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Everything you will need to know about Bankruptcy Notices

If you have obtained a bankruptcy notice or court order you must act right away to prevent future distress. Owing somebody money regarded here as a creditor, may be any individual or business to whom you owe money. If you're not able to pay money to a creditor, the creditor will phone the Australian Financial Security Authority (AFSA) who will subsequently issue a bankruptcy notice requesting payment of that money.   As expected, there is a threshold to the amount of money owing...
Australias Household Debt Crisis Looms 1

Australia’s Household Debt Crisis Looms

Today in the news, former economics advisor John Adams suggested that Australia is too late to stop an 'economic apocalypse' in spite of his continual warnings to the political elites in Canberra. He proceeded to advise the Reserve Bank to raise interest rates to avoid household debt getting further out of control.   This bubble is easy to spell out. Confidence! It's the unfounded perception that Australia's last 20 years of continual economic growth will never experience any...
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ATO Debts Becoming Unmanageable? Caution to all ABN holders, your ATO Debts may now cripple your credit rating. Beware of ATO Bankruptcy!

There is bad news for business owners who have an ATO debt from 1 July 2017. Small businesses need to be careful of ATO Bankruptcy since the ATO may unveil information of your tax debts to credit reporting agencies such as Veda Advantage and Dun & Bradstreet. This will make it much more complicated for small businesses to acquire credit, potentially incapacitating them. How could this have an effect on you? You may be impacted if you find yourself in one of the following 3...
What Stays On Your Credit Report And For How Long

What Remains on Your Credit Report And For How Long?

A credit report is a specific document that details your history with creditors and has a major effect on your future financial abilities. Possessing a 'good' credit report is standard provided that you pay your bills and debt repayments on schedule. However, overlooking a repayment on a bill or debt repayment can cause substantial issues if you intend to gain credit again down the road. Recently, the rules have been changed to place a greater focus on desirable history like paying your...
What Is It Like To Go Bankrupt1

What Is It Like To Go Bankrupt?

There's no doubt that bankruptcy isn't the most desirable situation to be dealing with. There are some serious financial penalties involved and it's a very elaborate and stressful process that will affect you financially for a couple of years to come. Finding yourself in mountains of debt can come about very quickly, and lots of people find themselves in this situation as a result of a multitude of factors. Not having the opportunity to work resulting from illness is one of the most...
Bankruptcy In Australia What To Understand About Debt Collection

Bankruptcy in Australia – What To Know About Debt Collection

A lot of individuals deal with financial distress at some time in their lives, and the majority of these people are probably familiar with debt collectors. A debt collector is an individual whose job is to collect debts on behalf of a business. A debt collector can either be an employee of an organisation you owe money to, or they could be a third party employed by a lender. As you can envision, it's not a straightforward job to squeeze money out of people who have none. It would be fair to...
4 Types Of People Who Have Money Issues

4 Types Of People Who Have Money Issues

When it concerns money, a person's personality plays a notable role in their financial decision-making. Everybody is unique, and that's what makes us human, so it really shouldn't come as a surprise that there are specific types of personalities that are more likely to have money complications than others. It's difficult to modify your personality traits, especially when you're older, so simply comprehending how your personality has an effect on your financial decisions can help you make...
What Is Debt Consolidation 1

What Is Debt Consolidation?

Nearly all of us have seen the myriad of debt consolidation advertising campaigns on TV. There is a huge amount of competition in the debt consolidation industry because sadly, many individuals are struggling financially and these companies provide much needed financial relief. Mortgages, car loans, credit cards; individuals can attain loans from a broad range of lenders for virtually anything in today times. The trouble is that all these loans are hard to manage and if you fall behind in...
What Happens After You Declare Bankruptcy 1

What Happens After You Declare Bankruptcy

Bankruptcy is not a decision that should be taken lightly. There are some heavy financial implications involved and your financial freedom will be restricted for many years to come. This doesn't suggest that filing for bankruptcy is the end of the world though. It should really be considered as the first step in securing a bright financial future for you and your family. Millions of individuals declare bankruptcy each year and the majority of them are able to buy homes, cars and acquire...
Is Bankruptcy My Best Alternative How To Know If Bankruptcy Is Right For You

Is Bankruptcy My Best Alternative? How To Know If Bankruptcy Is Right For You

  Going through financial hardship is a very stressful situation and unfortunately, millions of individuals around the world find themselves in this situation each day. People in this scenario have a number of options to recover from their financial issues, and bankruptcy should be regarded as a last resort when all other options have been exhausted. You've quite possibly seen several of those debt consolidating businesses advertise their services on TV for example. In many cases,...
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