Struggling to pay your bills or make loan/credit card repayments is a scary position to be in, especially if you have a family relying on you. The worst thing you can do in this situation is ignore it and hope it will go away – this will only make things worse. Instead, you need to take action now.
While many of us do attempt to save as much money as we can by budgeting and building funds, unfortunate circumstances do arise – sometimes without warning. This often results unavoidably in company bankruptcy or voluntary bankruptcy.
For all company’s operating in our unstable modern economic landscape, it is vital to understand the differences between liquidation, administration and bankruptcy – before making any financial decisions.
Are you in financial trouble & considering personal bankruptcy? Learn what you need to do, what other options are available and how to file bankruptcy.
Bankruptcy is a tough reality to face. It has a range of obligations which impact your life. People entering bankruptcy must also face the stigma associated with it. The introduction of the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 is set to ease these burdens.
After years of working to build your business from the ground up, the thought of losing it all because your personal finances are dire is a nightmare. It is still possible to keep trading as a sole trader if you are bankrupt or personally insolvent.
Explore differences between bankruptcy, insolvency, & liquidation in Australia. Learn signs & get guidance from Revive Financial.
Entering bankruptcy does not normally prevent you from working. However, when you earn as a bankrupt, you may be required to pay income contributions towards your bankrupt estate. Whether you pay, and how much you pay, depends on your income.