Why should I go Bankrupt?
What Is a Simple Definition of Bankruptcy?
This is a term seldom discussed as it has plenty of negative connotations associated to it. In short it means you reached a stage where you simply cannot continue with your life or business due to circumstances that prevent you from meeting your financial obligations.
In a more business orientated sense, bankruptcy is also a legal term that describes the state and process that will be followed if a person or business has more debt than the ability to service the terms of those credit agreements.
What Are My Options?
If you in your personal capacity find yourself in a situation where you are unable to pay your debts as required in the terms you entered then you have to look at Australian regulations say you have as options.
The Australian Financial Security Authority (AFSA) governs all personal insolvency in Australia but the best place to start is to contact Bankruptcy Advisory Centre because we can help you understand the regulations and how they apply to you.
If this doesn’t make sense to you, it is never a bad idea to speak to Andrew at Bankruptcy Advisory Centre at no cost to you. You will then be enabled to make an informed decision. As a voluntary bankruptcy service provider, we help you navigate this tricky process.
Things to Consider Before You Enter Bankruptcy
If you decide to go the bankruptcy route it means you gave this a great deal of thought both personally and based on strong recommendations from others. Here are some things to consider before you proceed:
- Your credit rating
Accept the fact that your credit rating will be negative and traditional credit providers will be giving you the cold shoulder. Just remember, this is the era of modern technology and the Internet is a place that can open doors beyond your borders.
Think outside of the box when you are ready to start thinking about your future again. Just because you are in a bad situation now does not mean it has to stay that way.
Will I Be Able to Borrow Money After My Bankruptcy Is Over?
The truth of the matter is, Banks will most likely want to avoid doing business with you, so raising any capital will be difficult to come by in the traditional sense. However there are options, we can help you find the best option for you.
All the Reasons Why Bankruptcy Can Be A Good Idea
Sometimes Things Need to Get Worse Before It Can Get Better
Do yourself a favour and have a candid Questions & Answer (Q&A) session with yourself by asking yourself what the alternatives are, like Debt Restructuring. Often you will realise there isn’t another option, but it depends on the severity of your situation.
Rather consider the possibility that bankruptcy was maybe the way to free you financially so that you can one day be great again. Bankruptcy must never be seen as the end of the road.
Some of History’s Best Business Men and Woman Went Bankrupt
Life isn’t fair, nor is it for certain and nobody can demonstrate that better than a successful person that has gone through bankruptcy but came out stronger at the end of it.
Here are a few examples, thanks to Westonlegal of people that survived bankruptcy. Do yourself a favour and listen to their stories because bankruptcy is a very personal thing and you would need to draw on their strength to turn this into a good learning experience:
- Abraham Lincoln
- Walt Disney
- Henry Ford
- Donald Trump
- Larry King
- Ulyssess S Grant
- Wayne Newton
- George Foreman
- Milton Hershey
- Francis Ford Coppola
Moral of The Story:
This is a point that cannot be stressed enough. There is no shame in filing for bankruptcy! If ever you had the choice, this would not be the path you would have chosen for yourself nor the people that it affects.
What can be seen as a shameful thing, is to blame yourself and give up completely. What good is it to have taken the risks of life if you are not able to dust yourself off, get up, and try again? One never hits the bullseye with the first and only arrow…
We are here to help guide you every step of the way because we have seen that anything is possible if you have someone willing to guide you. Our guidance is therefore aimed to help you get to place of recovery.
As a Trustee in Bankruptcy, Ross Thomson is often required to think outside the box. As well as creative thinking, Ross brings compassion to the table.
For Ross, it’s important to see the people behind the financial problem –not just numbers.
Ross recently helped a bankrupt client who lives in a retirement village with her seriously ill husband.
The unit she & her husband live in is not owned by them, but subject to a 20-year lease.
The money to be repaid by the management was due only at sale, when the client finally left the retirement village.
Sale of the unit was likely to take several years &, if he did sell the couple’s unit, Ross realised he would be effectively evicting them from their home, without resources or family to help them.
Ross decided to contact the retirement village management & put a proposal to them that they prepay some of the moneys they would otherwise pay the client.
The village management considered the proposal & have agreed to prepay some of the moneys otherwise due.
The client is relieved that she will not be evicted & can now concentrate on helping her husband through his health issues.
The moneys paid represented about 75% of what would have been available to creditors if they waited two years.
It is a win for the client and for the creditors.
I made an appointment with Andrew after finding him on google. I was nervous and apprehensive about what to expect but he made the process of bankruptcy extremely uncomplicated and stress free, allowing myself the opportunity to get the fresh start I was so desperate for. Thank you Andrew I could not recommend you enough.
Making the decision to go bankrupt was not easy however once I had spoken to Andrew i felt all my anxiety disappear. Andrew does not judge you and he has an innate ability to put you at ease. He took care of the whole process for me again reducing the stress involved with completing paperwork.
Thank you very much.
I will definitely recommend Andrew Bell to anyone contemplating bankruptcy. Don't wait! Andrew is there to help. With his knowledge, he can advise you of the best path to take and assist with the mind boggling paperwork.
Best of all, he is there for you through your entire bankruptcy period. Get your life back, it's not as bad as you think. Thank you Andrew for lifting the burden and allowing me to move on.
I saw Andrew for 'advice only' on possible bankruptcy due to a divorce. Left an hour later with the paperwork all done and feeling like a new person!
Andrew was extremely welcoming and made me feel so comfortable with my decision to proceed immediately.
This was the best investment I have ever made and cannot speak highly enough of Andrew. He doesn't just give excellent service his follow up afterwards is amazing. Thankyou Andrew you made my 'new' life so easy to achieve!
Andrew was very helpful in helping me through the bankruptcy process, as a single mother left with a massive debt from my ex and our previous marriage. I was struggling to keep my head above water on a week to week basis.
Andrew made me feel at ease immediately and helped me every step of the way, he happily and professionally answered any and all questions I had before, during and after the process. Thanks so much for your help Andrew!
Would highly recommend Andrew to anyone having financial difficulties. Andrew made me feel very comfortable - he took care of everything and keep in regular contact with me throughout the whole process.
Service was fantastic and he also keep in regular contact with me when everything had been finalised Thanks Andrew! can now get my life back on track.
Very prompt service and excellent source of knowledge and information, I highly recommend Andrew's service for a quick turn around of circumstances.
Andrew put my mind at ease in one easy appointment. Very satisfied with the outcome and service provided. Highly recommend Andrew.
Andrew was a steadying hand with his advice.Showing that things aren't as bad as first thought nor any obstacle insurmountable. If you have questions needing answers, Andrew is the person to ask. Thanks for your advice Andrew.
Andrew was very knowledgeable, caring, helpful and compassionate when I went and saw him. He made me feel that I wasn’t the loser and failure that I thought I was being. Even down to the box of tissues on the table.. which I needed. Highly recommend to go see Andrew if your struggling. There is life after!
Andrew and his team do an excellent job of helping their clients with bankruptcy advice and it is a pleasure to work with him.
Don't hesitate contacting Andrew, I was stressed, struggled sleeping through debt. Andrew put me at ease. He listened to my situation and we decided on my next move. Andrew is professional and easy to talk too. I would recommend highly to anyone who wants help to give him a call. I appreciate your support Andrew. Regards Brett.
Andrew has given me back my life!!! After living paycheck to paycheck, I didn’t know what to do. Until I made the big step and booked an appointment with Andrew. As soon as I left his office I felt a huge weight lifted!!!
Andrew was prompt, organised, friendly and efficient with the processing of my documents and made everything very simple for me so I didn’t need to deal with the added pressure and stress. Thank you Andrew for allowing me to start afresh and getting it done within a matter of weeks.
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