Based on your information there are no joint debts between you and your partner. As such your partner would not be affected if you have to enter into bankruptcy.
As mentioned by an other poster earlier - there is no need for a Court hearing and lawyers etc.
I have been there myself and doing the paperwork yourself can be daunting - depending on your situation. But taking into consideration that there is a past business venture - you may need to get some help. You can email me on (EMAIL Address removed by Mod) if you would like some more information.
Kind regards
Troy
EDIT: Email addresses are not permitted in posts, you may place you address in your profile if you wish. Also this is an old thread so the chances of a response by the OP is slight.
I am considering Bankruptcy due to a failed business venture about 4 years ago. I cant seem to shake the debt. I have approx 70k of debt. I earn about 48k a year.
I have a partner i have been seeing for the past year and we have moved in together, we don't have a joint bank account. The only thing that is in both our names is the home electricity / phone etc as per normal house mates.
My question is: will declaring bankruptcy affect her financially? Is she liable for any of the debt. I believe she could be called defacto due to living with me?
You need not lose anything going into bankruptcy and chances are you wont even have to go to court. I have detailed instructions on how you can go into bankruptcy in Australia and if done correctly you need never talk to a lawyer or a judge. If you would like to know more Email me at (EMAL REMOVED by Mod) and ill tell you more.
I hear ya Rambler1. In fact I think that you and I could go far together. Dr Feel sure does ramble on. But I am under the impression that you picked me up on a technicality. It is great to read that your input makes a terrific contribution. An inspiration. That's excellent.
I realise that people do not go bankrupt from over spending. But it is an option that leads one to bankruptcy. I have been in debt since my divorce. But battle on against the odds. Whereas, most would have declared themselves bankrupt years ago. But me a mere ' banker' going bankrupt. That would be the end of the world as I know it.
Certainly, I would appreciate the new start in life but I think that the past would follow me wherever I might go as I cannot escape myself.
Now why couldn't I have been born a Bond, a Murdoch or a Packer ? At least I would even settle for being born a Hilton or a Bill Gates.
My two cents worth, is that I wouldn't. Reason being that the 'spiritual' consequesnces are far reaching. Who if not you and only you will be responsbile for the debt ? What impact will it have on lenders and home owners in the long run ?
Avoid bankruptcy at any cost unless ofcourse and I don't mean this hap hazardly you are in at least one million dollars debt.
The consequences are very tight restrictions around your reputation and any further loand you might like to apply for in the years to come.
Try financial counselling. Talking, negotiating, re-financing, as a way to prevent bankruptcy, first.
You know what they say; if you have a debt under 100,000 dollars then you have a problem. But if your debt is over one million, then the bank has a problem.
Then again, you are providing administrators with paid work if you select bankruptcy. My advice...I vote against it.
DR Feel people dont go bankrupt by overspending all the time.
Generally the spending is controlled by most pople, but often a crisis like sickness, death of a spouse or child or just bad luck with divorce or loss of income is enough for people to start racking up debts that they cannot pay, not voluntarily but because they have no choice in the matter.
People who go bankrupt like the Bonds etc and so on have plenty of financial people in order to get them their best deal and they play the system for all its worth whilst most of the 'battlers' try and pay their debts.
Edited by rambler1
Luke 11 46: Woe unto you also, ye lawyers! For you load men with burdens that are difficult to carry, and you yourselves won't even lift one finger to help carry those burdens.
Good point. Dee Dee - Living within one's means. It seems that this generation has overlooked such simplicities as not spending more than 'we' have available. By the same token, there are lawyers and doctors who are still p[aying off their HECS debts.. I guess that debt is a personal relevance. All any of us can hope to achieve is to give our children roots and wings and show them how to give back to their communities.
My son went bankrupt in this last week, after 2 years of trying to get past his bills of $20,000. I filled out all his paperwork which I downloaded from the itsa site, and sent it in. They rang the next day to find out how much cash he had in his bank account. Received a letter 2 days ago to confirm his bankrupcy. He will be offically bankrupt for 3 years and a further 4 years on the credit list. Any money he earns over $750wk approx will be able to be paid to his creditors.
Personally I think it is the best thing he ever did because no matter how many time he tried to get assistance from the creditors they refused unless he was 3 months behind in payments.
It is amazing that no matter how many time you ask for help and get none as soon as you are 1 month behind they are ringing every day. Any one can go bankrupt no approval is necessary, but everything you own will be taken into account. Good luck
Hyndsite, are you able to contact me via email to discuss further. I am in a very similar situation as your son and just want to find out about the process.
What about accountability for the debts in the first place? While I do understand that some debt arrises from extreme cirxstances, what about not spending more that you have!!!
My son went bankrupt in this last week, after 2 years of trying to get past his bills of $20,000. I filled out all his paperwork which I downloaded from the itsa site, and sent it in. They rang the next day to find out how much cash he had in his bank account. Received a letter 2 days ago to confirm his bankrupcy. He will be offically bankrupt for 3 years and a further 4 years on the credit list. Any money he earns over $750wk approx will be able to be paid to his creditors.
Personally I think it is the best thing he ever did because no matter how many time he tried to get assistance from the creditors they refused unless he was 3 months behind in payments.
It is amazing that no matter how many time you ask for help and get none as soon as you are 1 month behind they are ringing every day. Any one can go bankrupt no approval is necessary, but everything you own will be taken into account. Good luck
A bankrupt is also liable with imprisonment (minimum of 6 months). So I'd rather find a way to get out of the situation, instead of going on with your debts.
There are ways and agreements with creditors that can help you getting out of the situation you are in.
Going bankrupt is not so bad, i was in a position similar to yours and i bit the bullett and did it. It has not affected my day to day life at all. Only thing is, i cannot get a credit card or a loan and for me thats a good thing
Generally the government handles most trustees in bankruptcy or part 10.
They can advise you of how to handle this best and find a trustee
Private people may only do it if there's fees involved.
Lawyers generally dont do this work (some do), usually accountants specialise in this job , but mostly only do businesses in liquidation.
Edited by rambler1
Luke 11 46: Woe unto you also, ye lawyers! For you load men with burdens that are difficult to carry, and you yourselves won't even lift one finger to help carry those burdens.
You can enter into whats known as a part 10 agreement with creditors.
The best people to contact are the insolvency trustee in your state theyll give you all the advice you need.
Id avoid bankruptcy if I could and I certainly would not run up further debts and then declare yourself bankrupt all that will happen is the creditors will send a repo man around and youll end up getting pretty shirty as youll lose the goods they are trying to reposess.
Once your in bankruptcy which lasts for up to 5 years, but generally 3 years, you cant do a lot of thing financially you now take for granted, and then youll be blacklisted by credit card and loan companies and banks.
Good luck
Luke 11 46: Woe unto you also, ye lawyers! For you load men with burdens that are difficult to carry, and you yourselves won't even lift one finger to help carry those burdens.
I've been considering bankruptcy for quite some time now, and I have a few questions if any one can help. But first, a snapshot of my situation .
I'm 25 and I have around $45,000 in unsecured debt. I have had this debt for about 4 or 5 years now, and I just can't seem to shake it. Whenever I start getting ahead, something else comes along and puts me right back.
I earn 50,000 per year. I have 7 years left to pay this loan, and by the end of it I will have paid around $65,000.
I'm aware that bankruptcy is very serious, and that it will wreck my otherwise spotless credit history. The reason I consider it however, is that it will be 2014, and I will be 32 before I can even consider saving a deposit for a home. During this 7 years, I will be leading a very modest lifestyle, and to be honest, I think I'd be much better off starting off from scratch.
I understand that I would have to go to court to have my case heard before it is granted. My questions are:
What do I have to prove in order to be approved?
what happens if I'mnt approved?
What could happen if I were to run up another 10 - 15 k debt before declaring? I just figure that if I'm going to go bankrupt, I might as well buy whatever I need before I'm unable to get credit again...
Does my employer have any way of finding this information out?
Any help would be greatly appreciated, because I'm just sick of living week to week and not being able to afford the things I should be able to (I know it's my fault, but there's nothing I can do about that now!)
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