Others we have helped

Scott’s Story

Scott became ill with a serious medical condition and was not able to work for an extended period of time. Scott also had a wife and 3 children all under 10 years of age. Scott and his wife rented the house they were living in. In the lead up to and during his illness Scott had accumulated credit card debts and personal loans of approximately $230,000.

Scott was becoming more and more stressed by collection agencies engaged by the various credit providers.

Upon discussing Scott’s financial position we assisted him in entering into voluntary bankruptcy and acted as his Trustee in order that he could get a clean start – which meant that the credit card debts and personal loans were quarantined in the bankruptcy.

Scott’s medical condition is now well under control, he is employed and moving forward with re-establishing their financial health.

Bill’s Story

Bill was an electrician that operated his business as a sole trader. Bill’s spouse thought that his business was doing well – however as she was not actively involved in the business or the household’s finances and she was not aware of their true financial problems. Bill not only had not paid the business taxes for some time, but Bill also had a gambling problem which he was financing via credit cards and personal loans.

Upon Bill and his spouse meeting with us, we considered their financial position and discussed their options. In this regard, there was a jointly owned family home, jointly owned motor vehicles and a self-managed super fund.

We were able to help Bill and his spouse step through and deal with the equity position in the family home, as well as dealing with the motor vehicles. Importantly we also pointed them in the right direction regarding referral to a qualified accountant to assist them better manage their financial and the business, as well as introducing Bill to a specialist that assists dealing with gambling issues.

Steve’s Story

Stephen went bankrupt with a house he owned with his wife Mary that was worth $520,000 and had $500,000 owed to the mortgagee.

Upon Bankruptcy Stephen’s interest in the property now belongs to the Trustee of the Bankrupt Estate.

After Bankruptcy, once the Trustee had confirmed the abovementioned figures he agreed to sell the Bankrupt Estate of Stephen’s interest in the house to Mary for $10,000.

Mary now owns the whole of the house and only had to keep repaying the mortgage thus saving the house from all creditors.

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