Bankruptcy in Sydney - Are you going to get bitten?

When people in Sydney ask me about Bankruptcy, I tell them the time-honored 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 dies. The boy was hesitant, but the rattlesnake promised not to bite him in exchange for the ride. They journeyed together only for the snake to ultimately bite the boy despite his promise not to do so. The snake's answer was 'You knew what I was when you picked me up.'.

Getting the right financial advice in Sydney when it concerns Bankruptcy is a lot like that little boy's encounter, laden with risk and danger, and normally skewed for the benefit of the individual providing 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 Bankruptcy. 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 some time researching several investment options, and I went to visit a few financial advisors. It was obvious 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 solutions. What hit me was that they all had a really different idea of what I should do. This puzzled me so much that it put me off the entire idea of selecting any of them.

I'm sure by now you have read more than enough on the internet to be totally confused about Bankruptcy and just what to do. It would most likely be easier for me to help you learn about the nature of the financial snakes you might be grasping while you are attempting to get to the bottom of your financial issues in Sydney. In essence, you have to try and figure out what your overarching choices are, do your very own research into where to proceed with your plan for Bankruptcy, and after that approach the things you feel is best in Sydney for your needs. Basically, you have 3 options for who to turn to.

The first option is a Solicitor - This may look like the go-to approach when you seem to be in trouble. But there is only just so much support they can give on this matter. There are definitely specialist legal advisors in bankruptcy, but their experience comes along with a hefty price.

Another option you may consider is your accountant - they are incredibly helpful and vital to the task of managing your business, but for the most part, when you are considering Bankruptcy, your accountant won't be much help to you at all.

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

If you would like to find out more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to get in touch with Bankruptcy Experts Sydney on 1300 795 575, or visit our website: www.bankruptcyexpertsSydney.com.au.

Bankruptcy in Sydney - Changes to help Small Business and Entrepreneurs

 

Do you recognize how much Bankruptcy in Sydney is changing? The Australian Government in late 2015 set forth some foundational changes to the Bankruptcy Laws in Australia. Among the most significant of these is the length of time that a person is bankrupt for. At this time, there is a minimum amount of time that you must continue to be bankrupt, having said that, this 3 year period may very well be reduced to just 12 months. So if you are asking about Bankruptcy, this news may be quite 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 alterations to the issue of Bankruptcy will take 18 months to implement. Mr Carnegie, went on to say in the Financial Review that safeguarding 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 discouraged investors from supporting start-ups, and as a result 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 issue around this Bankruptcy issue in Sydney that some make is that this modification will only strengthen fraudulent behavior opening pandora's box in a manner of speaking for the unscrupulous to defilement of the bankruptcy system. We have considered 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 behaved in an unethical or fraudulent way, and there are no recommendations to change the repercussions of misrepresenting yourself or financial position when filing for bankruptcy in Australia.

As a bankruptcy professional in Sydney, I have a decent share of experience when it concerns Bankruptcy. And having dealt with thousands of bankruptcy cases in Sydney I have never struck someone abusing the system or acting in a careless way as to exploit the bankruptcy laws in Australia. When it comes to Bankruptcy, each week I help a small business owner or entrepreneur undergo the very hard task of bankruptcy, not once have I perceived they are happy about it. The standard small business owner or entrepreneur in Sydney does not start out taking enormous financial risks with the intent to fail. The media prefers citing the apparent misuse 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 Sydney not get tossed out of the game financially for financial decisions often out of their control. Most small business owners I help with Bankruptcy, are hardworking, tax paying, companies keeping this country going.

There really is a fine line with what exactly the government is trying to do here, because they are trying to balance helping individuals who have made decisions out of their control, and deterring people from making blunders that land them in trouble and therefore an issue of Bankruptcy. However you also don't want to destroy the experience and knowledge that business owners have. You definitely don't want to smash people simply because they have had an honest failure in a large or small start-up enterprise that has not gone well.

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 reduced 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 enable Australia to more fully explore and innovate, which will make big updates for Bankruptcy. I can not imagine, that these developments will be detrimental to Australia's economy, indeed 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 extensive. When it comes to Bankruptcy in Sydney not a day goes by where I don't find out the tragic experiences of relationship failures, thoughts of suicide and the list continues.

Bankruptcy helps save lives, and it could save yours. If you really need some help with your debts in Sydney or are just thinking about Bankruptcy, don't hesitate to call us here at Bankruptcy Experts Sydney on 1300 795 575, or visit our website: WWW.bankruptcyexpertssydney.com.au.