freshstartsolutions-goldcoa-blog

[freshstartsolutions-goldcoa-blog]

Bankruptcy, Will I lose my Superannuation?

Bankruptcy in Australia can be convoluted and perplexing. A question we often get asked here over at Fresh Start Solutions Gold Coast is 'what happens to my super if I declare Bankruptcy'? The answer for most is simple, if your super is probably in a regulated fund or industry fund like Sunsuper or Host Plus then nothing happens; your super is 100 % safe when it comes to Bankruptcy.

What if I have a Self Managed Super Fund?

This is a growing concern, take into account the expanding 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 to Bankruptcy?

Remember Fresh Start Solutions Gold Coast is not implying this short article is the complete story, if you have any questions feel free to contact us on 1300 818 575. 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 recommend you obtain both legal and financial advice before proceeding with any of the actions indicated in this article.

What is a Disqualified Person?

First and foremost, if you are thinking about Bankruptcy, you can not be a part of a SMSF. Why? Because if you are taking on bankruptcy, you will be labeled 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 have to also be the individual trustees. The duty of trustee presents a lot of legal rules, and if you are in this role I would highly encourage you to end up being aware of 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 destructive to a SMSF and as you can assume the process of Bankruptcy for a SMSF is rather convoluted.

How long do I have so as to restructure my SMSF Fund after I'm bankrupt?

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

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

Beyond these large scale restructuring 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 means you need 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 have 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 uncertain call Fresh Start Solutions Gold Coast for some free advice on 1300 818 575.

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 become their obligation to oversee the sale and relocation 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 take away the property and halve the proceeds. They would then have to decide if they would like to remain as a single member SMSF, or if they would like to roll it all into a managed fund. If both members are entering bankruptcy, then they would need to sell all assets right away and transfer the liquid assets to the managed fund.

From that you can see how when it comes to Bankruptcy, even if one single member is running into issues, it can affect the very existence of an SMSF. If you are actually facing this concern yourself, or with a partner in a SMSF, please seek financial advice to make certain you are meeting the ATO requirements.

A simple solution ...

As I proposed earlier, a basic 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. 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 Fresh Start Solutions Gold Coast or visit our website: www.freshstartsolutions.com.au/bankruptcy-GoldCoast.com.au or just give us a call on 1300 818 575.

[freshstartsolutions-goldcoa-blog]

Bankruptcy Advice in Gold Coast - Will I lose my house if I go bankrupt?

Bankruptcy Advice Gold Coast is a difficult to understand process, but I know from meeting with thousands facing the likelihood of bankruptcy over the years, that almost nothing concerns people more than the idea of losing the family home or apartment. Almost every person is psychologically connected to their home - it's where the kids have grown up, it's where you appreciate life on a day to day base.

Will you lose your home if you go bankrupt? The solution is a resounding maybe. (not very useful, I know) People typically imagine it's an inevitable consequence and a part of Bankruptcy Advice, and hence push themselves to the brink of insanity to not lose the family home. But when it comes to the whole process of Bankruptcy Advice, a key perk 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 Gold Coast house, you ask? It's easier if I explain the basic concept behind the Bankruptcy Advice process as administered by the trustee, then you'll have a more clear picture.

The purpose of the bankruptcy trustee is to firstly agree to the regulation of the bankruptcy act 1966 (it's a very dry read about 600 pages if you are wondering).

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

What this seems like is that yes the trustee will sell your house right? Not always. The only reason the trustee will sell any asset including your house is to get money to pay back your debts. If there is no equity on your property then it's pointless to sell your home. This is happening much more since the GFC as house prices in many locations have been heading south so what you paid 4 years ago may not actually reflect the price today.

A quick tip here if you have a house in Gold Coast and are looking at Bankruptcy Advice: get a professional to help you through this process, there are plenty of variables in these scenarios that have to be considered.

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 generously lent you the money for your house is creating good money every month in interest out of you, month in month out, as long as you keep up to date with your monthly payments then the bank desires you in there at all costs. Ultimately 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.

When you file for bankruptcy you are asked to list the value of your house and the amount you owe on the house. A tip if you are aiming 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 suggestions or a real estate agents advice to get to this figure. When you get a valuer out to your home, make certain you tell the valuer to value the property for a quick sale, ensure you mow the lawn and don't leave the kitchen in a mess also.

Valuers used to offer two valuations: one for a quick sale and one for a well marketed non time sensitive sale. Nowadays that's not the case, but if you meet them and tell them you need to sell your home 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 reasons this valuation system is critical to you: one you will likely have peace of mind ascertaining the market value of your house, and afterwards you can easily develop your equity position. The second thing is, your home may be really worth a lot more than you thought. Get some suggestions 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

When it comes to Bankruptcy Advice and houses, another notable consideration is ownership, often houses are acquired in joint names. In other words 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.

When it concerns Bankruptcy Advice, this is just one of likely hundreds of scenarios that are possible when it relates to the family home. Bear in mind the non-bankrupt party can buy the bankrupt's portion of the home in bankruptcy also. I need to repeat this but get some guidance on this area of Bankruptcy Advice because it is very tricky and every case is different.

If you really want to learn more about what to do, where to turn and what questions to ask about Bankruptcy Advice, then feel free to contact Fresh Start Solutions Gold Coast on 1300 818 575, or visit our website: www.freshstartsolutions.com.au/bankruptcy-GoldCoast .

[freshstartsolutions-goldcoa-blog]

Bankruptcy Advice in Gold Coast-- Who do I talk to?

Should I speak with my accountant about Bankruptcy Advice?

The answer seems clear doesn't it: if anybody knows your financial situation well in Gold Coast, It's going to be your accountant. However, the short answer is a resounding No! It's not that your accountant doesn't have your best interests in mind when it comes to Bankruptcy Advice, it's that his proficiency lie in helping you save you money at tax time, minimizing your tax liability and lodging your BAS.

Most accounting degrees will invest very little to no time on bankruptcy, it's generally done as a post graduate specialty program for those who intend to work in the field. Unless your accountant is an insolvency specialist, he won't know that a lot about the effects of Bankruptcy Advice, I can assure you insolvency specialists know much about tax returns or BAS in. If you do manage to find an insolvency accounting firm in Gold Coast, they tend to be large firms with very nice office spaces who charge accordingly.

Should I speak to my Solicitor about Bankruptcy Advice?

No! You can speak with your solicitor in Gold Coast but more than likely it won't do you much good. Solicitors are definitely good at doing things lawyers do, like helping you do your Will and buying your house and trying to keep you out of court if you're lucky. When it concerns Bankruptcy Advice, the specialists in Gold Coast usually have either a legal or accounting background, and the reason for that is simply that you can't enrol in the post graduate study to become a qualified insolvency practitioner until you have a law or accounting degree.

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

Should I talk to a financial counsellor about Bankruptcy Advice?

Yes! There are a lot of financial counselling services to guide you through this, they have no hidden agendas and they're an amazing option for really helping you think through your circumstance when it comes to Bankruptcy Advice. If you are stressing constantly, not sleeping, not eating or over-eating and thinking about money pressures all the time, then get some help.

There are also charities around Gold Coast like Lifeline that offer a fantastic service. They will be a sounding board if you just need a person to go over with you what your choices are. Don't let your financial issue destroy your life - in the end it's just money.

If you like to learn more about what to do, where to turn and what questions to ask about Bankruptcy Advice, then feel free to get in touch with Fresh Start Solutions Gold Coast on 1300 818 575, or visit our website: www.freshstartsolutions.com.au/bankruptcy-Gold Coast

[freshstartsolutions-goldcoa-blog]

Bankruptcy Advice in Gold Coast - Will I lose my job if I go bankrupt?

More or less everyone dealing with Bankruptcy Advice in Gold Coast has this worry about their job, and the answer to the question is 'maybe'. The challenge with some occupations isn't that you cannot do the job any more, it's more a trouble of professional bodies or organizations that view bankruptcy in a dim light and can make things difficult for you.

When it concerns Bankruptcy Advice and employment in Gold Coast, what I would suggest is that you do your own homework here, do the research and go through that process first before declaring bankruptcy since that may help you make a decision. Take a look at if your occupation is on the list below. If it is, I 'd speak to them directly and explain your situation. Some associations won't have an issue with your bankruptcy as long as it wasn't accompanied by shady or questionable behaviour.

If you are affected by this part of Bankruptcy Advice and licences, In many 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 list and you've spoken with them but they won't budge, then I 'd advise you seek some professional advice. This may be among those rare occasions when I 'd advise using a Debt Agreement or a Personal Insolvency Agreement.

Remember most of the time you don't have 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 example, there is absolutely nothing stopping you working with another electrician in Gold Coast under their Licence.

Please check out the table below, it deals with the license and company side of Bankruptcy Advice. Its set up on a state by state premise, and you'll discover that there's a listing called "Operating a business." Please don't stress if you run your own company. Among the limitations of bankruptcy is you can't be a director of a business, but all this truly 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 the business as a sole trader. There are no limitations: you can employ 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 specialist advice rather than going it alone.

If you would like to learn more about what to do, where to turn and what questions to ask about Bankruptcy Advice, then feel free to speak with Fresh Start Solutions Gold Coast on 1300 818 575, or visit our website: www.freshstartsolutions.com.au/bankruptcy-Gold Coast

[freshstartsolutions-goldcoa-blog]

Bankruptcy Advice in Gold Coast - Will I lose my business if I go bankrupt?

When people in Gold Coast come to me seeking to discuss Bankruptcy Advice, they are constantly filled with questions. The internet has lots of information, but far too much of it is confusing or contradicts itself, so I make it my mission to try and make it clearer. One of the very most universal problems is 'Will I lose my business if I declare bankruptcy?' The concise answer is no. If you are a manager of a company any shape or size you can keep your business if you want to. In Gold Coast, 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 companies.

Bankruptcy Advice is a complex area so get some professional advice on this one if you have a business. Generally speaking, the financial obligations in a business and personal debts go hand in hand when a business owner goes bankrupt. There are some important implications for directors of companies when it comes to Bankruptcy Advice in Gold Coast: A bankrupt can not be a director of a company, so if you have a pty ltd company you definitely will need to resign as a director after you're bankrupt.

A limitation that applies when you are actually bankrupt as a business owner is that you can be in your own business as a sole trader only. There are things you have to disclose as an aspect of that but basically you can still run your company. For some business owners, bankruptcy impacts their ability to run the business because of the licensing issues. Such as, if you run a building company, your license will be suspended once you're bankrupt and as a consequence you can no longer trade without that license, so make sure you are asking the appropriate questions when it concerns licenses and Bankruptcy Advice in Gold Coast.

Having said that 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 rack up heaps of debt in your company, then go bankrupt then open the doors the next day like practically nothing had happened. There are laws in place to avoid what is called phoenix companies growing out of the ashes of an old business.

Having said that, it's just a point of consulting with the right people about Bankruptcy Advice. Here in this situation you may believe you need a liquidator for your business, and you might be right, but keep that in mind every liquidator is different and have their own motives. Liquidators make money from your liquidation - heaps of money - so what advice do you think you will get?

When it comes to Bankruptcy Advice, I believe that giving generic advice in this area is possibly dangerous as it can have very substantial implications for directors and business owners. This is because 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 principles 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.

So when it concerns Bankruptcy Advice, don't get too uneasy about what you can and can't do as a business owner, just get the appropriate advice ... If you need to learn more about what to do, exactly where to turn and what questions to ask about Bankruptcy Advice, then feel free to reach out to Fresh Start Solutions Gold Coast on 1300 818 575, or visit our website: www.freshstartsolutions.com.au/bankruptcy-Gold Coast

[freshstartsolutions-goldcoa-blog]

Bankruptcy Advice in Gold Coast - does it matter if it is voluntary?

When it comes to Bankruptcy Advice Gold Coast, often people aren't aware that there can be both voluntary, and involuntary bankruptcy - the two have different approaches and guidelines.

Involuntary bankruptcy takes place when a person you owe money to applies to the court to declare you bankrupt. Commonly when you get one of these notices, you have 21 days to pay all the debt. If you do not, then the creditor returns to the court and requests the court to issue a sequestration order that declares you bankrupt. A trustee is selected, and then you have 14 days to get the documents in and after that you are bankrupt.

You can challenge a bankruptcy notice by going to court shortly after the 21 days have expired and put your case forward, to prevent it going to the next level. Other than the way you became bankrupt there is in reality no distinction between Involuntary Bankruptcy and or Voluntary Bankruptcy - once you are declared bankrupt, they're conducted to in the same way.

However, when it comes to Bankruptcy Advice for this, the stress and anxiety, 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 typically too late.

Voluntary Bankruptcy

However, when it comes to Bankruptcy Advice, sometimes there are times that it is the most effective option. So you may need to ask yourself, 'when should I consider voluntary Bankruptcy?'.

This question is not the same for every person of course, but basically I find that one way you could work it out is to figure out just how long it will take you to pay every 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 Advice.

Once, I had an 80 year old pensioner, who came to me once regarding Bankruptcy 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.

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 very seriously damaged for that period of time - and all of this will affect how you need to approach Bankruptcy Advice.

In many ways, the ease with which companies/credit providers can default your credit file is not fair. The punishment doesn't seem to amount to the crime in my book. So if you currently 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.

So if your credit rating is a big aspect in trying to decide whether to enter into 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 pay back the money and nevertheless 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 most people are afraid of when they come to me to review their financial situation and Bankruptcy Advice. 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 over with no strings attached. As compared to countries like the United States, our bankruptcy laws are extremely good.

I don't claim to know why that is but a few hundred years ago debtors went to prison. Nowadays I suppose the government believes 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 pay for a car accident if the car was not actually insured.

There is much more that can be said about doing this and Bankruptcy Advice in general but the purpose of this blog was to help you decide between a few possible options. When getting some advice, bear in mind that there are always possibilities when it comes to Bankruptcy Advice in Gold Coast, so do some research, and Good luck!

If you want to learn more about exactly what to do, where to turn and what questions to ask about Bankruptcy Advice, then don't hesitate to consult with Fresh Start Solutions Gold Coast on 1300 818 575, or visit our website:.freshstartsolutions.com.au/bankruptcy-Gold Coast

[freshstartsolutions-goldcoa-blog]

Going Bankrupt in Gold Coast - Will my income be influenced if I go bankrupt?

Going Bankrupt Gold Coast is a complicated process, and you should be sure you get the right suggestions. 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 restraint on how much you can earn. However, I will point out that your income is a serious consideration when working through when it comes to Going Bankrupt.

The very first thing you need to know about this area of Going Bankrupt 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 portion 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 get a hardship variation that increases the threshold amount, if you have expenses in Gold Coast such as medical, child care, major travel to and from your job, or a circumstance where your spouse used to work but is not able to support the family income.

Some of the useful parts of Going Bankrupt is that your employer will not be alerted when you file for bankruptcy. Also, Child support is always taken into account 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 much more issues covering income and what is or isn't considered income - if you're uncertain, it's ideal to get specialist advice. The reason you need to consider your income as a part of the Big 5 questions here is that bankruptcy is in some situations not an economically viable option.

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 contribute toward your tax bill. If you don't have a tax bill then you will keep your tax refund provided that doesn't take you over your threshold income limits.

If you think when it comes to Going Bankrupt, your circumstance is more complex, then please get experienced advice in Gold Coast. I may seem like a broken record, but keep in mind that it's always a good idea to work through these options prior to declaring bankruptcy, because once you have filed the paperwork it's too late to change your mind.

If you would like to learn more about what to do, where to turn and what problems to ask about Going Bankrupt, then feel free to contact Fresh Start Solutions Gold Coast on 1300 818 575, or go to our website:freshstartsolutions.com.au/bankruptcy-GoldCoast.

[freshstartsolutions-goldcoa-blog]

Bankruptcy Advice in Gold Coast - Choices, Choice, Choices

When it comes to Bankruptcy Advice Gold Coast, there are a bunch of choices that we get given depending on who we are, who we speak with, and exactly what has gone wrong. One of the most common confusion I see with Bankruptcy Advice is when it comes to choosing between Debt Consolidation, Personal Insolvency Agreements, and Bankruptcy itself.

Should I consolidate my debts?

When it comes to Bankruptcy Advice in Gold Coast, most of the information you receive on this matter will reflect the interests of the advice giver. Therefore, if you call a debt consolidation company, I can assure 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 most of your credit card and personal loans into a single neat and tidy bundle.

I hate to tell you this but they aren't going to be doing it free of charge. Please don't misunderstand me: if you think your financial problems in Gold Coast can be fixed by paying less interest, then go ahead and look into the possibilities. Even a small amount of interest saved over years rapidly adds up.

Typically I find if you read this blog you've most likely attempted to consolidate your debts already and come to the following realisations such as these:

Your credit rating is not good, and your credit file definitely has nonpayments on it so nobody will give you a loan, consolidated or otherwise,.

By the time you work all of it out, you're so far down a hole that saving on a bit of interest simply won't make a lot of difference,.

You've quite possibly gotten to the stage where you've had more than enough, you're mentally fatigued, you can't go on another day ignoring blocked calls on your phone, ignoring the demands in the mail and so forth.

Personal Insolvency Agreements

So when it relates to Bankruptcy Advice in Gold Coast, what's the difference between a Debt Agreement and a Personal Insolvency Agreement?

Freedom is the main point Personal Insolvency Agreements (PIA) have in their favour. They're also administered by a registered and - might I add - regulated trustee featuring the government trustee ITSA, and not a private company that advertises on TV. Basically this process resembles Debt Agreements (DA): The trustee holds a meeting with the people you owe money to and these experts work out a deal in your place. You can offer a lump sum settlement figure or take part in a payment plan, or perhaps you can offer them assets rather than cash. This can sound alright when it comes to the complications with Bankruptcy Advice - that is until you discover that one of the difficulties with PIA's is that 75 % of the people you owe money to have to agree on the deal. If they don't, your proposal is denied or needs to be renegotiated.

Generally the people you owe money really want all their money back and also interest. Sometimes they'll settle for under the amount you owe them - it's typically a percentage of the debt - but let me 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 actually settle for.

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.

When it comes to Bankruptcy Advice and insolvency I've come across creditors going for 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 smart 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 Gold Coast aren't going to get that lucky!

If you want to find out more about what to do, where to turn and what questions to ask about Bankruptcy Advice, then feel free to contact Fresh Start Solutions Gold Coast on 1300 818 575, or visit our website:freshstartsolutions.com.au/bankruptcy-Gold Coast.

[freshstartsolutions-goldcoa-blog]

Bankruptcy Advice in Gold Coast - Are you going to get bitten?

When people in Gold Coast ask me about Bankruptcy Advice, I tell them 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 see one last sunset before he passes away. The boy was reluctant, but the rattlesnake promised not to bite him in exchange for the ride. They travelled together only for the snake to ultimately bite the boy despite his assurance not to do so. The snake's answer was 'You knew what I was when you picked me up.'.

Asking for the right financial advice in Gold Coast when it relates to Bankruptcy Advice is a whole lot like that little boy's experience, fraught with risk and danger, and generally skewed for the benefit of the individual giving the advice. In most 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 receiving financial advice as a teenager, and it has been essential to Bankruptcy Advice. I'd been keeping my nose to the grindstone 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 rather high and investing your money was really profitable. I spent a few years researching assorted investment options, and I went to visit a few financial advisors. It was obvious that they had more money than I did: they had nice suits and plush offices, they all appeared to exude confidence and have all the solutions. What hit me was that they all had a really different strategy of what I should do. This puzzled me a lot that it put me off the whole idea of picking any of them.

I'm sure currently you have read enough on the internet to be totally confused about Bankruptcy Advice and what to do. It would probably be easier for me to help you understand the nature of the financial snakes you may be picking up while you are attempting to get to the bottom of your financial issues in Gold Coast. In essence, you need to try and understand what your overarching choices are, do your own research into where to proceed with your plan for Bankruptcy Advice, and after that approach just what you feel is best in Gold Coast for your needs. Essentially, you have 3 options for who to turn to.

The first option is a Solicitor-- This may seem like the go-to choice when you appear to be in trouble. But there really is only just so much assistance they can give on this matter. There are absolutely specialist legal advisors in bankruptcy, but their experience includes a hefty price.

Another solution you may think of 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 Bankruptcy Advice, 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 have to know when it comes to Bankruptcy Advice.

If you wish to find out more about what to do, where to turn and what questions to ask about Bankruptcy Advice, then feel free to call Fresh Start Solutions Gold Coast on 1300 818 575, or visit our website: freshstartsolutions.com.au/bankruptcy-Gold Coast

[freshstartsolutions-goldcoa-blog]

Bankruptcy Advice in Gold Coast - Changes that help Small Business and Entrepreneurs.

Do you have an idea of how much Bankruptcy Advice in Gold Coast is changing? The Australian Government at the end of 2015 submitted 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 stay bankrupt, but, this 3 year period may in fact be reduced to just 12 months. So if you are inquiring 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 shifts to the issue of Bankruptcy Advice will take 18 months to implement. Mr Carnegie, went on to say in the Financial Review that giving protection to 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 put off 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 surrounding this Bankruptcy Advice issue in Gold Coast that some make is that this change will only strengthen fraudulent behavior opening pandora's box in a manner of speaking for the unscrupulous to maltreatment of the bankruptcy system. We have looked at the minimum, but on the other side of the problem, The government is not submitting to change the maximum term of 8 years if it deems a bankrupt has acted in an unethical or fraudulent way, and there are no plans to change the effects of misrepresenting yourself or financial position when filing for bankruptcy in Australia.

 As an insolvency professional in Gold Coast, I have a decent share of knowledge when it concerns Bankruptcy Advice. And having dealt with countless bankruptcy cases in Gold Coast I have never struck someone abusing the system or acting in an unaccountable way as to exploit the bankruptcy laws in Australia. When it comes to Bankruptcy Advice, each week I help a small business owner or entrepreneur undergo the very tough task of bankruptcy, not once have I sensed they are happy about it. The typical small business owner or entrepreneur in Gold Coast does not start out taking enormous financial risks with the intention to fail. The media really loves citing the apparent injustice 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 very best and brightest in Gold Coast not get tossed out of the game financially for financial decisions often outside of their control. Most small business owners I help with Bankruptcy Advice, are hardworking, tax paying, companies keeping this country going.

 Truth be told there is a fine line with exactly what the government is trying to do here, since they are aiming to balance helping individuals who have made decisions out of their control, and dissuading people from making mistakes that land them in trouble and as a result an issue of Bankruptcy Advice. However you also don't want to get rid of the experience and knowledge that business owners have. You absolutely don't want to smash people simply because they have had a genuine failure in a large or small start-up project that has not worked out.

 At the major 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 bankruptcy were scaled down because directors are concerned they'll be personally liable in an insolvency arrangement if the new venture doesn't work out.

 The government's suggested 'safe haven' changes for directors of companies will enable Australia to more fully explore and innovate, which will make big updates for Bankruptcy Advice. I can not imagine, that these refinements will be detrimental to Australia's economy, actually 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 substantial. When it comes to Bankruptcy Advice in Gold Coast not a day goes by where I don't find out the tragic stories of relationship failures, thoughts of suicide and the list goes on.

 Bankruptcy Advice helps save lives, and it could save yours. If you really need some help with your debts in Gold Coast or are just thinking about Bankruptcy Advice, don't hesitate to contact us here at Fresh Start Solutions Gold Coast on 1300 818 575, or visit our website: freshstartsolutions.com.au/bankruptcy-goldcoast