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For the purpose of further understanding of various situations, please read the following case studies of former clients, plus their testimonials broken up into the different categories.
Names have been changed to ensure we maintain confidentiality and privacy for our clients which is of utmost importance.
SITUATION
Sally called me and was quite distressed with her financial situation. Although she did not have credit card or personal loan debts, there was a large debt with the ATO which she had been trying to work out for years. When Sally first knew of the debt, it was after she had stopped working and started her family. Naturally, Sally did not have the income to pay this debt off. Living on one wage with a young family was stressful enough, let alone trying to work out how they could manage the ATO debt.After talking to Sally, it was evident that even if she was able to re-enter the workforce, paying for childcare meant they would be no better off and it would not allow her the additional funds to come to a payment arrangement with the ATO. Sally has begun building a website with the intention of beginning a home based internet business, however, at that point of time, there was no income being generated.
SOLUTION
We prepared and lodged voluntary bankruptcy documents for Sally within a few days at a one off cost of $499
RESULT
Last time I spoke with Sally I could tell from her voice that the ‘panic’ over her situation had subsided and she was feeling so much better. She is now able to concentrate on her young family and focus on her start up business without the worry and negative impact the debt had on her family. Sally offered to add her feedback to this page which we gratefully accepted.
'I carried around a sick feeling in my stomach knowing that we had such a large debt hanging over our heads. With 2 children under 4 the daycare fees were just too high for me to go back to work so placing the responsibility of a debt that I had held on my husbands shoulders who was already responsible for financially supporting our family was just heart wrenching. This was until I called Karen! She was so positive, approachable and understanding that I immediately knew she would do anything to help us out of our morbid situation. Now that we are debt free, our relationship has lost all its tension and we can start to enjoy our young family with a positive outlook towards the future.'
Fiona was a young woman just starting out in life. She had a wonderful job which she loved and a happy partnership. Unfortunately, Fiona had fallen prey to the trappings of credit cards which left her extremely stressed and scared. Because she had a stable income, offerings by financial institutions to take up a new credit cards seemed like a good idea at the time – until they mounted up. Thinking it would be helpful, she took advantage of transferring debts from one card to a new interest free card with the intention of cutting up the old card but that plan backfired. Soon the debts became so high she was taking cash advances to repay minimum repayments on other cards. It was a downward spiral. Fiona did not commit any crimes. She simply got caught up in a credit card life sentence! Fiona owned a car but had no other assets.
We prepared and lodged the paperwork for voluntary bankruptcy for Fiona. This was all done quickly and efficiently for a one off fee of $499
Fiona is totally relieved that she is now in control of her finances. She has learned from the past and has vowed to stay off the credit merry-go-round and live on what she earns from this point forward. She was able to keep her car as the value was under the allowable threshold for vehicles under the Australian Bankruptcy Laws. Last time we spoke she sounded very happy and certainly nothing like the frightened self blaming person I spoke with originally.
I was drowning in debt and I was so scared to admit the reality that I might have to become bankrupt. After one phone call with Karen she reassured me that my life was much more important than any money that I had to pay back and that I could start fresh. She lifted the weight off my shoulders and now I wake up so much more light and ready to get my life back on track. Karen's efficiency made this process fast and pain free and I have her to thank for the happiness I'm experiencing right now.
SITUATION
Caroline is a single woman who works full time in the travel industry. Unfortunately, a change in job amounted to a large reduction in her pay packet. Caroline has always been an independent and hard worker so tried for months to make ends meet on her meagre wage and found herself getting further and further behind on her every day payments. Soon her savings had been eaten up just paying her bills and the minimum payments on her debts. By the time we spoke over the phone Caroline wasn’t sure how she would be able to pay her next months commitments. Understandably she was extremely stressed and had not slept well in months. One of her debts was a car loan on the vehicle she drove. Naturally she was worried she would not be able to keep her car.
SOLUTION
Caroline came to see me the at our home office the day after we had spoken over the phone. It was decided the best option for her would be voluntary bankruptcy We went through all the paperwork she brought with her and I promised to have everything ready for her to sign within a few days. Caroline was able to keep her car as it was a secured loan and without other debts, it was affordable.
RESULT
Caroline is now loving life once again. The stress has gone and she is back to her bubbly self. Her car payments are manageable and she is quite happy she cannot obtain credit for a few years and is no longer chasing her tail financially
I was in a mess - No Sleep, On the verge of just falling to pieces, Wondering where all this money was going to come from, that I owed. Borrowing from Peter to pay Paul. After months and months of this - I considered Bankruptcy - I wanted someone that I felt comfortable with - someone that I could just, chat to all about the mess I was in. I had called 2 other companies before calling Karen. One was a total Bully and made me feel like I was just a number and then he wanted to charge me $1500.00 for the service (he even offered to put it on my Credit Card who does that) - and then more fees on top every-time he did something for me.
It was just pure gut instinct, I did not feel so comfortable so I made 1 more call and that was to Karen - and I have to tell you that was pure relief. Friendly - Helpful - 1 Fee of $499 and no more - She was there the whole way through the process for me. For anyone that is in this situation I would have absolutely no qualms at all in recommending Karen to help guide them through. The day I left her office - was the first time in a long time that I went home and a a full 8 hours of uninterrupted sleep - she just has this way of making you feel calm and that everything is going to be okay
SITUATION
I was contacted by Tracey Chester (real name) who is an accountant. Tracey was inquiring for a friend of a friend who was in financial trouble. We will call him Jimmy for this exercise. Jimmy is a tradesman who has worked hard all his life. He was operating as a Company and was Sole Director. Jimmys’ strength is in his skill set as a trades person, NOT in business skills. Unfortunately, throughout many years, he neglected to put aside for his taxes, both personal and company even though he earned a substantial income. The fact is that Jimmy did not need to operate under a company, he could just have easily worked as a Sole Trader under an ABN. When I eventually spoke with Jimmy, he was not coping with all the financial stress.
SOLUTION
Fortunately, Tracey was able to compile and send through the required information for me to complete and lodge the voluntary bankruptcy documentation. We were able to avoid a company liquidation as Jimmy did not have the finances to manage this.
RESULTS
Whilst I advised Jimmy he could continue trading under a Sole Trader ABN once bankrupt, he chose to work under wages to ensure he did not incur any future debts. He is earning the same income which is over the current threshold income limits. Jimmy is quite happy to pay the 50% income contributions over and above the threshold limits as this frees him of any future worries of not being able to effectively complete the business side of working for himself whilst still enjoying a high and solid income.
I have been an accountant for over twenty years now and in all that time had never had a client go bankrupt before this year. Having nowhere to start but the internet I contacted several places on behalf of my client to try and learn what the process was and choose someone to recommend to him. After several unsuccessful calls I came across Karen at All About Bankruptcy and could not have been more pleased. My client is a less than sophisticated when it comes to anything financial and I was a totally new comer. Karen was only too pleased to walk us both though each step and was nothing but patient with my client even when he turned it into a very long drawn out process. I will feel much more confident the next time I have this issue and I could not recommend Karen and her business more highly to anyone needing these services.
SITUATION
Jamie and his Mum Anita were joint directors of a company. Within that company they owned and operated a Cafe/Restaurant with Jamie taking charge of the kitchen and Anita running the restaurant. Although they had a good following and lots of positive feed back from customers, with the current economic climate, the figures took a steady decline. As with many businesses, putting aside for taxes is often the last thing they can manage to do. They both rallied and tried to do whatever they could to keep everything going, putting in long hours, streamlining menus etc with the aim of making the business more profitable and catching up on the debts. They even re-branded the cafe/restaurant and re-vamped the decor which turned out to be a winner with the public and business began to recover slightly. Sadly, it was too late to catch up despite their best efforts and positive feedback on the food and new vibe. They had become too far behind on their tax and lease obligations.
SOLUTION
After a few lengthy discussions over the phone, it was clear to me that both Jamie and Anita had totally worn themselves out with their mammoth efforts, long hours and constant debt worries. It was evident that even if we wanted to try to save the business, they had both become too stressed and their health was beginning to suffer. We were able to call in the liquidators to take care of the company assets and wind up the company while I began to work on their personal bankruptcies. As stressful as it was at the time, they both put in their utmost effort in providing great food and fabulous customer service right up until they closed their doors.
RESULT
A few months down the track and both Anita and Jamie are doing very well. Jamie has updated his skills and has now gone back to a job he used to love in training. He is also able to spend more time with his wife and children. Anita has begun to further her education in counselling and hopes to utilise this skill in helping other people through financial difficulties.
Dearest Karen, until the sad time when we established that we could no longer continue in our much loved business; we had not crossed paths.
We were distressed, incredibly highly stressed to say the least and confused to which way to turn. We were scared and troubled beyond belief. After considerable research and all night searching the net for answes and direction, my son and business partner came across your services. We spoke and explored numerous options and below are the reasons we decided to work with you Karen;
● you made it crystal clear that liquidation and bankruptcy was the only possible answer and thoroughly explained why!!
● you walked us through every step of the way and pushed us gently and firmly through processes when you needed to, in the knowledge that any delays would be problematic to us and ensure that the end result was optimal under the circumstances
● your apparent empathy gave me courage and strength when I thought I couldn't continue
● your direction and efficiency made the transition so much smoother than we would have imagined
● we knew we could trust in you and the process
● you supported and aided us to move forward with integrity. ... most important to us! !
In addition to the above you reassured us that the sun would shine again and in a couple weeks that relief would come.
Following all of this Karen, you taught us that we can reinvent ourselves and move forward with passion and there is light!
You were right and we are moving on and ever so grateful for your ongoing support and brilliant services.
One big thank you!! Of course we have had roads to cross however feel confident in the process and the manner in which all was conducted.
Sincere thankyou,
Kind regards
Anita & Jamie
SITUATION
I received a phone call from Chris who explained his difficult situation during the initial call. Chris was the Sole Director of his company which did not have any assets. The income was being derived by sub contracting his sales skills to a large organisation. His wife worked alongside him in the business. A couple of years prior, Chris had been unwell and unable to work which left a pile of debts accumulating over a period of some months along with accruing interest and penalties from a tax debt. The actual organisation was completely viable and was making enough money to be considered solvent, the problem was the debt which had been incurred and accruing while he was unable to complete any work duties. Chris had spoken to other professionals prior to our call and had been given information which made him believe his situation was more complex than what it really needed to be. Chris did not have the financial resources to appoint a liquidator to shut down his company.
SOLUTION
For a modest fee, we were able to assist Chris quite easily. It wasn’t the monster problem he was led to believe. His wife started a new company which continued on from where the old company had left off. All of the debts within the original company along with all of Chris’ personal debt was included in his voluntary bankruptcy.
RESULTS
Chris and his wife were able to maintain the contract they had with the large multinational organisation Chris had always subcontracted to. It has been a smooth and trouble free solution for Chris with very little costs associated in comparison to what he was quoted. He has been extremely grateful that we were able to guide him through and complete the work required in a timely manner.
Whilst ending up bankrupt was the last thing I ever wanted I didn't realise it was by far the best option for me. I also didn't realise what a big business it was and how many organisations were willing to take large amounts of money that I didn't have to manage it. All About Bankruptcy was my last call and I was so relieved to find out the truth. After speaking with Karen I understood that it is quite a simple process and it was going to cost me 10% of what I had been quoted. It was clear to me that Karen knew all the legalities of bankruptcy and had a real interest in helping me. The only thing I lost in the end was my debt. I would highly recommend engaging All About Bankruptcy to anyone close to me.
SITUATION
Susan contacted me but was very hesitant and feeling overwhelmed regarding her business and personal financial situation. She had been running a business successfully but had to move interstate due to other commitments so left the business in the hands of the staff. Over time, the business began to decline and despite efforts from Susan of travelling back and forth to oversee everything, the debts became too much to manage. By this stage, the business had declined so much that it there was no chance of selling it. Naturally, Susan was extremely distressed about the whole situation but could not commit to moving back to where the business was. From what I was told, It seemed it was past the point of being able to retrieve the business as the debts would have been almost impossible to repay. There was a large GST and tax component in the debts. Often what we see is that by the time you build the business up enough to commence repaying the tax debt, the business just owes more tax from the earnings that went to paying the debt so it can become a vicious cycle.
SOLUTION
We were able to explain the options to Susan regarding bankruptcy for both personal and business debts. It was also pointed out that Susan could still run a business under a Sole Trader ABN if she was to choose the voluntary bankruptcy path. We completed and lodged all documentation for a voluntary bankruptcy for Susan.
RESULTS
Within 3 weeks or so, Susan was beginning to feel a lot calmer about her situation. Given she was going through a lot personally as well, relieving the financial stress was the first step which allowed Susan to concentrate on her personal problems and get her life back on track.
The thought of bankruptcy terrified me at first but it has been nothing but a positive change and fresh start for me. Being able to walk away from a business I could no longer afford to run and the debt was escalating quickly. I was also in the middle of a divorce and it was an emotionally challenging time for me. Karen took care of absolutely everything and assured me everything was going to be ok. I can't thank her enough for the support, even 2 years on, I still have a few questions sometimes and she always has the answers. I'm now getting close to the end of the bankruptcy period and couldn't be happier in life and my current financial situation. I've started a new business and looking forward to bigger and better things!