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The Dangers of Declaring Yourself Bankrupt

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While there are some positives, when the overall picture is looked at, there seems to be many more negatives and dangers involved with this legal process. First of all, it costs substantial amounts of money to file bankruptcy. On top of that, if a person desires to seek more credit while he is bankrupt, that may not be possible, as extending credit to bankrupt people is not a common occurrence by creditors.

A person usually will lose his house especially if he signed a personal note on a failed business against his home. If a person doesn’t own a business, depending on which career he is employed in, some of them don’t allow the bankrupt individual to go on working in that career as well. Most personal assets and possessions must be sold off. This can include any expensive equipment a business owns or even a bankrupt person’s cars and high end items such as antiques and art work. 

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Most every time a bankruptcy occurs, the Official Receiver must auction off all of a business’s assets as well as most likely close it down so even though the person does not have to pay certain debts to specific creditors under a bankruptcy proceeding, he can still obviously lose a lot. Moreover, if a person is an immigrant, often declaring bankruptcy can change his situation as a legalized immigrant. Most bankruptcies in the UK are not held private like in other countries. 

Most of the time they’ll be listed in major newspapers where anyone can openly view just what happened to the bankrupt individual. This can cause great embarrassment and sadness at the very least, not to mention the associated stigma of being publicly humiliated, and there’s really nothing the bankrupt person can legally do about this. Also, a person will have his credit rating nearly destroyed for many years, usually up to six or seven in most business bankruptcies. 

Even with a comprehensive bankruptcy, there are some creditors that can’t be erased or wiped out. These include items such as school loans and court ordered fines as well. A bankruptcy can also affect a person’s capacity to ever run a business again using the same business name. Many people who go bankrupt have their employers quickly find out about it because it’s so public in the UK and that can make the employer look negatively on the employee and he can even have him terminated.

 

Therefore, If a business or a person is in a huge amount of debt, he or his financial adviser might suggest that he go bankrupt. But even if his financial adviser recommends this, it might not really be the best way out that it can at first seem to be due to the many dangers of going bankrupt.

 

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For More Information on Bankruptcy and Financial Planning See: http://hanoverdebroke.com/jp-loveland/


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Mr. Krabs & his greediness towards money, has finally collapsed the financial structure of America, thus effecting the whole world. What will our President Obama do to fix this mess?

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Declaring Yourself Bankrupt … Made Simple

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A lot of debtors find bankruptcy as the final solution to settle their debt issues. Though declaring bankrupt has many impacts on the credit score and financial status of the debtor, it can solve their debt problems. Declaring yourself bankrupt in Australia is done in two ways. The creditor approaches the court to declare the debtor bankrupt on the basis of the evidence of an act of bankruptcy. The other method is to declare voluntary bankruptcy. In this method you are declaring yourself bankrupt by submitting a petition to the Insolvency and Trustee Services Australia (ITSA).

In order to declare voluntary bankruptcy, the debtor must obtain a Debtor’s Petition and a Statement of Affairs forms from the ITSA. The completed forms must be submitted to the ITSA and wait for their approval. Once the ITSA accepts the petition, the person is declared bankrupt. This procedure requires the debtor to furnish all his personal and financial details in the forms. The Statement of Affairs in particular must include information like the name and address of the debtor, details of all his debts, the amount owed and the creditors, and complete information about income and assets of the debtor. Hiding any information or selling properties unlawfully will be seen as breach of law. The person may then be imprisoned and his bankruptcy period will be extended.

Once the Official Receiver in Bankruptcy accepts the forms, the person receives a bankruptcy number and a list of duties, information and obligations that he has to perform as a bankrupt. The ITSA may delegate the bankruptcy case to a private trustee. Or, if the debtor already has appointed a trustee, he will be administering the bankruptcy.

After the person has declared voluntary bankruptcy he is expected to fulfill some obligations as stipulated by the ITSA.
· The person cannot leave Australia without the written permission of the trustee
· Should disclose that he is an undischarged bankrupt while getting a credit
· Cannot manage a corporation without the permission from Court
· Cannot run business either as a single person or as a partner or under another person’s name
· The trustee must be informed of all changes in name or residence
· Provide all the information the trustee demands, and attend meetings

When voluntary bankruptcy is declared, the trustee will be controlling the assets of the debtor. Assets or property obtained during the bankruptcy period also go under the control of the trustee. However, the bankrupt can possess some property for his own use. They include:
· Clothes and household furniture
· Property from which an income is obtained
· Private vehicles
· Children’s bank accounts
· Insurance and endowment policies
· Compensation from damages
· Awards and rewards

Again, if the bankrupt is earning an income above a threshold value, he is expected to make payments for the earnings above the threshold value.

If the debtor is able to pay back all his debts within the three year bankruptcy period, the bankruptcy can be annulled. Similarly, if the person can arrange money from friends or relatives, the trustee will arrange a meeting of the creditors. If a majority of the creditors accepts the offer of the debtor, the bankruptcy can be annulled through a special resolution.

For more great information on declaring yourself bankrupt , visit http://www.armstrongwily.com.au/articles>

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The information in this article is correct as at the date of writing and should be relied upon as a guide only.  Always seek professional advice before taking any further action.

 

Andrew Wily is a Registered Liquidator and an Official Liquidator and Trustee in Bankruptcy, specialising for over 20 years in the corporate and personal insolvency field in Australia. As a professional and author, he is committed to demystifying the area of personal and corporate insolvency.


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Beacon Mortgage Solutions Offers Affordable Home Loans for Discharged Bankrupt Borrowers

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Beacon Mortgage Solutions Offers Affordable Home Loans for Discharged Bankrupt Borrowers










Eastbourne, East Sussex, United Kingdom (PRWEB) September 4, 2006

Following a sharp rise in personal bankruptcies, specialist mortgage broker Beacon Mortgage Solutions(http://www.beaconmortgagesolutions.com) is stepping up its services for homebuyers with debt problems.

“Latest government figures show a sharp rise in personal insolvencies,” says Beacon director David Piper, “but just because someone is a discharged bankrupt doesn’t mean they can’t get a home loan – it’s just a question of how much more they have to pay for the privilege.”

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Figures released last month (August 2006) by the Department of Constitutional Affairs show that there were 22,380 personal insolvencies in the second quarter of this year, 48 per cent more than in the same period a year earlier.

Nearly 70,000 discharged bankrupts were reported in England and Wales last year, but Piper predicts that figure is likely to be much higher in 2006.

“A combination of easily-available credit, and more of it, coupled with changes to the bankruptcy laws, has exacerbated the problem,” he says. “Interest rate rises are only going to make the situation worse.”

And it’s not just a discharged bankrupt who can find it difficult to take out a home loan. Consumers with a history of mortgage arrears or late credit repayments, and those who have County Court Judgments (CCJs) against them can also run into problems.

“It is important not to approach lenders direct,” says Piper. “Many will reject a discharged bankrupt out of hand, and every rejection further diminishes your credit rating.

“Specialist brokers such as Beacon Mortgage Solutions

(http://www.beaconmortgagesolutions.com) know which lenders are most likely to consider applicants with what is known in the trade as ‘adverse credit’, and those which offer the most advantageous interest rates.

“We have more than 50 years’ experience in the market, and our experts have helped many thousands of people obtain affordable home loans.”

Eastbourne-based Beacon Mortgage Solutions is an appointed representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Services Authority. Contact 0800 161 3321 for further information.

Mortgage Next Network Limited is one of the largest mortgage distribution companies in the UK – in the 2005/06 financial year it completed around £4 billions’ worth of mortgage business – and is entered on the Financial Services Agency register (http://www.fsa.gov.uk) under reference 300886.

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How Much Does Bankruptcy Cost? Get The Facts On Going Bankrupt

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Our overall economy went bad and lots of people have considered filing for bankruptcy. Right now the worry all of them could have is how much does bankruptcy cost? To anyone in need of going this route I will tell you that each circumstance differs from the others and right now there are different kinds or chapters of bankruptcy. Prepare yourself people, the local bankruptcy lawyer working on your specific case won’t charge a flat fee to cover every aspect of you declaring bankruptcy.

To answer the question: how much does a bankruptcy cost, there are a number of issues that first must be examined:

1. The overall amount of your debt that will end up being filed

2. If you will be filing chapter 7 or chapter 13

3. If your primary debt is an unsecured or secured debt

4. The details and account numbers of all your creditors, lenders and companies who you will list

Subject to your particular circumstance, there are a variety of actions that you will have to follow. In addition, according to which chapter you and the legal professional choose to file as well as your specific issues there are numerous forms you need to file to be able to guarantee all of your financial debt is going to be included in your filing.

Alas, filing for bankruptcy is not free. If ever I ran into anyone boasting they are able to help file for bankruptcy absolutely free; this would raise a red flag for me. Think about it, would you really want a problem as significant as going bankrupt worked on by any person who will do it free of charge? You surely get what you pay for and I for one won’t put my family’s future in the hands of anyone looking to play with my future.

If you’re looking for a reputable company, here’s my #1 recommendation: simply CLICK HERE and fill out the contact form for a free consultation.

I recognize your debt might be unmanageable which could be the reason you want help, however for you to discover exactly how much does a bankruptcy cost it is best to get yourself a totally free consultation. Many legitimate institutions with the actual know-how required to complete the job right will often discuss your problems with you so you can decide which direction to follow. During the free consultation you’ll get a good idea of the expenses of filing and the time necessary to have the bankruptcy acknowledged and completed.

For those of you that believe you’ll have enough knowledge to enter a courtroom and inform the judge you will not be paying your bills from now on; I’ll tell you from personal experience this isn’t the way it’s going to happen. Declaring bankruptcy is just not a hassle-free procedure and failing to get it done perfectly can cause your family a world of difficulty I’m confident that you simply won’t want your family to experience. Each and every individual scenario is going to be reviewed as well as each individual’s amount of financial debt, and personal revenue. The judge will determine whether all of the paperwork is in order and then whether or not to approve the bankruptcy.

The subject of how much does a bankruptcy cost is surely an important one but more important than that that question can be: what chapter do I file and specifically what forms will I have to prepare just before filing. For that reason I would definitely recommend you to get a free consultation and have the answers you will require to file for bankruptcy successfully and properly.

Speak with someone qualified and knowledgeable in filing bankruptcy click here to get all the details for your specific circumstance. Turn into an educated consumer and help rescue your loved ones from the tension and irritation of filing for Bankruptcy.

You don’t have to go it alone, good luck.

How You Can Get Help Now
A bankruptcy can be very difficult and complex. Talk to someone qualified and experienced to help you navigate through the process. Get a free bankruptcy evaluation now.

Source: How Much Does Bankruptcy Cost?


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beatbankruptcyvideo.com – Click This Link To Watch Part 2 Of Three Things You Must Know About the Cost of Bankruptcy. Three is the magic number, so they say, but there is nothng magical about the cost of bankrupty. In fact, it’s downright grim reality when it comes down to the brass tacks of bankruptcy costs. But what is even worse is when your aren’t prepared when the bill for bankruptcy comes due. While it may seem like a bad joke to spend money you don’t have to tell everyone that you DON’T have it, the cost of bankruptcy can be quite high. And the sooner you realize it, the better you can be prepared for it. This video gives you three major categories that will add to the cost of bankruptcy.
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How To Determine If Buying Stock In A Bankrupt Company Is Right For You?

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Investing in the stock market is arguably one of the hardest professions anyone can undertake these days. Make just a few simple errors and a lifetime of saving and investment can be wiped out in the blink of an eye.

If there’s one thing that’s harder than stock market investing, that is investing in companies that have gone through bankruptcy or are in the process of going bankrupt. Most sane investors run kicking and screaming from bankrupt companies but if you keep your head about you and apply certain common sense measures, then investing in bankrupt companies can be quite lucrative if you know what you’re doing and that’s exactly what I’m going to talk about in this article today.

I’ll be perfectly honest and straight up with you… buying stocks of bankrupt companies is an incredibly high risk investment. On the other hand, high-risk usually translates into high potential payoffs and that is why most people get into the bankrupt stock game.

There are two main rules when it comes to investing in bankrupt companies. Follow these rules and you stand a better chance of surviving. The first rule is to wait until the company actually goes bankrupt. Many times investors feel the urge to jump into the breach too soon. The first thing to be wiped out in any bankruptcy is the original shareholders stock. So if you buy your shares before the company declares bankruptcy, you will most likely see your shares evaporate in court and be worth zero with no future claim on the company.

The second rule is that after the company has actually declared bankruptcy you have got to find as many ways as possible to reduce your risk. Many people do this by investing in several different bankrupt companies at one time thus spreading the risk as much as possible.

I suggest you watch a bankruptcy closely before you invest in one… do sort of a dry test run. You’ll notice several things; for instance the stock prices will plummet before bankruptcy but then when the bankruptcy is announced the stock will drop usually again sometimes as much is 50% more before leveling out for quite a while. The point is, there is a certain ebb and flow to these things that you’re going to want to familiarize yourself with before jumping in and investing with actual money.

Another way to spread out your risk is to invest in companies that have been in Chapter 11 bankruptcy for quite a while already. A brand-new bankrupt company is usually incredibly unpredictable and unstable as they go through systematic dramatic changes that are hard to foresee before hand. It can take up to a year to a year and a half before bankrupt company starts to stabilize in any noticeable fashion.

Finally if at all possible look for companies that still have profitable divisions. Many times bankrupt companies go bankrupt because one major division fails while at the same time many other divisions within the company still function perfectly well. These companies have a much greater chance of making it through bankruptcy because of the constant cash flow from the still viable divisions.

However you finally decide to jump into the game just be aware that this is not a play for everybody. Never commit the majority of your investment portfolio to bankrupt strategies, keep them a minor part of your portfolio mix and you’ll be much better off in the long run.

Jason Markum has been an article writer online for the last 14 years.  When he’s not writing about investing, he has fun running a touch lamp web site where he reviews cheap floor lamps for your house needs.


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Bankrupt Business in Canada Brings Major Exposure to Independent Recording Artists

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Bankrupt Business in Canada Brings Major Exposure to Independent Recording Artists











Jason Hill aka DJ Bankrupt


Edmonton, Alberta, Canada (PRWEB) November 9, 2010

With independent artists jockeying for space on quality outlets to promote their music, shows such as Music Money MixTapes, hosted by Canada’s DJ Bankrupt are a welcome resource for artists with skill and good music, but few truly effective programs to showcase their talents.

Canada’s DJ Bankrupt, who became known as the “Canadian Connection” in urban music circles, specializes in helping unsigned artists and independent record labels and has created one of the most influential urban music networks on the web over the past 2 years. His 10k + followers on twitter are mostly working DJ’s and artists which create a formidable movement once this personality gets behind a project. Utilizing social media and internet marketing strategies, DJ Bankrupt and his network cover just about every possible avenue for an artist to promote their music and gain worldwide market share. His efforts on behalf of indie artists have now begun to draw the attention of major artists and their labels looking to take advantage of the groundwork he has laid in creating this aggressive and effective marketing strategy which combines social media, blogs and live video broadcast outlets like Ustream.tv and uniquely branded email blasts to his opt-in subscribers.

DJ Bankrupt is the manifestation of the saying, “necessity is the mother of all invention”! Known to his family as Jason Hill, this master of mix tape creation and marketing was on the verge of actual bankruptcy when an artist named JQ, from Burbetto Productions, suggested he turn his extraordinary talents to the realm of music promotion and mixtape production. Investing some of his waning financial resources into the necessary equipment needed to get started and pulling together some of his contacts from the music world, Hill transformed himself into the now highly sought after persona of “DJ Bankrupt” and began the process of creating one of the most unique and influential promotional networks in independent music history.

“It started out as kind of a joke against the system, because I was actually bankrupt and then artists loved it, it was catchy, and stuck with me. Working with me is their way of saying they are upset with being screwed by the “industry”, and so I’ve garnered an almost cult like following on Twitter. It’s because, it’s all about them and not about me and they more than respect that”, says DJ Bankrupt.

Utilizing Innovative web based media options like Ustream.tv, Twitter, blogspot.com and music hosting sites such as the likes of Datpiff.com and Reverbnation.com, DJ Bankrupt looks to offer independent artists and labels a targeted audience actually seeking out the newest and hottest product outside of the standard offerings by commercialized platforms. DJ Bankrupt and his crew of independent working DJ’s combined with the social media and internet are working towards becoming the WEA (Warner/Electra/Arista) or Island/Def Jam equivalent on the web, by offering production, creation and marketing of branded mixtapes through a dedicated network. Artists benefit by having their product distributed and promoted with almost none of the expense or attachments incumbent with having a deal with a major label or distribution house.

DJ Bankrupt and his programs Music Money Mix Tapes, Mix Tape Mailbox and his Twitter creation #mixtapewatch are flourishing on the heels of Canada’s Hip Hop sensation, “Drake”, who is one of the first urban genre artists to make a world impact from that country. Recently, Hip Hop powerhouse Rick Ross’s label Maybach Music (via DJ Cox), discussed with DJ Bankrupt the idea of him hosting one of their branded mix tapes, a definitive statement as to the reputation this personality has begun to garner in the urban market.

DJ Bankrupts explains that, “Mixtape watch scans twitter for anyone putting out a mixtape and when it finds them, it retweets that information to the Dj Bankrupt audience and this is what has grown my following. Outside companies, have tried to mimic this but they can’t because they don’t grasp the social aspect, the human element. So even if someone has 25 followers on twitter, mixtape watch will find them and send that information out to 10,000+ people at no cost to the artist.”

DJ Bankrupt has also worked with some of the more notable independent artists including, So Presice and Double-P from California. Double-P of Phamous Nobodie Ent., has made headlines with his Tyga beef (Young Money Ent.) and Bankrupt is behind Double-P’s R.I.P mixtape, which boasts the most controversial song released this year. Tyga of Yung Money Ent., began his career with Phamous Nobodie Ent. DJ Bankrupt also officially, represents two working DJ crews, Lord Gang Djs, and Executive Squad Djs.

DJ Bankrupt’s Mixtape Mailbox show, broadcasts Wednesday and Saturday via Ustream.tv from 12 midnight to 2:00 am and is carried by WTS Radio on Wed, Saturday nights and Music Money Mixtapes Radio in Canada. Similar to the pattern begun by Master P, DJ Bankrupt drops a new Coast2Coast mixtape every month which are available on Datpiff.com, Thatcrack.com and the Canadian outlet, Mixconnect, among many others. Artists and labels may find out more about the network at http://www.musicmoneymixtapes.com or http://www.facebook.com/djbankrupt or on twitter.com/djbankrupt to contact DJ Bankrupt directly.

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What a nil tax coding means when bankrupt

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It is a general rule that any tax that is owed by you up to and including the tax year in which you are bankrupt will be claimed by the tax authorities from the Trustee or Official Receiver as a dividend. This means that in the year you are made bankrupt any tax that you pay will be collected by the OR and distributed by him.

So if you are employed and paying tax under Pay As You Earn (PAYE), you should ask your tax office to put you onto a ‘Nil’ tax code immediately after the bankruptcy order. The effect of this will be that you will be paid your wages with tax included within the pay. If for any reason this does not happen, and some tax is deducted after bankruptcy, this should be refunded to you by the Revenue. However, if you move to a different employer, this rule ceases to apply and tax should be deducted on an ‘emergency’ basis.

The NT code is applied to all income earned by the bankrupt after the bankruptcy order date, either until such time as there is a change in the bankrupt’s source of income, or the tax year in which bankruptcy occurs comes to an end, whichever event is the earliest. This means the bankrupt does not pay any tax on his/her income whilst the NT code is in force and is thus in receipt of additional income to that received prior to the application of the NT coding.

If you are self-employed, your duty to pay tax directly to the Revenue will no longer apply to the tax year of bankruptcy or any previous year. You start paying tax directly from the following tax year.

One exception to the last rule affects self-employed workers in the construction industry, who have tax taken off their earnings at a flat rate of 18%. This deduction continues after bankruptcy, and the amounts that are deducted between your bankruptcy order and the following 5 April are paid by the Revenue to your Trustee.

If the bankrupt changes income source/employer during the course of the tax year in which he/she is made bankrupt (which could include becoming self – employed having previously been PAYE employed), HMRC deems this to be a change in source of income, and a new tax code will be issued. The bankrupt will be required to pay tax on his/her earnings from the date of the change. The bankrupt also becomes liable for tax again on any income received from the start of the tax year following the year in which bankruptcy occurs.

Electronic notification of the bankruptcy order takes immediate effect which enables  the local tax office dealing with the bankrupt taxpayer’s affairs to identify where appropriate cases where the nil tax (NT) code will be applied.

The monies refunded to you an dleft in your pay packet as a result of the change to the  NT code are a direct consequence of the making of the bankruptcy order and should therefore be available for the benefit of the bankruptcy estate. This is not yours to spend. You must make this available to the OR. The surplus income that you have can be included by the OR in an Income Payments Agreement. So in effect, you will not pay any tax to HMRC but instead the amount that you would have paid in tax you will pay to the OR for the remainder of the tax year as an IPA.

In all cases, the OR should ensure that the bankrupt and his/her family are left with sufficient funds for their reasonable domestic needs even after the nil tax coding. In some circumstances it  may not be appropriate to require the bankrupt to consent to an IPA to collect the additional income resulting from the NT coding, if the bankrupt can demonstrate that this would cause him/her to experience financial hardship.

When an IPA based upon nil tax has been agreed and the bankrupt has signed the Tax and National Insurance Disclosure Authority (form TNIDIS) this can be forwarded to the local tax office with form IRNTC to request that HMRC forward notice of the NT coding to the official receiver’s agents to enable them to commence collection of the NT IPA.

If it takes time to implement the NT code and the bankrupt will then receive the overpayment of tax as a refund at the end of the tax year. HMRC have confirmed that the application of the NT code to a bankrupt’s income will not have any impact on a bankrupt’s claim for working tax credits

If you have any issues whatever regarding your tax coding or you think you may go bankrupt and want to know more please contact me.

For personal contact, email sthatcher@helpwithdebtuk.com. If you have any debt problem whatsover either personal or corporate make Steve your first call on 0808 160 5577. All telephone advice is free.


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