Bankruptcy in Wollongong - Are you going to get bitten?

When people in Wollongong ask me about Bankruptcy, I tell them 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 discover 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 snake to eventually bite the boy despite his vow not to do so. The snake's response was 'You knew what I was when you picked me up.'.

Asking for the right financial advice in Wollongong when it concerns Bankruptcy is a whole lot like that little boy's journey, laden with risk and danger, and normally skewed for the benefit of the individual presenting the advice. Often you'll get bitten unless you know what you've picked up long before you move forward (avoid the rattlesnakes). I discovered the problem with obtaining financial advice as a teenager, and it has been central to Bankruptcy. I'd been working hard 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 pretty high and investing your money was quite profitable. I spent some time researching various investment options, and I went to visit a few financial advisors. It was transparent that they had more money than I did: they had good suits and plush offices, they all appeared to exude confidence and have all the answers. What hit me was that they all had an extremely different strategy of what I should do. This baffled me a lot that it put me off the whole idea of opting for any of them.

I'm sure currently you have read more than enough on the internet to be totally lost about Bankruptcy and exactly what to do. It would probably be easier for me to help you comprehend the nature of the financial snakes you might be picking up while you are trying to get to the bottom of your financial troubles in Wollongong. Basically, you need to try and understand what your overarching choices are, do your own research into where to proceed with your strategy for Bankruptcy, and after that approach the things you feel is best in Wollongong for your requirements. Basically, you have 3 options for who to turn to.

The first option is a Solicitor - This may feel like the go-to choice when you appear to be in trouble. But there really is only just so much support they can give on this matter. There are definitely specialist legal advisors in bankruptcy, but their expertise features 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 considering Bankruptcy, your accountant won't be much help to you any more.

Your best option? A Financial Counsellor that can outline debt consolidation, personal insolvency agreements, and virtually all you need to understand when it comes to Bankruptcy.

If you wish to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to call Bankruptcy Experts Wollongong on 1300 795 575, or visit our website: www.bankruptcyexpertsWollongong.com.au.

Bankruptcy in Wollongong - Changes to aid Small Business and Entrepreneurs

5th February 2016 - By Charles Bosse

Do you have knowledge of how much Bankruptcy in Wollongong is changing? The Australian Government in late 2015 moved for some foundational 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, but, this 3 year period may very well be reduced down 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 proposed that "the proposed changes to ease the burden of bankruptcy laws didn't go far enough and the government should adopt US-style laws to protect the family home".

These improvements to the issue of Bankruptcy 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 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 controversy surrounding this Bankruptcy issue in Wollongong that some come up with is that this modification will only motivate fraudulent behavior opening pandora's box in a manner of speaking for the unscrupulous to defilement of the bankruptcy system. We have looked at the minimum, but on the other side of the matter, The government is not proposing to change the maximum term of 8 years if it deems a bankrupt has operated in an unethical or fraudulent way, and there are no propositions to change the implications of misrepresenting yourself or financial position when filing for bankruptcy in Australia.

As an insolvency professional in Wollongong, I have a decent share of practical experience when it comes to Bankruptcy. And having dealt with countless bankruptcy cases in Wollongong I have never come across someone abusing the system or acting in an irresponsible way as to exploit the insolvency laws in Australia. When it comes to Bankruptcy, every week I help a small business owner or entrepreneur suffer through the very challenging task of bankruptcy, not once have I sensed they are happy about it. The average small business owner or entrepreneur in Wollongong does not start out taking enormous financial risks with the intention to fail. The media really loves citing the apparent misuse that will be rampant if these changes occur, what a joke!

A Win for Small Business.

These recommended changes will be good for often the very best and brightest in Wollongong not get kicked out of the game financially for financial decisions often outside of their control. Most small business owners I help with Bankruptcy, 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, because they are attempting to balance helping people who have made decisions out of their control, and discouraging people from making mistakes that land them in trouble and consequently an issue of Bankruptcy. However you also don't want to kill the experience and knowledge that business owners have. You certainly don't want to shatter people simply because they have had an honest failure in a large or small start-up venture that has not gone well.

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 minimized because directors are troubled they'll be personally accountable in an insolvency arrangement if the new project doesn't work out.

The government's suggested 'safe haven' changes for directors of companies will allow Australia to more fully explore and innovate, which will make big changes for Bankruptcy. I cannot imagine, that these variations will be damaging to Australia's economy, actually these bankruptcy laws will save the tax payer in all areas of health - Especially in the mental health field because the emotional cost of bankruptcy is substantial. When it comes to Bankruptcy in Wollongong not a day passes where I don't hear the tragic experiences of relationship failures, thoughts of suicide and the list goes on.

Bankruptcy helps save lives, and it could save yours. If you really need some help with your debts in Wollongong or are just considering Bankruptcy, feel free to call us here at Bankruptcy Experts Wollongong on 1300 795 575, or visit our website: www.bankruptcyexpertswollongong.com.au