- Joined
- 10 March 2007
- Posts
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- 9
Agree totally its a pity that you have to have personal experience of Bankrupcy to give an accurate perception though
Agree totally its a pity that you have to have personal experience of Bankrupcy to give an accurate perception though
- If you feel the only avenue is Bankruptcy and prepared to face the fall out i.e. have to tell them you are going overseas, then do it. Today it is no biggy going Bankrupt as long as you tell them the truth and update any changes. For example if you get a new job paying over the $37K odd they will expect take 50% of anything over that. And these days after discharge there are leading institutions that will lend to you for housing etc.
- Also, the Trustee at ITSA will usually only look into cases where they are told information that is conflicting, or if a lodgment looks strange, i.e. The Bankrupt went out and borrowed many debts and then walks in to go Bankrupt. This could be fraud and if proven could end up costly. They do not have the man power to investigate every case and only major debt or suspicions will be looked at.
- Bankruptcies are not the end of life, but always learn from your mistakes and don’t tell the world when you do it. I have been bankrupt previously due to bad investments and I was ill and struggled from the decision of bankruptcy, but after doing it I felt the world lift off my shoulders and I have survived. Never heard a word from ITSA and did not effect my life but for the positive. Don’t take the negativity on board and be happy and remember there will always be people who will judge because they think they are high and mighty.
Both if you go overseas you must tell them.If you declare bankrupcy then you must tell the truth
- Um, Which is it, tell them you are going overseas or tell the truth!
Hopefully its a positive for human nature meaning that in a Part 10 you are agreeing to pay back a percentage of the debt rather than full bankrupcy.
- I notice that the major increase is in Part X Debt Agreements at the moment through this financial crisis. That is what ITSA is reporting anyway (although Bankrupty is still going up, but not by as much). Is there a message in that??
Upon reflection I am inclined to agree if you have only a few years to clear the debt then I think that is the right thing to do,in my case there was simply no choice
- you earn 55k I thought you were hard up. Save yourself the headache and pay the loan
I agree. Why shouldn't you take responsibility for your previous decision?I agree, earning an all right wage, will have the ability to pay the loan off in 3-5 years and still have a life. I really don't see what the problem is besides trying to get out of it with no responsibility.
Just pay it off and get on with your life.
I notice that the major increase is in Part X Debt Agreements at the moment through this financial crisis. That is what ITSA is reporting anyway (although Bankrupty is still going up, but not by as much). Is there a message in that??
namingly the Commonwealth Bank it seems..
Mate, throw yourself into construction. There's big things happening up here in gladstone. An unskilled labourer is earning 130k you could easily pay that debt off in 18mts or less if you wanted. 10hr days 9 day fortnight. money for jam!
Sounds interesting what kind of construction is going on up there, is it in the mines?
i know a bloke that has purposely run up a huge credit card bill with the idea of going bankrupt.
.
Sounds interesting what kind of construction is going on up there, is it in the mines?
The $130k or the Construction Work?
For $130k as a labourer it wont be domestic landscaping or local brickies labourer.
It will be the sort of labouring work you need to pay $130k a year to interest people to apply.
Mind you most of these positions turn out to be $80k when you actually look into it and the "Chinese" whisper has done its job.
The $130k or the Construction Work?
For $130k as a labourer it wont be domestic landscaping or local brickies labourer.
It will be the sort of labouring work you need to pay $130k a year to interest people to apply.
Mind you most of these positions turn out to be $80k when you actually look into it and the "Chinese" whisper has done its job.
i know a bloke that has purposely run up a huge credit card bill with the idea of going bankrupt.
a few months ago he and his wife sold a house that was in her name..but he paid for. . he recently asked me if he will get in trouble from itsa for what hes done. ....
i know a bloke that has purposely run up a huge credit card bill with the idea of going bankrupt.
in my opinion, but i wouldnt tell him, itsa will have a good look, make the link, take the house, and he'll be lucky if he doesnt get jail.
but then, what do i know? lots of people seem to be able to rort the process....
- This very good Radio National "Australia Talks" programme aired yesterday on Bankruptcy.
- Guests include Professor Ian Ramsay.
- http://www.abc.net.au/rn/australiata...09/2667343.htm
but I was wondering if anyone knows if a bankrupt can trade shares/futures etc and forex? Not to hold them for long periods but in a day trader and swing trading sense?
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