially at some point in their lives. Unexpected events such as hospitalisation, losing a job, and even divorce, can severely reshape your financial circumstances. Yet, when there's no other way to effectively control your debts, some folks are forced to file for [...]
Personal bankruptcy is never the ideal predicament to be in, however many people find relief in addressing their financial troubles and starting over. Nobody is perfect, and people make mistakes. Yet too many individuals avoid filing for bankruptcy for far too long. They would prefer to ignore the elephant in the room and spend many [...]
Everybody goes through challenging times in their life. Loss of employment, major illness, and unexpected pregnancies are just a handful of these. A leading reason why these incidents are so traumatic is because financial troubles are typically accompanied with them. In most cases, financial problems are the leading cause of divorce, and on the contrary, [...]
For the majority of people, Christmas is considered the most joyous time of year for both young and old. We all are delighted to finalise the year of work or school and enjoy some quality time with family and friends. They don't call it the silly season for nothing either. Eating and spending too much [...]
Any time people stress over Bankruptcy, they worry about just how it will impact their day-to-day lives, and whether they will be able to retain their home, vehicle, tools, and other important possessions. One of the ways that we can figure this out is by utilizing the bankruptcy means test. It is something that we [...]
If you are drowned by debt and you are investigating at Bankruptcy, there are possibly 3 repercussions you should think about before anything else. Income Loss For the 3 years you are generally bankrupt you may be needed to pitch in some of your income back toward your debt despite being bankrupt. (see table below). [...]
The most considerable issue numerous people have with Bankruptcy is without a doubt 'Can I manage to keep my home?' and it can be complicated, but in some cases it is possible. The only justification where you will be required to sell your family residence when you declare insolvency is if you have equity in [...]
My goal right now is to try and warn you about likely problems you may have with Bankruptcy so that you can stay away from making errors! When it involves Bankruptcy, there is lots of confusion and misinformation as a result of how difficult it can be, and how emotionally charged people are when they [...]
Amongst the most significant inquiries we get when it comes to Bankruptcy is if you will lose your business if you declare bankruptcy. The short answer is no, you are unlikely to lose your small business except if you would like to. When it comes to Bankruptcy, if you are a manager of a company [...]
