Bankruptcy in Gold Coast - Are you going to get bitten?

When people in Gold Coast ask me about Bankruptcy, I let them know the simple 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 view one last sunset before he passes away. The boy was hesitant, but the rattlesnake vowed not to bite him in exchange for the ride. They journeyed together only for the snake to in the end attack the boy despite his assurance 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 Gold Coast when it relates to Bankruptcy is a whole lot like that little boy's experience, laden with risk and danger, and typically skewed for the benefit of the person supplying the advice. Often you'll get bitten except if you know what you've picked up long 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 fairly high and investing your money was rather profitable. I spent some time researching different investment options, and I went to visit a few financial advisors. It was crystal clear that they had more money than I did: they had nice suits and plush offices, they all appeared to exude confidence and have all the solutions. What struck me was that they all had a very different idea of what I should do. This frustrated me a lot that it put me off the entire idea of choosing any of them.

I'm sure currently you have read more than enough on the internet to be totally overwhelmed about Bankruptcy and precisely what to do. It would probably be easier for me to help you learn about the nature of the financial snakes you could be picking up while you are attempting to get to the bottom of your financial troubles in Gold Coast. Basically, you have to try and comprehend what your overarching alternatives are, do your own research into where to proceed with your plan for Bankruptcy, and then approach what you feel is best in Gold Coast for your needs. Essentially, you have 3 options for who to turn to.

The first option is a Solicitor - This may feel like the go-to possibility when you seem to be in trouble. But there certainly is only just so much assistance they can give on this matter. There are absolutely specialist legal advisors in bankruptcy, but their expertise comes with a hefty price.

Another possibility you may consider is your accountant - they are incredibly helpful and vital to the process of operating your business, but for the most part, when you are thinking of 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 should understand when it comes to Bankruptcy.

If you wish to find out more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to consult with Gold Coast Bankruptcy Centre on 1300 795 575, or visit our website: goldcoastbankruptcycentre.com.au.

Bankruptcy in Gold Coast - Choices, Choice, Choices

When it comes to Bankruptcy Gold Coast, there are a bunch of choices that we get given depending on who we are, who we talk with, and just what has gone wrong. The most common trouble I see with Bankruptcy is when it comes to selecting between Debt Consolidation, Personal Insolvency Agreements, and Bankruptcy itself.

Should I consolidate my debts?

When it comes to Bankruptcy in Gold Coast, a lot of the related information you receive on this subject matter will reflect the interests of the advice giver. That is why, if you call a debt consolidation firm, I can promise you they will tell you to consolidate your debts. The debt consolidation business is a multi-billion dollar industry making money in one very basic way: charging you a fee for assisting you wrap each of your credit card and personal loans into just one neat and tidy bundle.

I hate to tell you this but they aren't going to be doing it for free. Please don't misunderstand me: if you think your financial issues in Gold Coast may be solved by paying less interest, then go ahead and investigate the choices. Even a tiny amount of interest saved over years quickly adds up.

Typically I find if you read this blog you've probably tried to consolidate your debts already and come to the following realisations like these:

• Your credit rating is no good, and your credit file definitely has nonpayments on it so nobody will offer you a loan, consolidated or otherwise,.

• By the time you work all of it out, you're so far down a hole that saving a tiny bit of interest just won't make a great deal of difference,.

• You've quite possibly arrived at the stage where you've had more than enough, you're emotionally burnt out, you can't go on another day ignoring blocked calls on your phone, ignoring the demands in the mail and so forth.

Personal Insolvency Agreements

So when it comes to Bankruptcy in Gold Coast, what's the big difference between a Debt Agreement and a Personal Insolvency Agreement?

Overall flexibility is the main thing Personal Insolvency Agreements (PIA) have in their favour. They're also administered by a registered and - might I add - regulated trustee including the government trustee ITSA, and not a private company that advertises on TV. Basically this process resembles Debt Agreements (DA): The trustee has a meeting with the people you owe money to and these guys negotiate a deal in your place. You can offer a lump sum settlement figure or enter into a payment plan, or perhaps you can offer them assets as an alternative to cash. This can sound acceptable when it comes to the complications with Bankruptcy - that is up until you realise that one of the difficulties with PIA's is that 75 % of the people you owe money to must agree on the deal. If they don't, your plan is rejected or has to be renegotiated.

Generally the people you owe money want all their money back as well as interest. Sometimes they'll go for under the amount you owe them - it's normally a percentage of the debt - but allow me to stress this part: because of all the variables involved in the negotiation process to put together a PIA its difficult to put a figure on what the people you owe money to will in fact settle for.

Most of the time you'll have to pay back 100 % of the debt owed. This is not just because your creditors are greedy or have a mean streak, it's because the administrators take 20 % of whatever is agreed upon with the people you owe money to. That applies whether you use a private company for this process or ITSA, the government body setup to administer to these PIAs.

When it comes to Bankruptcy and insolvency I've come across creditors opting for less 80 % on rare occasions, but that usually only occurs with a public company going into receivership owing huge sums of money (the kind that makes the news). If you are were owed $10million and you know the people who owe you the money have a team of smart lawyers and some very clever frameworks in place and they offer 5 % of the debt, you might take it and be grateful. Sadly, ordinary punters like you and me in Gold Coast aren't going to get that lucky!

If you want to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to get in touch with Gold Coast Bankruptcy Centre on 1300 795 575, or visit our website: goldcoastbankruptcycentre.com.au.