Let’s face it, $50,000 is a considerable amount of money! You could buy a franchise, put a down payment on a property, settle your student loans, or perhaps travel the world! The reality is though, weddings are a celebration of two individuals who commit to devoting the rest of their lives with each other. Sure, we ‘d all prefer to have the wedding of our dreams, but we shouldn’t lose sight of what’s really important.

While I’ve never walked down the aisle myself, I have a close circle of friends, and two of them managed to pull off the most remarkable weddings on a shoestring. Indeed, it didn’t feature classy bridesmaid parties and catering for 500 guests, but it was unique, intimate, and almost everyone who came had the time of their lives. If you’re planning a wedding on a budget and looking at ways to save money, then here’s how.

Location
There’s lots of ways to save thousands of dollars on your wedding venue alone. One of the most magnificent weddings I attended was in the backyard of a friend’s house. Other alternatives you could think about is hiring a local park for the day, or maybe the beach. The ambience is magnificent, you can personalise your wedding to precisely how you want it, and the costs are remarkably low. If you make the decision to have your wedding in a public area, just remember to speak to the local council and make reservations well in advance.

Wedding Date
Although many people prefer their weddings on a Saturday, the prices of venues are far more expensive on Saturday than any other day of the week. Contemplate having your wedding on a Friday or Sunday where Monday is a public holiday. The time of year will additionally have a dramatic impact on the fees of your venue. If you’re dead-set on having your reception in an indoor location, then reserve your wedding date in winter and you’ll save around a third of the costs for venue hire itself.

Photography
The fees of a professional photographer will commonly cost close to $4,000 for the whole day. With the remarkable specs of smartphone cameras nowadays, look into hiring a professional photographer only for the formalities and ask your buddies to take photos over the course of your wedding. You can create a hashtag on Twitter and get your friends to post their pictures, ensuring that there’ll be loads of natural photos that emulate the true spirit of your special day.

Food & Drinks
If you really intend to save money, then catering companies are your key target! They charge outrageous prices and aren’t really necessary at all. Think about putting together your own food and drinks and don’t be afraid to go against the grain here.

You could hire a wood fire pizza truck that offers gourmet pizza, or look at hiring someone to roast a whole pig in the ground and make the sides on your own. For me, there’s nothing better than a pulled pork burger with delicious sauce and cheesy smashed potatoes! Always remember that most of the time, being different is much more memorable than being customary. Also, look for a venue that allows you to bring your own alcohol. You’ll save a pile of money this way, and you’ll have the ability to discuss a substantial discount when buying in bulk.

Don’t Borrow Money
It’s not out of the ordinary for couples to borrow money to cover their weddings, not understanding how tough it can be to repay. Not only will you be paying for the wedding itself, but also interest on top of that, which can often times take years to pay off. If you’ve had a luxurious wedding and found yourself in financial trouble, always seek financial help sooner rather than later. The sooner you take action, the more options will be available. For any financial advice regarding your personal circumstances, reach out to Bankruptcy Fremantle on 1300 818 575, or visit our website for additional details: http://www.bankruptcy-fremantle.com.au/

A lot of us have dusted off the mistakes of our 20’s and learned a thing or two, however this decade of our lives is the time when we really need to grow and genuinely look into our financial position. We need to prioritise commitments, such as our kid’s education and retirement account, and take the most appropriate steps to acquire a promising financial future for you and your loved ones. Life can definitely get more complex in your 30’s, however by prioritising a few key aspects of your finances, your money doesn’t have to be nearly as complicated.

By making minor lifestyle changes, you can substantially enhance your financial circumstance now and in the decades ahead, so here are some personal financial goals that everyone in their 30’s should take into consideration.

Extend your emergency fund
Hopefully you started an emergency fund in 20’s, saving enough funds for a few months’ worth of costs. This is an excellent goal to attain in your 20’s, but making more money and having increased financial duties in your 30’s indicates that your emergency fund becomes considerably more important. Financial experts highly recommend that people in their 30’s should have at least six to 12 months of living expenditures saved in their emergency fund. Don’t forget, moving back in with your parents is far more problematic in your 30’s, particularly if you’re a parent yourself.

Examine your insurance coverage
Commonly, people’s circumstances change considerably in their 30’s. You may have purchased a new home, a new car, or have started a family, so it’s very important that you review your insurance policies so they’re up-to-date. It’s also a smart idea to have a look at income protection and life insurance combined with your existing insurance plans. Even if your personal situation hasn’t changed in your 30’s, you should nevertheless examine your insurance coverage a few times a year to make sure that you’re receiving the best rates and premiums.

Increase your retirement savings.
Now is the time where you should start increasing your retirement contributions, specifically if your workplace features a salary sacrifice plan. Making voluntary super contributions is a great way to grow your nest egg, so if you receive a pay rise, consider using the additional income towards your retirement savings. As well as this, if you begin a new job or career, always ensure that use the same super account which will markedly decrease costs and maximise your retirement growth.

Live well below your means.
When you find yourself having more financial obligations, you should examine your budget and make sure you’re living well below your means. The trick to boosting your wealth is to increase the gap between what you earn and what you spend. You’ll likely have to trim some expenses like eating out or cable TV subscriptions, but the more money you save, the quicker you’ll reach your financial goals. It’s also recommended to look at percentage of income saved in lieu of dollar amounts, as this makes it much easier to find out which expenses can be lowered to ensure you’re always saving more than you earn.

Seek financial help sooner rather than later.
If you’re finding it difficult to make mortgage repayments on time or you’re falling deeper into debt, seek financial assistance as soon as possible. Normally, the sooner you act, the more possibilities will be available to you. Lots of folks suffer financially for several years prior to seeking help, and not only are they in a far worse position, but it is also completely unnecessary! There are many options available for those in financial trouble, so if you require any financial help, reach out to Bankruptcy Fremantle on 1300 818 575, or visit our website for further information: http://www.bankruptcy-fremantle.com.au/

The fact of the matter is, the earlier you begin saving money and building wealth, the better your financial condition will be in the upcoming years. Regardless of whether you choose to get married, start a family, or invest in a house, there are a number of financial goals that every individual in their 20’s should attempt to reach to secure a better a future. In this article, we’ll be taking a closer look at these targets and how you can begin developing healthy financial habits.

Create a budget
Building healthy financial habits begins with understanding how to budget. Being able to spend less money than you make is the key to saving money, so start taking control of your money by setting up a budget and following it! With a paper and pen, jot down your monthly income and expenses. Take a look at your expenditures to find out which can be cut down, or which can be eliminated completely. A few ways to reduce your expenses are opting to eat at home in lieu of eating out and transferring your Cable TV subscription to streaming services like Netflix instead.

Eliminate your debts
Regardless if you’ve travelled overseas or have student loan debts, the faster you repay these debts, the better. Interest compounds as time passes, so paying off your debts by cutting down expenditures or working a second job can save you thousands of dollars in only a couple of years. These savings can then be invested in a high-interest term deposit as an example, which will place you in a far better financial position than just making the minimum monthly repayments on your debts.

Develop an emergency fund
Life hardly ever works out the way you planned, so it’s important to be prepared for any sudden adjustments that might be needed. You might find yourself unemployed, or in an incident that stops you from working, so having an emergency fund will be able to give you some breathing room when you need it the most. Financial specialists recommend that all individuals should have a devoted emergency fund that is capable of supporting their living expenses for 3 to 6 months.

Be insured
Insurance protects you financially from any adverse consequences, for example income insurance in case you lose your job, health insurance for unpredictable medical expenses, and vehicle insurance in the event your car is stolen. Though it’s not always sensible to get every form of insurance available, it’s certainly a wise idea to evaluate your individual circumstances to see which is best suited to you. For instance, medical insurance is strongly recommended for everybody due to the high costs of uninsured medical treatment. Without insurance, an unplanned incident may cause significant damage to your financial situation.

Invest in a diversified portfolio
If you’ve managed to save a particular amount of money that is otherwise sitting idle in the bank, consider investing this money in a high-interest term deposit. When you’ve got more money saved, think about buying some property, or investing in gold. The key to a sound investment portfolio is ‘diversification’, meaning that you manage the risks of investment by putting your eggs in different baskets, so to say.

Seek financial assistance as soon as possible
If, for whatever reason, you’ve found yourself in financial turmoil, the best advice is to seek financial assistance immediately. A lot of people wrestle with financial issues for several years before seeking help, which puts them in a worse position as their debts will only compound with time. The sooner you get financial assistance, the more options are available to you, so if you need any assistance with your financial condition, get in contact with the specialists at Bankruptcy Fremantle on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-fremantle.com.au/

Having carried out some research, I’ve discovered there are a multitude of ways in which we can all save on food expenses. It goes without saying, dining out at restaurants is much more expensive than eating at home, but I’m talking about saving money on your weekly grocery bills. You’ll be surprised at just how much money you can save by sticking to some general guidelines, so here are some simple tips that can save you thousands of dollars every year on your food bills.

Plan your meals and write a shopping list
Have you ever had to throw away food because it’s past its expiration date? I know I have! By planning every meal of the week, you can be sure that you only spend money on food that is needed. Take a look in your pantry to find what ingredients you already have, which ingredients you have to buy, and write a list of all the ingredients you’ll need for the upcoming week.

Many of us are regretful of impulse buying at the supermarket, so planning your meals and purchasing only the ingredients on your list will substantially lessen any impulse buying. Don’t forget to always keep a pen and paper in the kitchen, so when you run out of a particular ingredient, you can write it down straight away and possibly prevent a 2nd trip to the grocery store. And always shop for food on a full stomach!

Don’t bring your children to the grocery store
Sometimes it can be difficult to organise, but if you go grocery shopping when your children go to school or in the evening when there’s somebody to watch them, you’ll save loads of money. Not only can you shop a lot quicker, but you don’t have to drain your energy by saying ‘NO’ to your kids every aisle. Typically this can become overpowering, so a lot of people will give up occasionally, and these unnecessary products will add up over the year much more than you’d imagine.

Shop at night
Speaking of shopping at night, you’re more than likely to spot the best prices at this time of day. Large supermarkets will typically discount goods when they’re overstocked, and perishable goods such as bread, fruit and vegetables will also likely to be discounted. While it may seem a little bit cruel after a long day, you can bag a lot of bargains by shopping in the evening.

Buy in bulk
It should come as no surprise that buying in bulk will save you money, especially on discounted items. Be cautious though, you don’t want to buy too much and throw away food, but always bear in mind that you can cook meals and freeze them for a later time. Bread, cheese, and butter will keep around three months in the freezer, and meat will normally last up to six months. Just ensure that you have enough room in your freezer first!

Try discounted grocery stores
Discounted grocery stores like Aldi will always have products that are much cheaper than the supermarket giants like Woolworths and Coles. Nevertheless, some products will be more costly, so try finding bargains at discounted grocery stores prior to visiting your normal supermarket. While you may not recognise some of the brands, the quality of the food is pretty much the same. The structure is also different, so it may take a bit of getting used to, but if you want to save money on food then this is a fantastic idea.

If you’re dealing with financial difficulties, always keep in mind that there are simple ways to save a great deal of money on one of your largest expenditures. By making some minor changes together with a dash of self-discipline, you could potentially save thousands of dollars annually on your grocery bills.

If you find that your financial position is still worsening, it’s always better to seek financial guidance sooner rather than later. Speak to the specialists at Bankruptcy Fremantle on 1300 818 575, or visit our website for more financial advice: http://www.bankruptcy-fremantle.com.au/

With the new year upon us, now is a fitting time to look at your financial state and plan to track your spending habits and cut down on unneeded expenses. After all, saving money means earning greater than you spend, so here are the top ways you can save money in the new year to obtain a better future for you and your family.

Review your financial situation
If you don’t understand your financial scenario, then there’s pretty much no way that you can strengthen it! Being able to make reliable financial decisions begins with knowledge and understanding where your money is being spent. The majority of the time, it’s hard to track our expenses, so it’s a sensible idea to start keeping your receipts and overviewing your expenses weekly to gain a better understanding of your spending habits. This is the most crucial step in being able to save money. Now, let’s discuss some specific money saving practices.

Groceries
Saving money on groceries is far easier than you would believe. The trick is to plan your meals a week in advance before you go to the grocery store. Once you’ve planned your meals and the related ingredients, prepare a list and stick to it! Don’t go grocery shopping hungry either, that’s a sure way to spend needless money impulsively. It’s also a smart idea to have a paper and pen in the kitchen, so when you run out of a particular ingredient, you won’t need to make a second visit to the grocery store in case you forget.

Electricity
Electricity is another practical way in which you can cut down costs by making some minor adjustments. The most efficient way to save electricity is by switching off devices at the power point when they’re not being used. Although the appliances aren’t being used, an active electricity socket continues to use electricity, and these expenses can really add up in time. Other ways to reduce electricity is to use fans instead of air conditioners, switching off lights that aren’t being used, using hot water bottles as opposed to electric blankets, and using a clothes line rather than a dryer.

Entertainment
We all have to let off some steam after a hard day’s work, so a glass of wine and some cable TV works for the majority of people. The fact is, cable TV is a considerable expense that is rarely used to its full capacity. Take a look at switching to streaming services like Netflix or Hulu which cost close to $10 a month in contrast to the average $70 a month for cable television. That’s a saving of over $700 a year alone. Additionally, instead of eating in restaurants with friends once a week, try hosting a dinner night where every person brings a dish and their beverage of choice. You can rotate hosts, save heaps of money, and never need to be concerned about being too noisy!

Invest your savings
While the above suggestions are far from comprehensive, saving money by making trivial changes gives you more financial opportunities to improve your life. You could use these savings to enjoy a family holiday once a year, or you may wish to invest your savings in a diversified investment portfolio. Whatever you chose, the fact of the matter is that we can all make small sacrifices to save money which can be used to improve our lives.

Struggling with Debt?
If you’ve found yourself in a position where you’re continually dealing with debt and can’t see any way out, there are several options available for you. You don’t need to live your life in fear and stress, and the faster you act to remedy your situation, the more possibilities will be available for you. If you need professional advice on any financial troubles that you’re currently facing, don’t wait any longer. Talk with the specialists at Bankruptcy Fremantle on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-fremantle.com.au/

If you’ve come to a decision that you wish to improve your financial health in 2018, there’s a decent amount of preparation and planning needed. To achieve considerable financial improvements in your life, it’s important that you focus on the things you can control and to assess your progression on a regular basis. To give you some insight on how you can do this, the following outlines some suggestions that you should follow if you choose to enhance your financial well-being in the forthcoming year.

Set clear financial goals
Studies reveal that merely writing down goals noticeably increases the chances of you accomplishing them. In a monetary sense, writing down precise goals with an expected timeline not only increases the likelihood of you achieving these goals, but you’ll likewise understand what is most important to you.

Certain financial goals, such as retirement, may require the assistance of a financial planner, but there are many basic, obtainable goals that you can plan on your own, for instance buying a vehicle, saving for a home deposit, or setting up an emergency fund for a rainy day. It is very important that you take small steps to achieve these goals, and examining your progression frequently is the key to success.

Increase your savings
Most people have no idea how much money they save each year, so it is very important that you establish an actual dollar amount that you want to save for the forthcoming year. Regardless if you achieve this goal or not isn’t the issue, the fact that you’re creating specific goals and planning ways to accomplish these goals is the most important aspect.

Simple ways to increase your savings account is to increase your superannuation contributions (and possibly Government payments), or set up an automatic deposit into an emergency fund or high interest savings account each week. Regardless of how you do this, increasing your savings will bolster your net worth and general financial health.

Track your spending
Understanding just how much you spend each month is crucial in being able to increase your financial health. Keeping every bill and receipt and manually producing a spreadsheet is one way to do it, but there are a couple of fantastic apps that keep track of your spending on the go, providing you with a detailed indication of how much you’re spending with hardly any effort needed.

ASIC’s TrackMySPEND app (https://www.moneysmart.gov.au) is a reputable and effective tool that helps you realise your average monthly and annual spending, so you can better plan and achieve your financial goals. If this doesn’t satisfy you, there are many other apps on the market, so don’t be afraid to test a couple to find which is best for you.

Examine your home loan and insurance policies
Revising your mortgage and insurance policies is an effective way to increase your savings. For instance, you should be checking how your current mortgage and insurance policies compare with other providers on an annual basis. Lenders change their policy structures regularly, so chances are you can acquire a better deal if you do a bit of research.

Even small decreases in interest rates can save you thousands of dollars annually, so it’s most definitely worth the time and effort! If you find a better offer somewhere else, don’t hesitate to ask your existing provider to match it, and equally, don’t be afraid to change providers if they don’t. There’s plenty of online resources which can effectively guide you through this process.

Seek advice as soon as possible if you’re experiencing financial hardshp
Improving your financial health doesn’t always equate to increasing your savings and emergency funds. Many individuals suffer through years of stress from financial problems without understanding that there are a number of options available to them to improve their financial wellbeing.

If you’re experiencing any financial grief, the sooner you seek professional advice, the better your recovery options will be. For any advice pertaining to your financial situation, don’t hesitate to speak with Bankruptcy Fremantle on 1300 818 575, or visit our website for additional information: http://www.bankruptcy-fremantle.com.au/

For the past 3 years, you’ve had no debts to pay off so your credit history has nothing to show other than a bankruptcy mark against your name. There’s been no movement on your credit report, so a blank page will make banks and lenders reluctant in lending money to you simply because they can’t inspect your repayment behaviours. Repairing your credit history is the best way to get your finances back in order, and make your recovery process as smooth as possible.

Ways to rebuild your credit report after discharge?
Due to the fact that lending institutions haven’t been able to evaluate your financial management skills for the previous three years, you have to start presenting healthy financial habits. Here’s a list of ways in which you can do this

1. Regular employment
Achieving regular and ongoing employment is a terrific way to increase your financial security and demonstrate to lending institutions that you have a regular source of income. Regular employment will allow you to increase your savings and enhance your overall financial situation, leading to a better credit rating.

2. Increase your savings balance
Your savings account is an asset, so increasing your savings balance in time will show financial institutions that you are financially sensible and are capable of making loan repayments. By putting money into a specialised savings account each month, even a small amount, will improve your credit history.

3. Limit your credit applications
Every time you apply for a line of credit, it is registered on your credit report, so too many credit applications can adversely impact your credit rating. After being discharged, it’s crucial that you are pragmatic and cautious about the kinds of credit you apply for to increase the likelihood of approval. It’s best to make an application for only one line of credit at a time, and remember that secured loans and options with a guarantor or joint accounts will increase the likelihood of approval.

4. Think about a term deposit
If you’ve had the opportunity to save money throughout your bankruptcy period, think about investing part of it into a term deposit account. Not only will you accrue interest and strengthen your overall financial position, it will likewise show loan providers that you are financially dependable. As a result, the likelihood of acquiring a loan will be increased which leads to an improved credit rating.

5. Always make repayments on time
One of the most important things you can do as a discharged bankrupt is to make any kind of repayment on time. Whether it’s your rent, electricity, or even a secured loan in your name, making these repayments on time will most certainly improve your credit report and increase the confidence that lending institutions have in your financial management abilities.

6. Don’t hesitate to talk with loan providers
If you intend to make an application for a line of credit after your bankruptcy period, or find out what types of options are available to you, don’t hesitate to talk with lenders or other financial institutions to review your situation. They are in the best position to advise of your eligibility, and provide advice on what options would work best for your individual circumstances.

Be cautious of credit repair agencies
There are numerous credit repair agencies that will make all kinds of promises to improve your credit record. Although some of them are useful in challenging any incorrect listings on your credit history, they may not be able to do anything else to improve your credit report. The Government’s MoneySmart website (https://www.moneysmart.gov.au/) advises discharged bankrupts to be “very careful” of these companies since they “may not always be able to do what they claim they can”.

If you require any assistance in rebuilding your credit report, or have any inquiries with respect to your recovery process after bankruptcy, it’s always best to seek advice from qualified professionals. Talk with Bankruptcy Fremantle on 1300 818 575, or alternatively you can visit our website for further information: http://www.bankruptcy-fremantle.com.au/

While some individuals have the financial ability to shower their loved ones with luxurious gifts and lavish functions, many of us need to be vigilant to spend within our means so our Christmas joy can smoothly sail into the New Year. So with this being said, I want to share with you some useful ways of celebrating Christmas, without breaking the bank.

1. Set a Budget

Whilst it may sound cliché, it’s vital that you set a budget and adhere to it. Draft a list of all the gifts you’ll be giving and calculate the total amount. The majority of the time, it will be far more than you figured. Use this as encouragement to think outside the box (pardon the pun!) and make some changes so you can stick to your budget. You could have a garage sale and sell items that aren’t being used any longer, speak with friends and family about a setting price limit for gifts, or perhaps think about making gifts yourself! ASIC has published a marvelous app to monitor your Christmas spending called TrackMySPEND (https://www.moneysmart.gov.au/) which I’m sure many of you would find valuable.

2. Shop Online

Whilst many people find pleasure in strolling through department stores and basking in the breathtaking Christmas displays, almost all the same products are available on the web at much cheaper prices. Take advantage of comparative shopping websites like Google Shopping, Nextag, or PriceGrabber to find what you’re searching for. These websites are extremely competitive and will almost always have discounts that can save you a bundle. Although shopping online will be more affordable, you need to take extra precaution to ensure you get what you paid for.

3. Rethink your Christmas Cards

If you’re one of the many families who send Christmas cards to all your family and friends, you’ll have an idea that the costs of this exercise can be somewhat expensive. It’s no surprise that only few of your friends and family will actually keep these cards so it’s basically just money down the drain. Rather, why not send a family Christmas video message online? There are heaps of apps on smart phones and tablets that enable you to send fun and amusing Christmas videos that can be sent digitally at no charge at all. Conversely, you can always make your own Christmas cards with personalised messages and have your little ones draw pictures to make them super special!

4. Wrapping Paper

An artistically wrapped gift can make a dramatic difference, even with the cheapest of presents. Christmas paper can be rather pricey, so look into purchasing plain brown paper and adding a festive ribbon from a craft shop which will look a lot better than Christmas paper. You can even re-use brown paper bags that are regularly given at clothing stores. Conversely, consider buying plain red, gold, or green paper which can also be used as birthday presents throughout the year. Don’t forget, a number of department stores will wrap your gift for free, so don’t hesitate to ask!

As you can see, Christmas celebrations doesn’t have to break the bank. Unfortunately, however, many people spend beyond their means and find themselves in financial turmoil in the New Year. If you end up in this position, it’s better to seek professional advice sooner rather than later. There are many options available to you; all you need is the right advice. For any guidance on financial problems, get in touch with the specialists at Bankruptcy Fremantle by calling 1300 818 575, or alternatively visit our website for further information: http://www.bankruptcy-fremantle.com.au/

Securing the ideal financial advice in Fremantle with bankruptcy is a great deal similar to that little boy’s journey, chock full of risk and hazards, and usually skewed for the advantage of the individual supplying the advice. In most cases you’ll get bitten unless you understand what you have really picked up long before you move forward (steer clear of the rattlesnakes). I discovered the dilemma with getting financial advice as a teenager, and it has been key to bankruptcy. I ‘d been working hard for a couple of years, and saved up a modest amount of money I wanted to invest. It was the early 1980s so interest rates were actually fairly high and investing your money was quite rewarding. I spent a few years analyzing various investment possibilities, and I went to visit a few financial advisors. It was clear that they had more money than I did: they had good suits and plush offices, they all seemed to exhibit confidence and have all the solutions. What hit me was that they all had a really different idea of just what I should do. This puzzled me so much that it put me off the whole idea of going with any of them.

I’m sure that you have learnt more than enough online to be totally puzzled about bankruptcy and just exactly what to do. It would probably be much easier for me to help you take in the nature of the financial snakes you may be taking hold of while you are aiming to get to the bottom of your financial troubles in Fremantle. Basically, you need to try and determine what your overarching choices are, do your own research into where to press on with your plan for bankruptcy, and after that approach what you feel is best in Fremantle for your needs. In a nutshell, you have 3 options for who to turn to.

The first choice is a Solicitor– This may appear like the go-to chance when you seem to be in trouble. But undoubtedly there is only just so much support they can provide on this issue. There are absolutely specialist legal advisors in bankruptcy, but their experience comes along with a hefty price.

Another option you may think of is your accountant– they are very helpful and vital to the program of managing your business, but for the most part, when you are thinking about bankruptcy, your accountant won’t be very much help to you any more.

Your best option? A Financial Counsellor that can outline debt consolidation, personal insolvency agreements, and essentially all you have to know when it involves bankruptcy.

If you wish to learn more about what to do, where to turn and what issues to ask about bankruptcy, then feel free to talk to Bankruptcy Fremantle on 1300 818 575, or check out our website: www.bankruptcy-fremantle.com.au.

When it involves bankruptcy and employment in Fremantle, what I would suggest is that you do your own homework here, do the research and look at that process to start with before declaring bankruptcy – considering that this may help you make a decision. Check to see if your job is on the list below. If it is, I ‘d consult with them directly and clear up your situation. Some affiliations won’t have an issue with your bankruptcy provided that it wasn’t accompanied by unscrupulous or questionable behaviour.

If you are impacted by this area of bankruptcy and licences, in many cases you will likely not lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your career happens to be on the checklist and you’ve gotten in touch with them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be one of those unusual times when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in many cases you don’t need to leave the industry you are working in; you just need to work under another’s Licence temporarily. In the building sector this is especially useful: if you’re an electrician for instance, there is nothing stopping you partnering with another electrician in Fremantle under their Licence.

Please look at the table below, it deals with the license and company part of bankruptcy. It’s arranged on a state by state premise, and you’ll realize that there’s a listing called “Operating a business.” Please don’t fret if you run your own company. Just one of the limitations of bankruptcy is you can’t be a director of a business, but all this really means is that you will have to restructure your business.

Simply for your peace of mind I’ll tell you now that you can still own and run this business as a sole trader. There are no limitations: you can hire staff and turn over any level of money. Typically people who run their personal business have debts that are business related and it can come to be extremely complicated, so it’s best to obtain some experienced advice as opposed to going it alone.

If you would like to learn more about what to do, where to turn and what questions to ask about bankruptcy, then feel free to get in contact with Bankruptcy Fremantle on 1300 818 575, or check out our website: www.bankruptcy-fremantle.com.au.