Liquidation (Page 6)

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Insolvency Advice Tamworth– how travel can get you in trouble.

Something that lots of people don’t realise when they explore Insolvency Advice is that it is able to actually prevent you from taking a trip overseas. This is an element that many people overlook, and it can certainly get you in a lot of trouble.

If you are encountering Bankruptcy then travel is probably one of your lesser concerns– but it is nevertheless important to know about. However if you are currently more anxious about assets, your house, your home, and what they will likely leave you with, then I would wholeheartedly recommend you take advantage of our free consult at Bankruptcy Experts Tamworth on 1300 795 575.

But I want to clarify to you here a little bit about some of your obligations and restrictions that are placed upon you when it concerns Insolvency Advice. Now don’t let any of this stop you from exploring Insolvency Advice, because it is ultimately often the smartest decision to make, but I want you to be mindful of all the situations that can affect you.

So firstly, when it comes to Insolvency Advice you should know that once you declare bankruptcy you are to be considered a bankrupt until it comes to an end as a result of discharge or annulment. This will ordinarily be 3 years and 1 day after you file.

However! This can be longer if you break the rules. There are a lot of them, so please do consult a qualified service, like that at Bankruptcy Experts Tamworth. For now, let’s explore overseas travel.

First of all, it is an offence to travel while bankrupt, or even to make preparations to travel without the written approval of your bankruptcy trustee. As discussed the rules on this part of Insolvency Advice are clear, and you can face an extension of your bankruptcy period– or even face imprisonment upon conviction. For the most part these regulation exist to stop someone who is facing bankruptcy from fleeing the country. But for many people out there who, for instance have a small business in Tamworth and have just made some poor decisions, this won’t be the risk, but the restrictions will still apply.

For instance, we once had a client in Tamworth who, declared bankruptcy and a year later was unfortunately was told that their mother died in her home in England. Our client, obviously upset, took the next plane available to go see her family. However, this was in contravention of the bankruptcy conditions, and she actually faced some significant issues for departing the country without permission.

In all honesty, if she had followed the steps there would have been no real issue due to the circumstances, but rules are rules.

The process encompassing Insolvency Advice and overseas travel is optional on the part of the trustee, but if you do not ask permission you will end up in trouble– and this is just among one of the commonly forgotten restrictions when it relates to Insolvency Advice. You have to ensure that you understand as much as you can about Insolvency Advice as early as possible since only then can you attempt to make the best decision for your situation. I advise that you take advantage of our free consultation at Bankruptcy Experts Tamworth on 1300 795 575. And if you have some other questions of concerns about overseas travel or Insolvency Advice, then also visit our website www.bankruptcyexpertsTamworth.com.au.

Going Bankrupt in Tamworth, the Mysteries Rich People Know About Going Bankrupt

Going Bankrupt in Australia appears to sneak in the shadows of both the corporate world and our personal lives. It’s the utmost taboo subject. The issue is perception– because in reality bankruptcy is merely a tool that we are able to use to protect ourselves, and rich people know this. Rich people have identified that insolvency is an important part of being in business, in certain cases things don’t work out like you had planned, that the market has changed and the numbers simply don’t work anymore. If you are running a small business in Tamworth, then focus, because (and not to sound too dramatic) getting to know this may help you to save your business, car, house and family.

With the recent termination and liquidation of Clive Palmer’s nickel mine there has been a community reaction, workers have lost their jobs and an entire area will be affected by the sudden shut down of the mine. Likewise we have also witnessed the loss of the Dick Smith’s chain of consumer electrics, as you have possibly noticed around Tamworth– having said that this has been met with far less resentment in the community.

Regardless, both have closed and yet both high profile owners are still rich and worth millions of dollars. So how does that work? How can these people have essentially had a huge business failure, and yet had this barely affect their personal wealth? It is due to the fact that they know the nuances of Going Bankrupt.

When it comes to businesses, there is always a risk that you will fail, and this is no different when compared to a small business in Tamworth than it is to considering a large corporation– there is always risk, and there is always a way to reduce the risk.

Firstly, there are certain ways to protect assets in your business enterprises, ways to separate off your assets and essentially place a wall between a business, and your home and car. Often this takes the shape of a legal trust, if you wish to find out more about this then talk to a professional when developing your Tamworth business. However this really needs to be done well before you start having issues.

The 2nd thing that you need to find out about Going Bankrupt from this is that often there will be a moment when you will have to step back from this business that is falling short and know when to call an end to it. That is what has happened with Clive Palmer and Dick Smith– both have been operating businesses long enough to understand when it is not going to succeed any longer therefore they pull the plug rather than going down with the ship.

Ultimately, Going Bankrupt is viewed as a horribly challenging decision filled with stigma, and we need to remove this, because some of the most successful and rich people in the world have declared bankruptcy many times.

Amongst the biggest troubles that many people have in Tamworth is that business owners are not willing to just stand back from the scenario and think critically. Because often there is not going to be a time when you can safely and securely just ‘call it quits’, but you need to realise when fighting on is just going to do more harm than good – because you don’t have to fight to the bitter end.

If you have ever lived in a Bushfire prone area you would recognize that you have 2 options: fight or retreat – and the same can be said of business. If you fight with a failing business in certain cases you can save it, but more often than not you will be swallowed up by the flames. But if you are smart you will retreat, let the institution of Bankruptcy help snuff the flames and save your house. Just like any part of life, this is a hard decision, and this is one that you should rarely make without specialist advice, but don’t be afraid to turn to Going Bankrupt when you have to.

If you really would like to find out more about some of your options when it comes to Going Bankrupt – such as what to do, where to turn and what questions to ask about Going Bankrupt, then feel free to consult with Bankruptcy Experts Tamworth on 1300 795 575, or visit our website: www.bankruptcyexpertsTamworth.com.au.

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How to improve your chances of going bankrupt in Tamworth

Having spent years in the mysterious world of bankrupt in Tamworth I have produced a list to reasons people wind up declare bankruptcy and finish up broke. This is by no means an exhaustive list, there are as many ways to end up bankrupt it seems as there are hot dinners, however for the sake of everyone’s peace of mind I have kept this list to a simple Top 10.

You will notice that there is a theme in all of these and it focuses on change. It’s generally change that destroys us financially, anyway lets get to it; By the way the first 5 are applicable to everyone and the entire list is relevant for the business owners.

So how do increase my chances or going bankrupt I hear you ask try this list on for size.

Get Divorced. This shouldn’t come as too much of a surprise to anyone, household finances are generally worked out on 2 incomes, when that changes assets need to be sold and loans that were obtained based on two incomes suddenly become just one parties responsibility and before you know it someone winds up bankrupt. Start a Business. You have heard that most small businesses fail in the first 6 months regrettably this holds true, generally that failure is accompanied by debt far beyond what an individual can re-pay in a reasonable period. Get Sick. Typically when you apply for a loan for that new vehicle you are basing your ability to repay the loan on everything working out and that includes your health. One day you wake up with a devastating illness your capacity to work and repay the loan is destroyed over night. Lose your Job. Unemployed or underemployment is a major reason for bankruptcy. It doesn’t take long for the bills to start piling when there is no income coming in. Legal Action. If someone decides to take you to court for any reason and you end up with a bill from both your lawyers and from losing the case it doesn’t take long before you can be out of pocket a substantial amount of money. Trusting your Accountant. This one applies to business owners really, everyday I hear someone curse their accountant for not doing their BAS. Its either the taxes haven’t been done for years or they have been done but now we have a huge tax bill. Either way you as the business owner end up with a ATO bill bigger than Ben Hur and no way to repay it in the time the ATO require. Signing a Commercial Lease. Another one for the business owner. Generally a small business needs an area to work from whether in retail or whatever, so sadly in this country when you sign your name on a lease you (not your company or trust) are personally liable for the rent for the entire period of the lease. Typically these are 3 to 5 year deals and you are trapped. Partnership Breakdown. Going into business with a friend instead of your horrible boss doing something your excited about sounds perfect doesn’t it? Business is tough enough without having an partnership dynamic to contend with, it doesn’t take long before the rot can set in. Because you are good friends with someone it doesn’t automatically imply that you would be good business partners. Adverse Market Conditions. I had a client who ran a successful fireplace business he had a retail store and 8 truck on the road installing them, until one day the local council decided that open fireplaces are no longer legal as they are a bush fire hazard. Any tick of the clock things can change in the market and your business can evaporate over night. Using your Credit Cards to help your business. Once you find yourself consistently putting business bills on your credit cards or re-mortgaging the house to keep the business ticking it could be the beginning of the end. You never seem to catch it back up.

I realize that this is a fairly negative list of possibilities, hopefully you can take something away from it that will save you pain and potential bankruptcy. In my experience no one ever signs a loan or starts a business with the intention to go bankrupt and losing it all, however it does happen to about 25,000 people a year in Tamworth. If you are trapped in debt and feel like you have no options get some advice from an Insolvency Specialist, you will be surprised on what options you do have. Bankruptcy is not the end of the road its the beginning of a new debt free road.