Bankruptcy in Adelaide - Are you going to get bitten?

When people in Adelaide ask me about Bankruptcy, I tell them the time-honored 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 see one last sunset before he dies. The boy was reluctant, but the rattlesnake pledged not to bite him in exchange for the ride. They travelled together only for the snake to ultimately bite the boy despite his promise not to do so. The snake's response was 'You knew what I was when you picked me up.

Receiving the right financial advice in Adelaide when it comes to Bankruptcy is a whole lot like that little boy's experience, tangled up with risk and danger, and normally skewed for the benefit of the person supplying the advice. Often you'll get bitten unless 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 working hard 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 rather high and investing your money was really profitable. I spent a few years researching numerous investment options, and I went to visit a few financial advisors. It was transparent that they had more money than I did: they had nice suits and plush offices, they all seemed to exude confidence and have all the solutions. What struck me was that they all had a truly different idea of what I should do. This puzzled me so much that it put me off the whole idea of choosing any of them.

I'm sure currently you have read enough on the internet to be totally bewildered 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 issues in Adelaide. Essentially, you need to try and figure out what your overarching alternatives are, do your own research into where to proceed with your plan for Bankruptcy, and then approach the things you feel is best in Adelaide for your needs. Essentially, you have 3 options for who to turn to.

The first option is a Solicitor - This may appear like the go-to choice when you seem to be in trouble. But there certainly is only so much help they can give on this matter. There are definitely specialist legal advisors in bankruptcy, but their knowledge includes a hefty price.

Another solution you may consider is your accountant - they are incredibly useful and vital to the process of running your business, but for the most part, when you are thinking about Bankruptcy, your accountant won't be much help to you any longer.

Your best bet? A Financial Counsellor that can outline debt consolidation, personal insolvency agreements, and basically all you should understand when it comes to Bankruptcy.

If you want to find out more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to get in touch with Bankruptcy Advice  Adelaide on 1300 879 867, or visit our website:bankruptcy-advice.com.au/Adelaide

Bankruptcy in Adelaide - Changes to help Small Business and Entrepreneurs

5th February 2016 - By Charles Bosse

Do you understand just how much Bankruptcy in Adelaide is changing? The Australian Government at the end of 2015 proposed some underlying changes to the Bankruptcy Laws in Australia. The most significant of these is the length of time that a person is bankrupt for. Now, there is a minimum amount of time that you must remain bankrupt, however, this 3 year period may in fact be reduced down to just 12 months. So if you are inquiring about Bankruptcy, this news may be pretty important to you.

Mark Carnegie in the Financial Review on the 7th December 2015 suggested that "the proposed changes to ease the burden of bankruptcy laws didn't go far enough and the government should adopt US-style laws to protect the family home".

These updates to the issue of Bankruptcy will take 18 months to implement. Mr Carnegie, went on to say in the Financial Review that safeguarding family assets was very important because "banks just terrorise small business and the mental health consequences to society are enormous".

The problem is Australia's bankruptcy laws put off investors from supporting start-ups, and as a result mentoring had been "driven out of the system".

"They naturally find it very intimidating themselves personally and with their assets at risk in a risky early-stage deal, but with their own money in the deal and a lightened-up provision I think we 'd probably see more willingness. It could be more important than the money.".

Fraudulent Behavior.

The issue about this Bankruptcy issue in Adelaide that some come up with is that this revision will only promote fraudulent behavior opening pandora's box so to speak for the unscrupulous to abuse of the bankruptcy system. We have looked at the minimum, but on the other side of the problem, The government is not submitting to change the maximum term of 8 years if it deems a bankrupt has acted in an unethical or fraudulent way, and there are no recommendations to change the consequences of misrepresenting yourself or financial situation when filing for bankruptcy in Australia.

As a bankruptcy professional in Adelaide, I have a fair share of knowledge when it concerns Bankruptcy. And having dealt with thousands of bankruptcy cases in Adelaide I have never uncovered someone abusing the system or acting in an immoral way as to exploit the bankruptcy laws in Australia. When it comes to Bankruptcy, each week I help a small business owner or entrepreneur undergo the very complicated task of bankruptcy, not once have I noticed they are happy about it. The typical small business owner or entrepreneur in Adelaide does not start out taking enormous financial risks with the intent to fail. The media really loves citing the apparent abuse that will be rampant if these changes occur, what a joke!

A Win for Small Business.

These proposed changes will be good for often the best and brightest in Adelaide not get rejected of the game financially for financial decisions often outside of their control. Most small business owners I help with Bankruptcy, are hardworking, tax paying, managers keeping this country going.

Truth be told there is a fine line with what exactly the government is trying to do here, since they are aiming to balance helping people who have made decisions out of their control, and dissuading people from making miscalculations that land them in trouble and therefore an issue of Bankruptcy. However you likewise don't want to wipe out the experience and knowledge that business owners have. You surely don't want to shatter people simply because they have had an honest failure in a large or small start-up project that has not succeeded.

At the major end of town large well-known companies have long been criticised for their failure to innovate - lets face it they would be more likely to do so if the risks of bankruptcy were lessened because directors are distressed they'll be personally responsible in an insolvency arrangement if the new endeavour doesn't work out.

The government's proposed 'safe haven' changes for directors of companies will enable Australia to more fully explore and innovate, which will make big changes for Bankruptcy. I cannot imagine, that these alterations will be detrimental to Australia's economy, actually these bankruptcy laws will save the tax payer in all areas of health - Especially in the mental health sector because the emotional cost of bankruptcy is extensive. When it comes to Bankruptcy in Adelaide not a day goes by where I don't hear the tragic experiences of relationship failures, thoughts of suicide and the list goes on.

Bankruptcy helps save lives, and it could save yours. If you want some assistance with your debts in Adelaide or are just thinking about Bankruptcy, don't hesitate to contact us here at Bankruptcy Advice Adelaide on 1300 879 867, or visit our website: www.bankruptcy-advice.com.au/Adelaide