There's no doubt that are some substantial financial consequences in declaring bankruptcy, and there's no question that your life will experience some significant changes. If you're in this scenario, don't be alarmed. The difficult economic times witnessed today means that a growing number of individuals are declaring bankruptcy. In reality, there are as much as [...]
For many Australians superannuation can be an individual's best asset, the feeling of losing it when filing for bankruptcy is a very honest concern for the majority of our customers. With certain components of the economy doing rather well and other areas enduring tough economic times, bankruptcy numbers in Australia still continue to increase. Economists [...]
Although bankruptcy has many financial consequences, it surely does not suggest the end of the world. Many folks file for bankruptcy for a number of reasons, and this figure only intensifies with the harsh economic conditions that we witness today. According to information from the Australian Financial Security Authority (AFSA), there were 7,466 cases [...]
Lots of bills? Too much debt? Not nearly enough money? Lots of people struggle financially at some point in their lives. Unexpected incidents such as hospitalisation, redundancy, or even divorce, can significantly alter your financial circumstances. But, when there is no other way to appropriately cope with your debts, some individuals are forced to file [...]
Personal bankruptcy is never the ideal situation to be in, however many individuals find relief in confronting their financial issues and starting afresh. Nobody is perfect, and people make mistakes. But a lot of people put off filing for bankruptcy for far too long. They would prefer to ignore the elephant in the room and [...]
Everybody passes through challenging times in their life. Losing a job, serious illness, and unplanned pregnancies are just a couple of these. A leading reason why these experiences are so stressful is because financial complications are often accompanied with them. In most cases, financial problems are the leading cause of divorce, and likewise, divorce can [...]
For most people, Christmas is seen as the most splendid time of year for both young and old. We all are inspired to finalise the year of work or school and enjoy some quality time with family and friends. They don't call it the silly season for nothing either. Eating and spending a bit [...]
Whenever individuals worry about Bankruptcy, they think about how it will impact their day-to-day lives, and whether they will be able to retain their house, vehicle, tools, and other important possessions. One of the ways that we can estimate this out is by utilizing the bankruptcy means test. It is something that we take our [...]
If you are destroyed by debt and you are taking a look at Bankruptcy, there are probably 3 consequences you must think about to begin with. Income Loss For the 3 years you are bankrupt you might be needed to pitch in some of your income back toward your debt despite being bankrupt. (see table [...]
Easily the most significant concern many have with Bankruptcy is without a doubt 'Will I manage to retain my house?' and it might be complicated, but in some cases it is attainable. The only justification where you will be obliged to sell your family residence when you declare insolvency is if you have equity in [...]
