however, that whilst bankruptcy is becoming all too common in our day and age, knowledge of the matter is not so common. For example, did you know the term ‘bankruptcy’ only applies to the personal financial situation of an individual and owners of a sole trader business? however can’t pay its debts, it goes into what is known as ‘liquidation’ and stops operating. The term ‘bankruptcy’ is so often misused a solid understanding of the term, eligibility and consequences is the first step to becoming your own bankruptcy expert and taking control of your financial situation.
In order to lessn the financial and psychological impact of bankruptcy, it is also important to learn how to recognise the signs and symptoms of an impending bankruptcy. Learn to regularly ask yourself these common questions:
- Are you living from pay to pay?
- Are you treating your credit card as your main source of finance?
- Are you maximising your credit cards, yet repaying the minimum?
- Are you paying unnecessary late fees and receiving endless phone calls from debt collectors?
- Are you behind in your rent, mortgage or electricity payments?
- Are you unsure of what you actually owe?
- Are you lying to yourself and others about your financial situation?
Your answers to the above will offer a clearer indication of your economic situation and allow you to a more proactive approach with your finances.
Finally, becoming your own financial and bankruptcy expert recognising and accepting when to pull the plug and seek professional assistance from a qualified bankruptcy expert. Working closely with you, a bankruptcy expert will analyse your current financial affairs, evaluate your liabilities assets and determine if bankruptcy is the most appropriate option.
For expert advice from a qualified bankruptcy expert, contact CRS Insolvency Services today. With years of experience assisting in the insolvency and bankruptcy cases of Australians that of notorious stockbroker Rene Rivkin, you can rest assured that CRS possess the bankruptcy knowledge and expertise to take on your case. Contact us on 1800 210 073.