Bankruptcy
Bankruptcy Brothel
Britain is fast finding out that watering down bankruptcy legislation can have unexpected consequences. Lenient insolvency laws (bankruptcy generally 12 months or less in Britain) are being exploited by both British and foreign companies to offload debt. The third largest Telecom in Greece moved its assets from Luxembourg, to its British 1 man 1 desk office. Two weeks later it started used bankruptcy law to wipe out more than 9 Million Pounds owing to the Royal Bank of Scotland. They formed a new company which had been freed of 1.3 Billion Pounds of debt. With the Greek economy on the rocks, experts say the Bankruptcy Laws could lead to Britain could become a...
Read MoreBankruptcy – pros and cons
When it comes to clearing your debts, bankruptcy should be seen as a great last resort rather than an easy first option. The great thing about bankruptcy is that almost all of your debts will be cleared – credit card debt, personal loans, tax debt, unpaid phone and utility bills, and more. The only debts to remain will generally be court imposed fines and child support payments. The reason bankruptcy should be seen as a last resort is that it can impose quite limiting constraints on your life that other forms of debt help do not. Depending on your circumstances, your house could be repossessed and sold, your income could be docked and you could be prevented from...
Read MoreBankruptcy Protected Assets
If you file for bankruptcy, burly men don’t show up and take all of your possessions. Bankruptcy itself protects certain assets from creditors. Bankruptcy is not designed as a punishment but rather is designed to protect YOU while returning some money to creditors. If you don’t own your home and are earning an average income ($60,000.00 PA), chances are your life will not be significant different after bankruptcy. Bankruptcy protected assets include: furniture, appliances, clothes, most household items, tools of the trade or items used to earn a living (up to a limit) and car or other vehicles used for transport (up to a limit). Bankruptcy protected assets...
Read MoreFamous Bankrupts
Many people, when finding themselves facing bankruptcy or serious financial difficulty, feel isolated and alone. Many feel that if they file for bankruptcy, they will have been a failure. Many people who file for bankruptcy go onto do great things; below is a list of famous bankrupts. Amoung the list you will find three US Presidents, the founders of the biggest two car manufactors (Ford and General Motors), Alfred Nobel (founder of the nobel prize), Donald Trump and Nikola Tesla (the man who gave us electricity as we know it). Bankruptcy is just something that happens; it doesn’t have to define you. Abraham Lincoln – 16th President of the United...
Read MoreThe QANTAS Hostie and Ralph Fiennes
If you are not aware of the sordid story of a mile high encounter between Ralph Fiennes and Flight attendant Lisa Robertson, their mid-air tryst made headlines in January 2007. Lisa Robertson, at the time of the incident was an undischarged bankrupt, having filed for bankruptcy in 2004 with disclosed personal debts of $460,000.00. On the 8th of December 2009 Ms Robertson was found guilty in a Victorian court or one count of concealing a large sum of money and one count of attempting to leave the country. As a result of the mid air incounter with Mr Fiennes, Ms Robertson shot to fame. With different tabloid vying for her “tell-all story,” Ms Robertson...
Read MoreBankruptcy Band-Aid
So what’s new in the exciting world of insolvency legislation? A whole lot, apparently. Attorney General Robert McClelland released the Bankruptcy Amendment Bill 2009. The bill proposes that a number of changes be made to the current laws surrounding bankruptcy. In an official press release, Mr. McClelland noted that the majority of bankruptcies related to consumer debts, and typically involved people with limited income and few assets. Supposedly, the new legislation is designed to make life a little easier for this segment of the population. A summary of the proposed changes is provided below: Debtors cannot be forced into bankruptcy over debts of $10,000.00 or...
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