tag:blogger.com,1999:blog-13211435406753555482024-03-24T23:09:25.133-07:00Bankruptcy Experts PerthAnonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-1321143540675355548.post-52563556590096191962017-08-07T20:07:00.000-07:002017-08-07T20:15:20.129-07:00Bankruptcy Perth, What is the Deal with Debts?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0WWNg2eYi4dXZ3q_uZ4IF2RS_2Jmf3a28nDrI4Kn170j8VmSC5PVMSCn8rHRPk9v7GshKNTSaiKFwhf-RIAmsLUKf7MQYoFGw04pul5QfQiaB5Mh2JXCsxiv6yo3xPQ-WHxHk4G-xHnU/s1600/pexels-photo-401682.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="750" data-original-width="1121" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0WWNg2eYi4dXZ3q_uZ4IF2RS_2Jmf3a28nDrI4Kn170j8VmSC5PVMSCn8rHRPk9v7GshKNTSaiKFwhf-RIAmsLUKf7MQYoFGw04pul5QfQiaB5Mh2JXCsxiv6yo3xPQ-WHxHk4G-xHnU/s320/pexels-photo-401682.jpeg" width="320" /></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>Which Debts are erased if I go Bankrupt?</b></span></div>
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<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">The easy answer is that when it involves <b><i><a href="http://bankruptcyexpertsperth.com.au/" target="_blank">Bankruptcy</a> </i></b>most debts are wiped, and I have added a chart below for you to look at.</span></span></div>
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<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;">But, simply put some of the exceptions are
Centrelink Debts, Child Support, Court fines (like speeding fines) along with
any debts arising from uninsured Motor-vehicle claims and educational debts for
example, HECS or FEE-HELP. These debts are not wiped out when you file for
bankruptcy.</span></span></div>
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<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>What about Secured Debts?</b></span></span></div>
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<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 actual security affixed to it. So for example
if you buy a new car for $40,000 dollars the security for that car is the
actual car itself.</span></div>
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<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>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Yes. If you have a car loan for $40,000 you
can have that debt cleared away if you simply hand back 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 can be wiped but the asset must be sold or returned. This is
just one element that, when it comes to Bankruptcy, it is important to get
professional help - like that available at Bankruptcy Experts Perth.</span></div>
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<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>What about my Tax Debts with the ATO can
they be erased If I go bankrupt?</b></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Yes they can, both business and personal
debts owing to the ATO can be erased with bankruptcy. If you have a business
with any type of debts find some advice because it is not always so easy. Feel
free to call us right here over at Bankruptcy Experts Perth if you have any
questions on 1300 795 575. Or feel free to check out our website:
www.bankruptcyexpertsPerth.com.au</span></div>
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<span lang="EN-AU"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>What about my business or Company debts?</b></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">In some cases when it involves Bankruptcy
we can assist you with your business debts, call us concerning this first.
Remember bankruptcy applies to an individual not companies, trusts or
businesses. Normally you may have to liquidate a company to deal with the debt
that way. And when it comes to Bankruptcy, it can be a complicated area, so
remember there are implications for a business owner such as insolvent trading.
At Bankruptcy Experts Perth we specialise in business and personal debts so
give us a call here at Bankruptcy Experts Perth if you have any questions about
Bankruptcy on 1300 795 575. Or feel free to visit our website:
www.bankruptcyexpertsPerth.com.au</span></div>
Anonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.com2tag:blogger.com,1999:blog-1321143540675355548.post-82542777443814912192017-05-22T17:11:00.003-07:002017-05-22T17:11:40.132-07:00Bankruptcy, Will I lose my Superannuation?<div class="MsoNormal">
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<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 involved and
difficult to understand. A question we usually get asked here over at
Bankruptcy Experts Perth is 'what happens to my super if I file for
Bankruptcy'? The reply for most is straightforward, if your super is actually
in a regulated fund or industry fund like Sunsuper or Host Plus then very
little happens; your super is 100 % safe when it involves Bankruptcy.</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiZ9dWtOAHwl9LCH430qLe2MAhNxIO5FBsoDbK2T6SSXvzCJMjjJSGVFxM1SNasG_6EVA5QgOPk8eHvh3P81WItpQ_NOxAmHwScgqA6tnlN1fC1vfifyRe-UJrpjyF96Nj-34GnsCy8GE/s1600/superannuation+%25281%2529.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="274" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiZ9dWtOAHwl9LCH430qLe2MAhNxIO5FBsoDbK2T6SSXvzCJMjjJSGVFxM1SNasG_6EVA5QgOPk8eHvh3P81WItpQ_NOxAmHwScgqA6tnlN1fC1vfifyRe-UJrpjyF96Nj-34GnsCy8GE/s640/superannuation+%25281%2529.jpg" width="640" /></a></div>
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<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>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">This is a growing concern, consider the
growing 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 involves Bankruptcy?</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Remember Bankruptcy Experts Perth is not
implying this post is the entire story, if you have any questions feel free to
call us on 1300 795 575. Whether you call us or someone else it doesn't matter,
just please don't walk into bankruptcy blind when it comes to your SMSF in fact
we advise you find both legal and financial advice before proceeding with any
of the actions indicated in this article.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>What is a Disqualified Person?</b></span></span></div>
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<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
dealing with bankruptcy, you will be grouped as a 'disqualified person'. And a
disqualified individual cannot operate as an Individual Trustee. This poses a
problem since usually most of the SMSFs are just 2 people, which means each of
these members must also be the individual trustees. The position of trustee
poses a lot of legal rules, and if you are in this role I would highly
encourage you to become familiar with them all-- including 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 damaging to a SMSF and as you can imagine
the process of Bankruptcy for a SMSF is rather convoluted.</span></span></div>
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<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>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">So what takes place if one of the members of
an SMSF does enter Bankruptcy?</span></span></div>
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<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 need to consider your complete structure
and make certain it is meeting the basic conditions, including having a new
trustee that is not experiencing issues with Bankruptcy. The Australian Tax
office will supply you a 6 month 'grace period' to get this done before you
face penalties. And keep in mind, sometimes the most ideal plan would be to
simply roll the fund into an industry or corporate fund.</span></span></div>
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<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
ought 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 will need to also notify ASIC
of their resignation.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Through 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 Experts Perth for some free advice
on 1300 795 575.</span></span></div>
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<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>
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<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 end up being their
responsibility 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 remove the property and halve the proceeds. They
would then have to decide if they wish to remain as a single member SMSF, or if
they want to roll all of it into a managed fund. If both members are entering bankruptcy,
then they will need to sell all assets promptly and transfer the liquid assets
to the managed fund.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">From that you can notice how when it comes
to Bankruptcy, even when one single member is running into 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
sure you are meeting the ATO requirements.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;"><b>A simple solution ...</b></span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">As I recommended 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 finding proper advice is the best 1st step. If
you want to discuss your options further, give us a call at Bankruptcy Experts
Perth or visit our website: www.bankruptcyexpertsPerth.com.au or just call us
on 1300 795 575.</span></span></div>
Anonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.com0tag:blogger.com,1999:blog-1321143540675355548.post-52356636420891311882017-01-11T22:07:00.001-08:002017-01-11T22:07:40.919-08:00Bankruptcy in Perth - Will I lose my house if I go bankrupt?<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;"><i><a href="http://bankruptcyexpertsperth.com.au/" target="_blank">Bankruptcy Perth</a></i> is a difficult to
understand process, but I know from meeting with thousands facing the
likelihood of bankruptcy over the years, that not a thing troubles people more
than the notion of losing the family house. Almost everyone is sentimentally connected
to their home - it's where the children have grown, it's where you take
pleasure in life on a day to day basis.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5lYDYRyV_JUsZi3S8Zux20vr-SJ63eNn9dkEkTuyqGT0_VmFrmZCjZhGfC-V1U2b0MtT3omEQwy-q9PKjk_YbNXwV3uXUAGgZNsUNKrMImkxsBNxdU05uUYkP_klnhrIJqiLeisWF51o/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/AVvXsEg5lYDYRyV_JUsZi3S8Zux20vr-SJ63eNn9dkEkTuyqGT0_VmFrmZCjZhGfC-V1U2b0MtT3omEQwy-q9PKjk_YbNXwV3uXUAGgZNsUNKrMImkxsBNxdU05uUYkP_klnhrIJqiLeisWF51o/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 house if you go
bankrupt? The answer is a resounding maybe. (not very helpful, I know) People
typically feel that it's an inevitable consequence and a part of Bankruptcy,
and therefore 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 agreed 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 Perth
house, you ask? It's easier if I explain the basic principle behind the Bankruptcy
process as administered by the trustee, then you'll have a more clear image.</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 function of the bankruptcy trustee is
to firstly comply with the regulation of the bankruptcy act 1966 (it's a very
plain read about 600 pages if you are serious).</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 recuperate monies owed to your creditors, that is
accomplished in a bunch of different ways but it mainly comes down to income
and assets. The trustees role is to collect payments over and above your income
threshold. The other role is to sell off any assets that can contribute to
paying back 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 sounds like is that yes the
trustee will sell your house right? Not always. The only reason the trustee
will sell off 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 more since the GFC as house prices in many regions
have been heading south so what you paid 4 years ago may not actually 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
Perth and are looking at Bankruptcy: get an expert to help you through this
process, there are a number of variables in these scenarios that need to 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 clients? wouldn't they hope to sell your house and not take the risk?
The bank that has nicely lent you the money for your house is making good money
every month in interest out of you, month in month out, provided that you keep
up to date with your fees then the bank really wants you in there at all costs.
Essentially however it's not the bank's call if the trustee determines that
there is lots 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 jot down the value of your house and the amount of money 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 house, 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>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Valuers used to offer two valuations: one
for a quick sale and one for a well marketed non time sensitive sale. These
days that's not the case, but if you meet them and let them know you need to
sell the house in the next 30 days you may control the result. The idea is that
you want a real 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 can have peace of mind ascertaining the
market value of your house, and then you can easily create your equity
position. Second of all, your house may be worth so much more than you thought.
Get some guidance before doing this. The amount of times I've seen clients that
have sold their family home of 20 years just to figure out 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 notable consideration is ownership, in many cases houses are acquired
in joint names. Simply put a couple may be a house 50/50 using both incomes to
make the payments. If one party declares bankruptcy and the other party does
not, 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 involves Bankruptcy, this is just
one of potentially hundreds of scenarios that are possible 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 need to repeat this but get some information
on this area of Bankruptcy because it is very tricky and each and every 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>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you need to learn more about what to do,
where to turn and what questions to ask about Bankruptcy, then feel free to
speak to Bankruptcy Experts Perth on 1300 795 575, or visit our website:
www.bankruptcyexpertsPerth.com.au.</span></span></div>
Anonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.com0tag:blogger.com,1999:blog-1321143540675355548.post-56464486691632030472016-11-16T19:10:00.004-08:002016-11-16T19:10:32.264-08:00Bankruptcy in Perth - Who exactly do I talk to?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVM34UxWanirVv0RwFYDqIL5tkWMM8SJ9VvNZYoFHz0KzYORDmIzaDT7VE_xiREml01PJH8PurUMcVLmHHZHYVnrUlof5GS4M18Ic97RGAIzGQ-2TNWLTLEv_SnptkiRHhSFDh5HTTljY/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/AVvXsEjVM34UxWanirVv0RwFYDqIL5tkWMM8SJ9VvNZYoFHz0KzYORDmIzaDT7VE_xiREml01PJH8PurUMcVLmHHZHYVnrUlof5GS4M18Ic97RGAIzGQ-2TNWLTLEv_SnptkiRHhSFDh5HTTljY/s640/who+will+to+talk.png" width="640" /></a></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-large;">Should I get in touch with my accountant
about Bankruptcy?</span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">The answer seems clear doesn't it: if
anyone knows your financial situation well in Perth, 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 in mind when it comes to <a href="http://bankruptcyexpertsperth.com.au/" target="_blank">Bankruptcy</a>,
it's that his specialization lie in helping you save you money at tax time,
minimising 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>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Most accounting degrees will put in hardly
any to no time on insolvency, it's generally carried out as a post graduate
speciality course for those who wish to work in the field. Unless your
accountant is an insolvency expert, he wouldn't know that a lot about the
effects of Bankruptcy, I can guarantee you insolvency specialists know much
about tax returns or BAS in. If you do manage to find an insolvency accounting
firm in Perth, they often tend 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>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-large;">Should I consult with my Solicitor about Bankruptcy?</span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">No! You can speak to your solicitor in
Perth 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 keeping you out of court if you're lucky. When it relates to Bankruptcy,
the specialists in Perth tend to have either a legal or accounting experience,
and the reason for that is simply that you can't enrol in the post graduate
study to become a qualified insolvency practitioner unless you have a law or
accounting degree.</span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">Just as there are few insolvency accounting
firms, there are very few insolvency legal practices in Australia, and yes if
you choose one you will pay a sizeable 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 a lot of financial
counselling services that can help you with this, they have no hidden agendas
and they're a great option for letting you think through your situation when it
comes to Bankruptcy. If you find yourself stressing out constantly, not
sleeping, not eating or over-eating and thinking of money pressures
continuously, then get some help.</span></span></div>
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">There are also charities around Perth like
Lifeline that offer a terrific service. They will be a sounding board if you
just need a person to review with you what your options are. Don't let your financial
trouble 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;"><br /></span></span></div>
<br />
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<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">If you like to learn more about what to do,
where to turn and what issues to ask about Bankruptcy, then feel free to call
Bankruptcy Experts Perth on 1300 795 575, or visit our website: www.bankruptcyexpertsPerth.com.au.</span></span></div>
Anonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.com0tag:blogger.com,1999:blog-1321143540675355548.post-18137575573343817132016-08-08T20:09:00.001-07:002016-08-08T20:09:09.914-07:00Bankruptcy in Perth - 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/AVvXsEhWY_ZWR8tzvZrlzuX3Uwv1rzi2Oh3_O7G3e7Lj86V6_w6z-7rHZ4W3Z3cjFnxfHkj56c1IIXNOlfTC7Wc7E2ntH_tj7TkBSsUZsmGmaGVQfOtVhToMYuH4WAZZDWn_mUscmIC0RloYp7o/s1600/Going+Bankrupt+in+Australia+-+Will+I+lose+my+business+if+I+go+bankrupt.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWY_ZWR8tzvZrlzuX3Uwv1rzi2Oh3_O7G3e7Lj86V6_w6z-7rHZ4W3Z3cjFnxfHkj56c1IIXNOlfTC7Wc7E2ntH_tj7TkBSsUZsmGmaGVQfOtVhToMYuH4WAZZDWn_mUscmIC0RloYp7o/s640/Going+Bankrupt+in+Australia+-+Will+I+lose+my+business+if+I+go+bankrupt.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 people in
Perth come to me hoping to discuss <b><a href="http://bankruptcyexpertsperth.com.au/" target="_blank">Bankruptcy</a></b>,
they are always full of questions. The internet is full of information, but far
too much of it is confusing or contradicts itself, so I make it my mission to
try and make things clearer. One of the very most general troubles is 'Will I
lose my business if I declare bankruptcy?' The quick answer is no. If you are
an owner of a company any shape or size you can maintain your business if you
wish to. In Perth, businesses that are insolvent have a few options for
instance liquidation, voluntary administration and so on. It's people who go
bankrupt not companies.<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;">Bankruptcy is a
complex area so get some reliable advice on this one if you have a business.
Generally speaking, the financial debts in a business and personal debts go
together when a business owner declares bankruptcy. There are a few crucial
implications for directors of companies when it comes to Bankruptcy in Perth: A
bankrupt can not be a director of a company, so if you have a pty ltd company
you will need to retire as a director once you're bankrupt.<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;">A limitation
that applies when you are generally bankrupt as a business owner is that you
can be in your very own business as a sole trader only. There are things you
need to make known as an aspect of that but effectively you can still run your
company. For some business owners, bankruptcy affects 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 consequently
you can no longer trade without that license, so make sure you are asking the
ideal questions when it comes to licenses and Bankruptcy in Perth.<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 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 afterwards open the doors the next day like not a
thing had happened. There are laws in place to avoid what is called phoenix
companies appearing out of the ashes of an old business.<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;">Having said
that, it's just a point of talking to the suitable people about Bankruptcy.
Here in this circumstance you may believe you need a liquidator for your
company, and you may be right, but keep that in mind every liquidator is
different and have their own motives. Liquidators earn money from your
liquidation - heaps of money - so just 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>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">When it comes to
Bankruptcy, I believe that giving generic advice in this area is likely
damaging as it can have very severe implications for directors and business
owners. This is considering that it is one of those cases where what the right
advice for one business owner is the wrong advice for the other. There are some
basics however, that you may benefit from. There is no limitation to the size
of the business you run even though you are bankrupt. You can employ staff. You
can continue to deal with your providers 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 />
<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, don't get too uneasy about what you can and can't do as a
business owner, just get the right advice ... If you wish to learn more about
what to do, exactly where to turn and what questions to ask about Bankruptcy,
then feel free to contact Bankruptcy Experts Perth on 1300 795 575, or visit
our website: .bankruptcyexpertsPerth.com.au.</span><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.com0tag:blogger.com,1999:blog-1321143540675355548.post-91350161211679895592016-07-04T00:15:00.002-07:002016-07-04T00:15:54.396-07:00Bankruptcy in Perth - 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/AVvXsEgNwXAzivv0KuZbqxwo5RWCYtOUrrWCOTJOIjvYZ8JaxwVQgQBziWBYANtLwqKNa3_nUO1XGhqDe9UPCHhmzj8JZojrll7FWp5EXMLZ4M7e3IwYwpe1Au0JmCgbzy5nvmFAi0qpmSgDLvs/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/AVvXsEgNwXAzivv0KuZbqxwo5RWCYtOUrrWCOTJOIjvYZ8JaxwVQgQBziWBYANtLwqKNa3_nUO1XGhqDe9UPCHhmzj8JZojrll7FWp5EXMLZ4M7e3IwYwpe1Au0JmCgbzy5nvmFAi0qpmSgDLvs/s640/Voluntary+Bankruptcy.jpg" width="640" /></a></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><span style="font-family: Arial, Helvetica, sans-serif;">When it comes to
<b><a href="http://bankruptcyexpertsperth.com.au/" target="_blank">Bankruptcy Perth</a></b>, commonly people
aren't aware that there are both voluntary, and involuntary bankruptcy - both
have different methods and guidelines.<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;">Involuntary
bankruptcy occurs when somebody you owe money to involves the court to declare
you bankrupt. Commonly when you get one of these particular notices, you have
actually 21 days to pay all the debt. If you do not, then the creditor goes
back to the court and requests the court to provide a sequestration order that
declares you bankrupt. A trustee is selected, and then you have 14 days to get
the paperwork in and after that you are bankrupt.<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
challenge a bankruptcy notice by going to court immediately after the 21 days
have expired and put your case forward, to avoid it going to the next level.
Apart from the way you became bankrupt there is in reality no difference
between Involuntary Bankruptcy and or Voluntary Bankruptcy - once you are
simply declared bankrupt, they're managed to in the exact same way.<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;">However, when it
concerns Bankruptcy for this, the stress, torment and fear that accompanies
this method is incredible. If you think you are in all likelihood to be made
bankrupt by someone, get some help and act on that advice. Generally I've found
it's always more ideal to know what you can and can't do before you have
someone else bankrupt you. Once you are bankrupt, it's normally 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;">Nevertheless,
when it comes to Bankruptcy, sometimes there are times that it is the best
option. So you may want 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 each person of course, but normally I find that one way you
could work it out is to figure out how long it will take you to pay each one of
your debts - if its longer than 3 years (the period you are declared bankrupt),
then this may serve to 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 spoke to me once regarding * Bankrupcty tell me that
her credit card statement calculated how long her debt would take to pay at the
level 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;">Credit rating
damage can help you think this through. If you move house and fail to remember
to pay your $30 phone bill for 6 months more, it's very likely the phone
service will default your credit file. That default will sit on your file for 5
years, so for $30 you can have your credit file seriously damaged for that
period of time - and all of this will affect how you have 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
improper. 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 rubbed out
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 factor 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 repay the money and still have it on your file for
7 years.<o:p></o:p></span></span></div>
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<br /></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 most 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 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 really generous.<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 claim to
know why that is but a couple of hundred years ago debtors went to prison.
These days I suppose the government feels 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 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 your debts including ATO debts with the exception of 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 much
more that can be said about this and Bankruptcy in general but the purpose of
this blog was to help you decide between a few possible options. When getting some
advice, keep in mind that there are always possibilities when it concerns Bankruptcy
in Perth, 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>
<br />
<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 Experts Perth on
1300 795 575, or visit our website: bankruptcyexpertsPerth.com.au.</span><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.com0tag:blogger.com,1999:blog-1321143540675355548.post-58543276042269777862016-05-23T19:41:00.004-07:002016-05-23T19:41:49.039-07:00Bankruptcy in Perth - Will my income be affected if I go bankrupt?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhejNw5BvY6TkowXrxJeCb1EzM5GB1BXt7KkDXotLd8uTzpRPUZb1tM5M9WLtXLZddVLvA4RdzD-cGZIcuu7hiLXypywJee8iw7mx0AwRvcIHRJG-S8LKZ99orBUIGcW1FiIuY0s2PUY3M/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/AVvXsEhejNw5BvY6TkowXrxJeCb1EzM5GB1BXt7KkDXotLd8uTzpRPUZb1tM5M9WLtXLZddVLvA4RdzD-cGZIcuu7hiLXypywJee8iw7mx0AwRvcIHRJG-S8LKZ99orBUIGcW1FiIuY0s2PUY3M/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://bankruptcyexpertsperth.com.au/" target="_blank">Bankruptcy Perth</a></span></b><span lang="EN-AU"> is a
challenging process, and you should make sure you get the right guidance. And
when it comes to your income being affected, the answer to the question is
maybe. The very first thing you have 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 significant 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 amount of money 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
financial strains in Perth like medical, child care, sizable travel to and from
your job, or a situation where your partner used to work but is not able to
support the family 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
insightful parts of Bankruptcy is that your employer will not be alerted when
you file for bankruptcy. Also, Child support is always taken into consideration
in bankruptcy, if you receive child support that is not factored in as income.
If you pay child support this will be also thought about, for example if you
pay $5,000 child support each year and you have no dependents living with you
then your altered 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 much
more issues involving income and what is or isn't regarded as income - if
you're not exactly sure, it's ideal to get specialist advice. The reason you
should consider your income as a part of the Big 5 questions here is that
bankruptcy is in some situations not an economically sensible 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 will likely be
taken by the ATO whilst you are bankrupt to add 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 restrictions.<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 think
when it comes to Bankruptcy, your situation is more complicated, then feel free
to get qualified advice in Perth. I may sound like a broken record, but
remember that it's always a smart idea to overcome these options prior to
declaring bankruptcy, because 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 would
like to find out more about what to do, where to turn and what questions to ask
about Bankruptcy, then don't hesitate to contact Bankruptcy Experts Perth on
1300 795 575, or visit our website: bankruptcyexpertsPerth.com.au.</span><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.com0tag:blogger.com,1999:blog-1321143540675355548.post-83450390947364644362016-05-03T21:42:00.001-07:002016-05-03T21:42:23.560-07:00Bankruptcy in Perth - 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/AVvXsEg-O3EaD__oErN3NyGqDmxhOKYu4I-wVb-FfHtKtDZDWyITXY4Kot6vakrALqzT2D325DH6WN5qlOKn1gS_oSB6KLgUsms8y0HTHr8PKGgliyZ0rBsHziaWKqU-u8QVFc2WSm3MNVWw75k/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/AVvXsEg-O3EaD__oErN3NyGqDmxhOKYu4I-wVb-FfHtKtDZDWyITXY4Kot6vakrALqzT2D325DH6WN5qlOKn1gS_oSB6KLgUsms8y0HTHr8PKGgliyZ0rBsHziaWKqU-u8QVFc2WSm3MNVWw75k/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 to
<b><a href="http://bankruptcyexpertsperth.com.au/" target="_blank">Bankruptcy Perth</a></b>, there are a great
deal of options that we get given depending on who we are, who we speak with,
and just what has happened. Among 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 Perth, a lot of the help and advice you receive on this topic
will reflect the interests of the advice giver. That is why, if you call a debt
consolidation company, I can assure you they will tell you to consolidate your
debts. The debt consolidation business is a multi-billion dollar industry
making money in one very simple way: charging you a fee for aiding you wrap
every one of your credit card and personal loans into one neat and tidy bundle.<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 these people aren't doing it free of charge. Please do not
misunderstand me: if you feel your financial issues in Perth can possibly be
solved by paying less interest, then go on and look into the choices. Even a
tiny amount of interest saved over years quickly 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;">More often than
not I find if you read this blog you've probably attempted to consolidate your
debts already and come to the following realisations similar to these:<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;">
</div>
<ul>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Your credit
rating is not good, and your credit file already has nonpayments on it so not a
single person will offer you a loan, consolidated or otherwise,.</span></li>
</ul>
<ul>
<li><span style="font-family: Arial, Helvetica, sans-serif;">By the time
you work all of it out, you're so far down a hole that saving on a tiny bit of
interest just won't make a great deal of difference,.</span></li>
</ul>
<ul>
<li><span style="font-family: Arial, Helvetica, sans-serif;">You've most
likely gotten to the stage where you've had more than enough, you're mentally
fatigued, you can't go on yet another day ignoring blocked calls on your phone,
ignoring the demands in the mail and so on.</span></li>
</ul>
<br />
<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;">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
down to Bankruptcy in Perth, 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;">Adaptability is
the main point Personal Insolvency Agreements (PIA) have in their favour.
They're also administered by a registered and - may I add - regulated trustee
including the government trustee ITSA, and not a private firm that advertises
on TV. Ultimately this process is similar to Debt Agreements (DA): The trustee
has a meeting with the people you owe money to and these guys mediate 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 as an alternative to cash. This may sound
alright when it comes to the troubles with Bankruptcy - that is until you
realise that one of the obstacles with PIA's is that 75 % of the people you owe
money to will have to agree on the deal. If they do not, your proposal is
denied or must 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;">Generally the
people you owe money prefer all their money back plus interest. Sometimes
they'll opt for under the amount you owe them - it's typically a percentage of
the debt - but allow me to stress this part: 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 really 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;">In most cases
you'll have to pay back 100 % of the debt owed. This is not 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;">When it comes to
Bankruptcy and insolvency I've come across creditors choosing less 80 % on rare
occasions, but that usually only occurs with a public company entering 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 brilliant 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 Perth 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 want to
learn more about what to do, where to turn and what questions to ask about Bankruptcy,
then feel free to get in touch with Bankruptcy Experts Perth on 1300 795 575,
or visit our website:bankruptcyexpertsPerth.com.au.</span><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.com0tag:blogger.com,1999:blog-1321143540675355548.post-50628228622120657012016-03-30T21:57:00.004-07:002016-03-30T21:57:53.232-07:00Bankruptcy in Perth - Are you going to get bitten?<div class="MsoNormal" style="text-align: justify;">
When people in Perth ask me about <b><a href="http://www.bankruptcyexpertsperth.com.au./" target="_blank">Bankruptcy</a></b>,
I let them know 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 discover one last sunset before he passes away. The boy was hesitant,
but the rattlesnake vowed not to bite him in exchange for the ride. They went
together only for the snake to in the end attack the boy despite his promise
not to do so. The snake's response was 'You knew what I was when you picked me
up.'.<a href="https://www.blogger.com/null" name="_GoBack"></a><br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Getting the right financial advice in Perth
when it concerns Bankruptcy is a great deal like that little boy's encounter,
laden with risk and danger, and typically skewed for the benefit of the person
presenting the advice. In many cases you'll get bitten except if you know what
you've picked up long before you move forward (avoid the rattlesnakes). I
learned the problem with obtaining financial advice as a teenager, and it has
been necessary to Bankruptcy. I'd been working hard 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 quite high and investing your money was quite profitable. I spent
some time researching different investment options, and I went to visit a few
financial advisors. It was clear that they had more money than I did: they had
nice suits and plush offices, they all seemed to exude confidence and have all
the solutions. What struck me was that they all had a really different strategy
of what I should do. This frustrated me so much that it put me off the entire
idea of selecting any of them.</span><br />
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">I'm sure currently you have read enough on
the internet to be totally bewildered about Bankruptcy and what to do. It would
undoubtedly be easier for me to help you comprehend the nature of the financial
snakes you might be grabbing while you are attempting to get to the bottom of
your financial concerns in Perth. In essence, you need to try and recognize
what your overarching alternatives are, do your very own research into where to
proceed with your strategy for Bankruptcy, and then approach what you feel is
best in Perth for your requirements. Essentially, you have 3 options for who to
turn to.</span><br />
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">The first option is a Solicitor - This may
look like the go-to approach when you seem to be in trouble. But there is only
so much aid they can give on this matter. There are absolutely specialist legal
advisors in bankruptcy, but their knowledge comes with a hefty price.</span><br />
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Another possibility you may think about is
your accountant - they are incredibly helpful and vital to the process of
managing your business, but for the most part, when you are thinking of Bankruptcy,
your accountant won't be much help to you any more.</span><br />
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Your best option? A Financial Counsellor
that can outline debt consolidation, personal insolvency agreements, and
basically all you need to figure out when it comes to Bankruptcy.</span></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">If you would like to find out more about
what to do, where to turn and what questions to ask about Bankruptcy, then feel
free to call Bankruptcy Experts Perth on 1300 795 575, or visit our website:
www.bankruptcyexpertsPerth.com.au.</span></div>
Anonymoushttp://www.blogger.com/profile/08114834262954090908noreply@blogger.com0tag:blogger.com,1999:blog-1321143540675355548.post-7752130910766255012016-02-23T16:52:00.000-08:002016-02-23T16:56:10.559-08:00Bankruptcy in Perth - Changes that 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>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Do you know how much <b><a href="http://www.bankruptcyexpertsperth.com.au/bankruptcy-perth/">Bankruptcy</a></b> in Perth is
changing? The Australian Government in late 2015 recommended some foundational
changes to the Bankruptcy Laws in Australia. 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 remain bankrupt, however, this 3 year period may
very well be reduced to just 12 months. So if you are asking about Bankruptcy,
this news may be rather important to you.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHmbLl0QOZ03bX3L1N9SYyq3l9_sIUGLMpoaQIOCwSVlGRug0eDkB4qssm4n5lVleMeFMEQF6bZlJbRqgy3i0WQ7-fGgpH8jvb5H2V3o5hvr6hOyKTFh9_MVo0krXsm9QbGjTeEZjqP0M/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/AVvXsEgHmbLl0QOZ03bX3L1N9SYyq3l9_sIUGLMpoaQIOCwSVlGRug0eDkB4qssm4n5lVleMeFMEQF6bZlJbRqgy3i0WQ7-fGgpH8jvb5H2V3o5hvr6hOyKTFh9_MVo0krXsm9QbGjTeEZjqP0M/s640/Small+Business+and+Entrepreneurs.jpg" width="640" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">Mark Carnegie in the Financial Review on
the 7th December 2015 recommended 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>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<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 safeguarding family assets was essential because "banks just
terrorise small business and the mental health consequences to society are
enormous".</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">The problem is Australia's bankruptcy laws
put off investors from supporting start-ups, and therefore mentoring had been
"driven out of the system".</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<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>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><b>Fraudulent Behavior.</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">The issue about this Bankruptcy issue in
Perth that some come up with is that this modification will only strengthen fraudulent
behavior opening pandora's box in a manner of speaking for the unscrupulous to
misuse of the bankruptcy system. We have taken a look at the minimum, but on
the other side of the issue, The government is not submitting to change the
maximum term of 8 years if it deems a bankrupt has appeared in an unethical or
fraudulent way, and there are no proposals to change the consequences of
misrepresenting yourself or financial situation when filing for bankruptcy in
Australia.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU">As an insolvency professional in Perth, I
have a fair share of knowledge when it comes to Bankruptcy. And having dealt
with thousands of bankruptcy cases in Perth I have never uncovered someone
abusing the system or acting in a reckless way as to exploit the bankruptcy
laws in Australia. When it comes to Bankruptcy, each week I help a small
business owner or entrepreneur look at the very problematic task of bankruptcy,
not once have I felt they are happy about it. The average small business owner
or entrepreneur in Perth does not start out taking enormous financial risks
with the intention to fail. The media really loves citing the apparent abuse
that will be rampant if these changes occur, what a joke!</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-AU"><b>A Win for Small Business.</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
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<span lang="EN-AU">These recommended changes will be good for
often the best and brightest in Perth not get rejected of the game financially
for financial decisions often outside of their control. Most small business
owners I help with Bankruptcy, are hardworking, tax paying, companies keeping
this country going.</span></div>
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<span lang="EN-AU">Certainly there is a fine line with just
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 blunders that land them in trouble and consequently
an issue of Bankruptcy. However you also don't want to kill the experience and
knowledge that business owners have. You surely don't want to smash people
simply because they have had a genuine failure in a large or small start-up
venture that has not gone well.</span></div>
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<span lang="EN-AU">At the big end of town large developed
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 scaled
down because directors are troubled they'll be personally liable in an
insolvency arrangement if the new venture doesn't work out.</span></div>
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<span lang="EN-AU">The government's suggested 'safe haven'
changes for directors of companies will allow Australia to more fully explore
and innovate, which will make big updates for Bankruptcy. I cannot imagine,
that these changes will be damaging to Australia's economy, in fact 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 enormous.
When it comes to Bankruptcy in Perth not a day goes by where I don't hear the
tragic stories of relationship failures, thoughts of suicide and the list goes
on.</span></div>
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<span lang="EN-AU">Bankruptcy helps save lives, and it could
save yours. If you need some help with your debts in Perth or are just
considering Bankruptcy, don't hesitate to call us here at Bankruptcy Experts
Perth on 1300 795 575, or visit our website: www.bankruptcyexpertsperth.com.au </span></div>
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