Going Bankrupt Shepparton, What is the Deal with Debts?

Just what Debts are erased if I go Bankrupt?

The quick answer is that when it comes to Going Bankrupt most debts are wiped, and I have added a compendium below for you to look at.

But, put simply some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) together with any debts arising from uninsured Motor-vehicle claims and educational debts including HECS or FEE-HELP. These debts are not eliminated when you file for bankruptcy.

What about Secured Debts?

A secured debt is a car loan or a home loan; it is a debt that has some definite security attached to it. So for example if you buy a new car for $40,000 dollars the security for this car is the actual car itself.

So, can my secured debts be removed if I file for bankruptcy?

Yes. If you have a car loan for $40,000 you can have that debt wiped out if you simply return 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 might be wiped but the asset must be sold or returned. This is just one part that, when it comes to Going Bankrupt, it is important to get professional assistance – like that provided at Bankruptcy Shepparton.

What about my Tax Debts with the ATO can they be erased If I go bankrupt?

Yes they can, both business and personal debts owing to the ATO can be removed with bankruptcy. If you have a business with any kind of debts receive some advice because it is not always so straightforward. Feel free to call us right here over at Bankruptcy Shepparton if you have any questions on 1300 795 575. Or feel free to head to our website: www. bankruptcyShepparton.com

What about my business or Company debts?

Sometimes when it comes to Going Bankrupt we can really help you with your business debts, call us about this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Generally you may need to liquidate a company to deal with the debt this way. And when it comes to Going Bankrupt, it can be a complicated area, so remember there are implications for a business owner such as insolvent trading. At Bankruptcy Shepparton we specialise in business and personal debts so call us here at Bankruptcy Shepparton if you have any questions regarding Going Bankrupt on 1300 795 575. Or feel free to explore our website:bankruptcyShepparton.com

Going Bankrupt, Will I lose my Superannuation?

Going Bankrupt  Australia can be complicated and confusing. A question we typically get asked here at Bankruptcy Experts Shepparton is ‘what happens to my super if I declare Bankruptcy’? The solution for most is simple, if your super is usually in a regulated fund or industry fund like Sunsuper or Host Plus then virtually nothing happens; your super is 100 % safe when it involves Going Bankrupt.

What if I have a Self Managed Super Fund?

This is a growing concern, take into consideration the increasing number of members of Self-Managed Super Funds (“SMSFs”) in recent years; the ATO tells us it has expanded Australia-wide from 758,589 in 2009 to 1,011,689 in 2014. So what happens to these Superfunds when it comes down to Going Bankrupt?

Remember Bankruptcy Experts Shepparton is not indicating this post is the complete story, if you have any questions feel free to call us on 1300 795 575. Whether or not you call us or someone else it does not matter, just please don’t walk into bankruptcy blind when it comes to your SMSF actually we encourage you obtain both legal and financial advice before proceeding with any of the actions recommended in this article.

What is a Disqualified Person?

First and foremost, if you are taking into account Going Bankrupt, you can not be a part of a SMSF. Why? Because if you are coping with bankruptcy, you will be identified as a ‘disqualified person’. And a disqualified individual cannot operate as an Individual Trustee. This poses a problem due to the fact that usually most of the SMSFs are just 2 people, which means each of these members need to 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 recommend you to end up being familiar with them all– including the fact that you can not ‘know or suspect’ that one of you are bankrupt. So you can notice how an individual bankruptcy can be rather detrimental to a SMSF and as you can assume the process of Going Bankrupt for a SMSF is rather convoluted.

How long do I have so as to restructure my SMSF Fund once I’m bankrupt?

So what happens if one of the members of an SMSF does enter Bankruptcy?

For starters, the SMSF will have to be reorganized. This means that you will want to consider your extensive structure and ensure it is meeting the basic conditions, including having a new trustee that is not encountering issues with Bankruptcy. The Australian Tax office will give you a 6 month ‘grace period’ to get this done before you face penalties. And bear in mind, sometimes the best plan would be to simply roll the fund into an industry or corporate fund.

Beyond these large scale reorganizing issues, there is a lot of paperwork to deal with too, and you need to be constantly keeping the ATO informed of what is happening. This suggests you ought to let them know that you have a bankruptcy concern 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.

Through that 6 month period you will need to remove the Bankrupt from the SMSF– including their property and assets. Remember if you are unsure call Bankruptcy Experts Shepparton for some free advice on 1300 795 575.

What if I have a single member fund?

If you are a single member fund, then you will need to appoint a new director, and it will then be their duty to oversee the sale and relocation of assets into a managed fund. If there are two or more members, than the bankrupt member will need to resign and the other member will take away 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 would like to roll all of it into a managed fund. If both members are entering bankruptcy, then they will need to sell all assets immediately and transfer the liquid assets to the managed fund.

From this you can notice how when it comes to Going Bankrupt, even when one single member is running into issues, it can affect the very existence of an SMSF. If you are at the moment facing this matter yourself, or with a partner in a SMSF, please seek financial advice to make sure you are satisfying the ATO requirements.

A simple solution …

As I recommended earlier, a simple solution to your SMSF problem is to put your super back into a normal regulated managed fund prior to bankruptcy and save yourself all the problems outlined above. Going Bankrupt is never easy, but receiving proper advice is the best 1st step. If you want to discuss your possibilities further, contact us at Bankruptcy Experts Shepparton or visit our website: bankruptcyexpertsshepparton.com.au or just give us a call on 1300 795 575.

Going Bankrupt in Shepparton – Will I lose my house if I go bankrupt?

Going Bankrupt Shepparton is a difficult process, but I know from meeting with thousands facing the possibility of bankruptcy over the years, that not much worries people more than the thought of losing the family home or apartment. Almost everyone is on an emotional level connected to their home – it’s where the kids have grown up, it’s where you appreciate life on a day to day basis.

Will you lose your house if you go bankrupt? The solution is a resounding maybe. (not very helpful, I know) People typically assume it’s an inevitable consequence and a part of Going Bankrupt, and as a result push themselves to the brink of insanity to not lose the family home. But when it comes to the whole process of Going Bankrupt, 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.

So how is it possible to keep my Shepparton house, you ask? It’s easier if I explain the basic principle behind the Going Bankrupt process as administered by the trustee, then you’ll have a more clear idea.

The duty of the bankruptcy trustee is to firstly abide by the regulation of the bankruptcy act 1966 (it’s a very dry read about 600 pages if you are intrigued).

Within that regulatory framework, the trustee is to help recover monies owed to your creditors, that is carried out in a bunch of various ways but it mainly comes down to income and assets. The trustees role is to collect payments over your income threshold. The further role is to sell off any assets that can contribute to fixing your debts.

What this seems is that yes the trustee will sell your house right? Not normally. 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 house then it’s pointless to sell your home. This is happening increasingly since the GFC as house prices in many locations have been heading south so what you paid 4 years ago may not always reflect the price today.

A quick word of advice here if you have a house in Shepparton and are looking at Going Bankrupt: get an expert to help you through this process, there are a number of variables in these scenarios that need to be considered.

You might wonder, why would the bank want bankrupt customers? wouldn’t they need to sell your house and not take the risk? The bank that has kindly lent you the money for your house is generating good money every month in interest out of you, month in month out, just as long as you keep up to date with your repayments then the bank desires you in there at all costs. Ultimately however it’s not the bank’s call if the trustee decides that there is a lot of equity in your house the trustee will force you and the bank to sell the house.

When you file for bankruptcy you are asked to put down the value of your house and the quantity 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 offer you peace of mind, don’t use your neighbours’ gut feel suggestions or a real estate agents advice to get to this figure. When you get a valuer out to your property, make sure you tell the valuer to value the property for a quick sale, see to it you mow the lawn and don’t leave the kitchen in a mess also.

Valuers used to give two valuations: one for a quick sale and one for a well marketed non time delicate sale. These days that’s not the case, but if you meet them and tell them you need to sell the house in the next 30 days you may sway the result. The idea is that you want a life-like sell now figure.

There are two main reasons this valuation technique is critical to you: one you will certainly have peace of mind ascertaining the market value of your house, and afterwards you can easily build your equity position. Second of all, your property may be worth much more than you thought. Get some guidance before carrying this out. The number of times I’ve seen clients that have sold their family home of 20 years simply to find out I could of helped them keep it; unfortunately this happens all too often

When it concerns Going Bankrupt and houses, another major consideration is ownership, in many cases houses are bought in joint names. To puts it simply a couple may be a house 50/50 using both incomes to make the payments. If one party declares bankruptcy and the other party doesn’t, the equity is only factored on the 50 % of the property.

When it relates to Going Bankrupt, this is just one of probably numerous scenarios that are likely when it comes down to the family home. Bear in mind the non-bankrupt party can buy the bankrupt’s part of the house in bankruptcy also. I have to repeat this but get some information on this area of Going Bankrupt because it is very tricky and every case is different.

If you want to learn more about what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to call Bankruptcy Experts Shepparton on 1300 795 575, or visit our website: bankruptcyexpertsshepparton.com.au.

Going Bankrupt in Shepparton – Who exactly do I speak to?

Should I speak with my accountant about Going Bankrupt?

The answer seems obvious doesn’t it: if anybody knows your financial situation well in Shepparton, It’s going to be your accountant. However, the short answer is a definite No! It’s not that your accountant doesn’t have your best interests at heart when it comes to Going Bankrupt, it’s that his expertise lie in helping you save you money at tax time, lowering your tax liability and lodging your BAS.

Most accounting degrees will put in very little to no time on bankruptcy, it’s generally done as a post graduate speciality program for those who want to work in the field. Unless your accountant is an insolvency expert, he won’t know that a lot about the effects of Going Bankrupt, I can guarantee you insolvency specialists know much about tax returns or BAS in. If you do happen to find an insolvency accounting firm in Shepparton, they tend to be large firms with very nice office spaces who charge accordingly.

Should I speak to my Solicitor about Going Bankrupt?

No! You can talk with your solicitor in Shepparton but more than likely it won’t do you much good. Solicitors are really good at carrying out 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 Going Bankrupt, the specialists in Shepparton often 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 except if you have a law or accounting degree.

Just like there are a couple of insolvency accounting firms, there are very few insolvency legal practices in Australia, and yes if you locate one you will pay a sizeable price for their expertise.

Should I speak to a financial counsellor about Going Bankrupt?

Yes! There are lots of financial counselling services to help you through this, they have no hidden agendas and they’re an excellent option for helping you think through your situation when it comes to Going Bankrupt. If you are stressing out constantly, not sleeping, not eating or over-eating and thinking of money pressures regularly, then get some help.

There are also charitable organizations around Shepparton like Lifeline that offer a remarkable service. They will be a sounding board if you just need somebody to discuss with you what your alternatives are. Don’t let your financial issue destroy your life – ultimately it’s just money.

If you wish to learn more about what to do, where to turn and what points to ask about Going Bankrupt, then feel free to get in touch with Bankruptcy Shepparton on 1300 795 575, or visit our website:bankruptcyexpertsshepparton.com.au.

Going Bankrupt in Shepparton – Will I lose my job if I go bankrupt?

Almost everyone experiencing Going Bankrupt Shepparton has this worry about their job, and the answer to the question is ‘maybe’. The dilemma with some professions isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or associations that view bankruptcy in a dim light and can make things tough for you.

When it concerns Going Bankrupt and employment in Shepparton, what I would say is that you do your very own preparation here, do the research and go through that process first before declaring bankruptcy considering that may help you decide. Check if your job is on the list below. If it is, I ‘d get in touch with them personally and explain your situation. Some organizations won’t have a concern with your bankruptcy provided that it wasn’t accompanied by shady or questionable behaviour.

If you are affected by this part of Going Bankrupt and licences, In most cases you won’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your occupation happens to be on the checklist and you’ve gotten in touch with them but they won’t budge, then I ‘d recommend you seek some experienced advice. This may be one of those rare occasions when I ‘d suggest using a Debt Agreement or a Personal Insolvency Agreement.

Remember most of the time you don’t need to exit the industry you are employed in; you just have to work under another’s Licence for a time. In the building industry this is especially relevant: if you’re an electrician for instance, there is nothing stopping you working with another electrician in Shepparton under their Licence.

Please check out the table below, it handles the license and business side of Going Bankrupt. Its arranged on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t worry if you run your own company. Among the limitations of bankruptcy is you can’t be a director of a company, but all that this actually means is that you need to restructure your business.

Simply for your peace of mind I’ll tell you now that you can still own and run your business as a sole trader. There are no limits: you can hire staff and turn over any amount of money. Normally people who run their own business have debts that are business related and it can end up being very complicated, so it’s best to obtain some expert advice instead of going it alone.

If you would like to learn more about what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to talk to Bankruptcy Experts Shepparton on 1300 795 575, or visit our website:. bankruptcyexpertsShepparton.com.au

Going Bankrupt in Shepparton – Will I lose my business if I go bankrupt?

When people in Shepparton come to me planning to talk about Going Bankrupt, they are usually loaded with 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 it more clear. One of the very most general problems is ‘Will I lose my business if I declare bankruptcy?’ The brief answer is no. If you are an owner of a business any shape or size you can keep your business if you want to. In Shepparton, businesses that eventually become insolvent have a few options just like liquidation, voluntary administration and so on. It’s people who go bankrupt not businesses.

Going Bankrupt is a complicated area so get some expert advice on this if you have a business. Generally speaking, the financial debts in a business and personal debts go hand in hand when a business owner declares bankruptcy. There are several necessary implications for directors of companies when it comes to Going Bankrupt in Shepparton: A bankrupt can not be a director of a company, so if you have a pty ltd company you will likely need to resign as a director after you’re bankrupt.

A constraint 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 will need to reveal as a part of that but generally you can still run your company. For some business owners, bankruptcy impacts their ability to run the business because of the licensing issues. For instance, if you run a building company, your license will be suspended once you’re bankrupt and as a consequence you can not trade without that license, so make sure you are asking the ideal questions when it involves licenses and Going Bankrupt in Shepparton.

On the other hand if your business is not impacted directly by such issues, then you’ll have to restructure the way you run your business. There are considerations when and if you go bankrupt as a business owner: you can not rack up heaps of debt in your company, then go bankrupt and after that open the doors the next day like almost nothing had happened. There are laws in place to avoid what is called phoenix companies growing out of the ashes of an old company.

Having said that, it’s just an issue of talking with the best people about Going Bankrupt. In this circumstance you may believe you need a liquidator for your company, and you may be right, but keep in mind that every liquidator is distinct and have their own motives. Liquidators profit from your liquidation – heaps of money – so what advice do you think you will get?

When it comes to Going Bankrupt, I consider that giving generic advice in this area is possibly damaging as it can have very significant implications for directors and business owners. This is considering that it is just one of those cases where what the right advice for one business owner is the incorrect advice for the other. There are some basics however, that you may benefit from. There is no limit to the size of the business you run though you are bankrupt. You can employ staff. You can constantly deal with your manufacturers under certain conditions, the main one being you will need to meet the payment terms agreed upon.

So when it comes to Going Bankrupt, don’t get overly upset 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, where to turn and what questions to ask about Going Bankrupt, then feel free to consult Bankruptcy Shepparton on 1300 795 575, or visit our website: bankruptcyexpertsshepparton.com.au.

Going Bankrupt in Shepparton – Changes that help Small Business and Entrepreneurs

Do you know how much Going Bankrupt Shepparton is changing? The Australian Government at the end of 2015 moved for 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. Now, there is a minimum amount of time that you must remain bankrupt, however, this 3 year period may in fact be reduced down to just 12 months. So if you are asking about Bankruptcy, this news may be somewhat 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 adjustments to the issue of Going Bankrupt will take 18 months to implement. Mr Carnegie, went on to say in the Financial Review that protecting family assets was important because “banks just terrorise small business and the mental health consequences to society are enormous”.

The problem is Australia’s bankruptcy laws deterred investors from supporting start-ups, and therefore mentoring had been “driven out of the system”.

“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.”.

Fraudulent Behavior

The argument about this Going Bankrupt issue in Shepparton that some make is that this change will only push fraudulent behavior opening pandora’s box in a manner of speaking for the unscrupulous to misuse of the bankruptcy system. We have looked at the minimum, but on the other side of the issue, The government is not proposing to change the maximum term of 8 years if it deems a bankrupt has performed in an unethical or fraudulent way, and there are no suggestions to change the repercussions of misrepresenting yourself or financial situation when filing for bankruptcy in Australia.

As a bankruptcy professional in Shepparton, I have a fair share of practical experience when it comes to Going Bankrupt. And having dealt with thousands of bankruptcy cases in Shepparton I have never come across someone abusing the system or acting in a careless way as to exploit the insolvency laws in Australia. When it comes to Going Bankrupt, every week I help a small business owner or entrepreneur look at the very challenging task of bankruptcy, not once have I thought they are happy about it. The average small business owner or entrepreneur in Shepparton 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!

A Win for Small Business

These proposed changes will be good for often the most effective and brightest in Shepparton not get tossed out of the game financially for financial decisions often outside of their control. Most small business owners I help with Going Bankrupt, are hardworking, tax paying, managers keeping this country going.

There certainly is a fine line with just what the government is trying to do here, since they are attempting to balance helping people who have made decisions out of their control, and dissuading people from making problems that land them in trouble and as a result an issue of Going Bankrupt. However you also don’t want to wipe out the experience and knowledge that business owners have. You definitely don’t want to smash people simply because they have had a sincere failure in a large or small start-up enterprise that has not panned out.

At the big end of town large established 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 lowered because directors are distressed they’ll be personally responsible in an insolvency arrangement if the new project doesn’t work out.

The government’s suggested ‘safe haven’ modifications for directors of companies will enable Australia to more fully explore and innovate, which will make big changes for Going Bankrupt. I cannot imagine, that these differences will be harmful to Australia’s economy, indeed these bankruptcy laws will save the tax payer in all areas of health – Especially in the mental health industry because the emotional cost of bankruptcy is enormous. When it comes to Going Bankrupt in Shepparton not a day goes by where I don’t find out the tragic experiences of relationship failures, thoughts of suicide and the list continues.

Going Bankrupt helps save lives, and it could save yours. If you really need some assistance with your debts in Shepparton or are just considering Going Bankrupt, don’t hesitate to phone us here at Bankruptcy Experts Shepparton on 1300 795 575, or visit our website: bankruptcyexpertsShepparton.com.au.

Going Bankrupt in Shepparton – does it matter if it is voluntary?

When it comes to Going Bankrupt in Shepparton, often people aren’t aware that there are both voluntary, and involuntary bankruptcy – both have unique methods and rules.

Involuntary bankruptcy takes place when someone you owe money to applies to the court to declare you bankrupt. Generally when you get one of those notices, you have normally 21 days to pay all the debt. If you do not, then the creditor returns to the court and asks the court to issue a sequestration order that declares you bankrupt. A trustee is appointed, and then you have 14 days to get the documentation in and then you are bankrupt.

You can contest a bankruptcy notice by going to court right 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 fact no distinction between Involuntary Bankruptcy and or Voluntary Bankruptcy – once you are simply declared bankrupt, they’re administered to in the same way.

However, when it comes to Going Bankrupt for this, the stress, torment and fear that accompanies this process is incredible. If you think you are in all likelihood to be made bankrupt by someone, get some guidance and act on that advice. Generally I’ve found it’s always far better to know what you can and can’t do before you have someone bankrupt you. Once you are bankrupt, it’s generally far too late.

Voluntary Bankruptcy

Nevertheless, when it comes to Going Bankrupt, sometimes there are times that it is the most ideal option. So you may want to ask yourself, ‘when should I consider voluntary Bankruptcy?’.

This question is not the very same for every person of course, but commonly I find that one way you could work it out is to figure out just how long it will take you to pay each of your debts – if its longer than 3 years (the period you are declared bankrupt), then this may really help you make that decision, and help you to understand Going Bankrupt.

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 off her account, and it was 35 years! Imagine 35 years for one credit card bill.

Credit rating damage can really help you think this through. If you move house and forget to pay your $30 phone bill for 6 months more, it’s very likely the telephone company will default your credit file. That default will sit on your file for 5 years, so for $30 you can have your credit file truly damaged for that period of time – and all of this will affect how you have to approach Going Bankrupt.

In many ways, the ease with which companies/credit providers can default your credit file is unfair. The punishment doesn’t seem to equate to the crime in my book. So if you actually have defaults on your credit report for 5 years, remember that bankruptcy is on your credit file for a total 7 years then its erased completely.

So if your credit rating is a big issue 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 variation is that with a DA or PIA you pay back the money and still have it on your file for 7 years.

Bankruptcy

I have mentioned the word a few times now, but when it comes down to it, Bankruptcy is the biggest part, and the element more people are afraid of when they come to me to review their financial situation and Going Bankrupt. The other side of crime and punishment equation is bankruptcy, and in this specific country the provisions are very generous: you can go bankrupt owing millions of dollars and after 3 years it’s all finished with no strings attached. Compared with countries like the United States, our bankruptcy laws are quite generous.

I don’t pretend to know why that is but a few hundred years ago debtors went to prison. These days I suppose the government thinks 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.

Bankruptcy wipes all of your debts including ATO debts with the exception of a few things:.

• Centrelink Debts, Court Fines like parking and speeding fines.
• HECS or Fee Help loans.
• Money to take care of a car accident if the car was not insured.

There is a lot more that can be said about this and Going Bankrupt in general but the purpose of this blog was to help you decide between a few available options. When getting some advice, bear in mind that there are always options when it relates to Going Bankrupt in Shepparton, so do some study, and Good luck!

If you wish to learn more about exactly what to do, where to turn and what questions to ask about Going Bankrupt, then don’t hesitate to speak to Fresh Start Solutions Shepparton on 1300 818 575, or visit our website: bankruptcyexpertsShepparton.com.au

Bankruptcy Advice in Shepparton – Will my income be altered if I go bankrupt?

Bankruptcy Advice Shepparton is a complicated process, and you should make sure you get the right recommendations. And when it comes to your income being affected, the answer to the question is maybe. The first thing you need to know about going bankrupt is there is no constraint on how much you can earn. However, I will say that your income is a significant consideration when working through when it comes to Bankruptcy Advice.

The first thing you need to know about this area of Bankruptcy Advice is how much you can earn before you start paying back money to your creditors via your trustee (see table below).

Net income is the pre-tax/ in the hand quantity you earn annually. A dependant is someone who lives with you and earns less than $3,124 per year (regardless of their age).

You can make an application for a hardship variation that increases the threshold amount, if you have financial strains in Shepparton such as medical, child care, substantial travel to and from your job, or a situation where your spouse used to work but is not able to add to the family income.

Some of the intriguing parts of Bankruptcy Advice is that your employer will not be notified when you file for bankruptcy. Also, Child support is always looked at 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 modified net income limit will be $55,332.10.

There are more issues involving income and what is or isn’t regarded as income – if you’re uncertain, it’s best to get experienced advice. The reason you must consider your income as a part of the Big 5 questions here is that bankruptcy is in some cases not an economically viable option.

If one of your creditors is the ATO (for unpaid taxes), then your tax refund will be taken by the ATO while you are bankrupt to contribute 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 caps.

If you think when it comes to Bankruptcy Advice, your situation is more intricate, then just get professional advice in Shepparton. I may seem like a broken record, but remember that it’s always a smart idea to work through these options before declaring bankruptcy, since once you have filed the paperwork it’s far too late to change your mind.

If you would like to find out more about what to do, where to turn and what issues to ask about Bankruptcy Advice, then don’t hesitate to contact Bankruptcy Advice Shepparton on 1300 879 867, or visit our website:bankruptcyexpertsshepparton.com.au

Going Bankrupt in Shepparton – Are you going to get bitten?

When people in Shepparton ask me about Going Bankrupt, I let them know the timeless 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 view one last sunset before he dies. The boy was hesitant, but the rattlesnake vowed not to bite him in exchange for the ride. They travelled together only for the snakes to in the end bite the boy despite his assurance not to do so. The snake’s reply was ‘You knew what I was when you picked me up.’

Acquiring the right financial advice in Shepparton when it pertains to Going Bankrupt is a great deal like that little boy’s experience, fraught with risk and danger, and normally skewed for the benefit of the person giving the advice. Often you’ll get bitten unless 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 has been fundamental to Going Bankrupt. I’d been keeping my nose to the grindstone for a few years, and saved up a small amount of money I wanted to invest. It was the early 1980s so interest rates were fairly high and investing your money was rather profitable. I spent a long time researching diverse investment options, and I went to visit a few financial advisors. It was transparent that they had more money than I did: they had great suits and plush offices, they all seemed to exude confidence and have all the answers. What struck me was that they all had a very different idea of what I should do. This frustrated me so much that it put me off the entire idea of picking any of them.

I’m sure currently you have read enough on the internet to be totally puzzled about Going Bankrupt and just what to do. It would most likely be easier for me to help you understand the nature of the financial snakes you could be grabbing while you are attempting to get to the bottom of your financial issues in Shepparton. Basically, you need to try and figure out what your overarching alternatives are, do your very own research into where to proceed with your plan for Going Bankrupt, and then approach the things you feel is best in Shepparton for your requirements. Essentially, you have 3 options for who to turn to.

The first option is a Solicitor – This may feel like the go-to solution when you appear to be in trouble. But generally there is only just so much support they can give on this matter. There are certainly specialist legal advisors in bankruptcy, but their expertise comes along with a hefty price.

Another possibility you may think about is your accountant – they are incredibly useful and vital to the process of running your business, but for the most part, when you are thinking about Going Bankrupt, your accountant won’t be much help to you anymore.

Your best bet? A Financial Counsellor that can outline debt consolidation, personal insolvency agreements, and basically all you need to know when it comes to Going Bankrupt.

If you want to learn more about what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to contact Bankruptcy Advice Shepparton on 1300 879 867, or visit our website: bankruptcyexpertsshepparton.com.au