Bankruptcy- Sydney

When people in Sydney come to me looking to discuss GoingBankrupt , they are typically packed with questions. The internet has lots of information, but far too much of it is baffling or contradicts itself, so I make it my mission to try and make it clearer. One of the most basic troubles is 'Will I lose my business if I declare bankruptcy?' The brief answer is no. If you are a manager of a business any shape or size you can keep your business if you wish to. In Sydney, businesses that end up being insolvent have a few options for instance, liquidation, voluntary administration and so on. It's individuals who go bankrupt not businesses. Going Bankrupt is a complex area so get some professional advice on this one if you have a business. Generally speaking, the debts in a business and personal debts go hand in hand when a business owner goes bankrupt. There are several crucial implications for directors of companies when it comes to Going Bankrupt in Sydney: A bank

Do you have knowledge of just how much Going Bankrupt in Sydney is changing? The Australian Government at the end of 2015 came up with some radical changes to the Bankruptcy Laws in Australia. One of the most significant of these is the length of time that a person is bankrupt for. Right now, there is a minimum amount of time that you must stay bankrupt, having said that, this 3 year period may very well be reduced to just 12 months. So if you are inquiring about Bankruptcy , this news may be rather important to you. 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". These improvements to the issue of Going Bankrupt will take 18 months to implement. Mr Carnegie, went on to say in the Financial Review that giving protection to family as sets was necessary because "banks

When it comes down to Going Bankrupt in Sydney, there are a great deal of choices that we get given depending upon who we are, who we talk to, and what exactly has happened. The most common confusion I see with Going Bankrupt is when it comes to selecting between Debt Consolidation, Personal Insolvency Agreements, and Bankruptcy itself. Should I consolidate my debts? When it comes to Going Bankrupt in Sydney, much of the information you receive on this subject will reflect the interests of the advice giver. Therefore, if you call a debt consolidation provider, I can guarantee you they will tell you to consolidate your debts. The debt consolidation operation is a multi-billion dollar industry making money in one very straightforward way: charging you a fee for assisting you wrap every one of your credit card and personal loans into just one neat and tidy package. I hate to tell you this but these people aren't doing it for free. Please do not misunderstand me: i

When people in Sydney ask me about Going Bankrupt , I let them know the time-honoured 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 dies. The boy was hesitant, but the rattlesnake promised not to bite him in exchange for the ride. They journeyed together only for the snake to in the end bites the boy despite his promise not to do so. The snake's response was 'You knew what I was when you picked me up.' Receiving the right financial advice in Sydney when it comes to Going Bankrupt is a lot like that little boy's experience, tangled up with risk and danger, and usually 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 before you move forward (avoid the rattlesnakes). I learned the problem with obtaining financial advice as a teenager, and it h

The most important question people have when they come to our team regarding Bankruptcy is without a doubt 'Can I manage to keep my house?' and sometimes the answer is yes, you can manage to keep your house. The only reason you can be driven to sell your family home when you declare bankruptcy is due to the fact that you have so much equity in the home that it is believed an asset. Please read these basic hypothetical case studies below to get your head around Bankruptcy and how it has an effect on houses in Sydney . Remember If you want to know more about Bankruptcy and houses feel free to call us here at Bankruptcy Sydney on 1300 795 575, or visit our website: www.BankruptcyExperts.com.au Case Study 1. (Mike & Sue Smith). 5 years ago Mike and Sue purchased a house in a mining town for $450,000. At this time the mining boom was keeping all the property prices nice and high. Now they are needing to look at Bankruptcy because they have substantial debts o

Bankruptcy in Sydney can be involved and confusing. A question we often get asked here over at Bankruptcy Sydney is 'what happens to my super if I apply for Bankruptcy'? The reply for most is easy, if your super is normally in a regulated fund or industry fund like Sunsuper or Host Plus then virtually nothing happens; your super is 100 % safe when it comes down to Bankruptcy. What if I have a Self Managed Super Fund? This is a growing concern, take into account the increasing number of members of Self-Managed Super Funds ("SMSFs") lately; the ATO tells us it has increased Sydney-wide from 758,589 in 2009 to 1,011,689 in 2014. So what happens to these Superfunds when it concerns Bankruptcy? Remember Bankruptcy Sydney is not indicating this article is the complete story, if you have any questions feel free to contact us on 1300 795 575. No matter if you call us or another person it does not matter, just please don't walk into bankruptcy blind wh