According to a recent report by the Australian Financial Security Authority, the number of Australians declaring bankruptcy has soared to over 18,600 per annum in the last two years. Australian Bankruptcy Services (ABS) has collated the results of several databases and studies, both here in Australia and overseas, to identify the most common factors leading to people filing for bankruptcy:
Anthony Warner
4 Red Flags of Bankruptcy
Bankruptcy is a process that most people want to avoid, as it comes with some very serious consequences. Not only will a Trustee have to investigate your financial affairs and potentially sell some of your assets to pay back your creditors, but you will also have a mark on your credit file and a permanent record on the National Personal
4 Handy Tips for Debtors
Are you bankruptcy’s next victim? Bankruptcy affects thousands of Australians each year. In the first three months of 2015 alone, a total of 4,379 Australians filed for bankruptcy — a 5% increase from the previous quarter. The latest statistics from the Australian Financial Security Authority reveal that the most common age of insolvent debtors are people aged between 35 to
Trust in Your Bankruptcy Trustee
Australian Bankruptcy Services (ABS) offers one of Australia’s leading private Registered Bankruptcy Trustee services. We are leaders in the field of personal insolvency and can provide advice and professional administration regarding bankruptcy and any of its legal alternatives. The process of declaring bankruptcy can be extremely daunting. Many people choose to consult with a Registered Bankruptcy Trustee, be it for
Exploring your Bankruptcy Options
At Australian Bankruptcy Services (ABS), we understand the concerns that people face when deciding whether or not to declare themselves bankrupt. That’s why we are here to answer your questions and help you explore your bankruptcy options. At ABS, we offer comprehensive financial assessments to determine your current situation; in certain circumstances, you may be able to avoid bankruptcy. Our
The Role of a Trustee in Bankruptcy
May 21, 2015 The role of the Trustee in bankruptcy involves several duties, which must be carried out in strict adherence to the Bankruptcy Act 1966. According to Section 129 of the Act, the Trustee must take full control of the bankrupt person’s property. Furthermore, any properties belonging to the bankrupt automatically vest in the Trustee. A Trustee in bankruptcy
Are you bankruptcy’s next victim?
According to the Australian Financial Security Authority (AFSA), an alarming 4,379 Australians filed for bankruptcy in the first three months of 2015. This number represents a 5% increase from the December 2014 quarterly report, indicating a rising concern for the personal finances of many Australians. Personal insolvency is not a new threat; nor is it looking to go away anytime
Bankruptcy in Western Australia
If you are looking to file for bankruptcy in Western Australia, Australian Bankruptcy Services (ABS) can help. The team at ABS has had many years of experience in helping everyday Australians with one of the most daunting and difficult financial decisions they are ever likely to face. If you are considering filing for voluntary bankruptcy in Western Australia, seeking professional
Bankruptcy Can Affect Anyone
Newly leaked documents about the solvency of chart-topping pop singer Rihanna show that bankruptcy and financial problems can affect just about anyone. The documents reveal that the star was on the verge of bankruptcy in 2009, despite several of her songs, including popular hits SOS and Take A Bow, reaching number one on music charts around the world. The alleged
The Facts About Bankruptcy
Every year, tens of thousands of Australians become another bankruptcy statistic. But despite these rising numbers, the mechanisms behind bankruptcy, and all of its implications, are often not well understood. This leads to misinformation, misconceptions and unnecessary stress for those who need bankruptcy advice. The truth is that, just like all things of life, bankruptcy is made up of both
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