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Hoping I can help. I've worked for a hardship team for a bank and in their bankruptcy department. I'll have to wait till I get home but I do know you can avoid bankruptcy and fox stymes. Let me get you some information in an hour or so when I'm at my computer.
Sent from my evil brain
Registered User
Here's a good free resource. http://www.moneyhelp.org.au/wp-conte...114cc97-31.pdf
Just cut and paste into your net browser. I really think contacting them is your best option.
Sent from my evil brain
BellyBelly Member
LMS: I wish I could help, but just letting you know that I'm thinking of you, honey.
xoxo
Registered User
How are you feeling today about this LMS? Hope you are feeling a little better.
Have you guys come up with a plan?
Big hugs, hope you get it sorted soon.
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Registered User
My budget couldnt help us. After doing their second consultation we have no money to work with... we fall into the minuses so they cant write us up a budget. Even if we were to cut off our phone/internet we still have other expenses which are already as tight as we can make them. She mentioned bankruptcy as being the only option i have without dragging DP down with me and saving us from legal proceedings.. my credit rating can't get any worse so a clean slate would work for us.
I'll be calling ITSA later to go through the paperwork.
We're still screwed as it doesnt help us now so in no way am i benefiting but its one less thing to worry about. And in 6 months when we have more money we can try catch up on other things.
Moderator
I really recommend you read this and get some face to face advice from a financial counsellor before signing anything...
http://www.qpilch.org.au/_dbase_upl/Bankruptcy.pdf
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Thanks n2l. These were read out to me by ITSA the other day when i phoned but i just had a good read then. Nothing really worries me as most of that won't affect me for a while. Most things are already in DP's name. The next 3 even up to 7 years i don't see myself earning a great deal of money as i will be working only part time and studying mostly.
I will however chat with ITSA completely, actually they gave me the number of a financial counsellor here in canberra i can go chat with.
I really want to thank everybody for being so supportive and offering all kinds of advice.
BellyBelly Life Subscriber
If you went bankrupt would it affect your chances of renting in the future??
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All I can say is I'm sorry
BellyBelly Member
That's awesome advice, PZ.
Every dollar helps.
Registered User
Great advice.
All I can say is I'm sorry
I would also suggest your DP get a second job for a while, until you get back in the workforce.
Even just a few hours a week will help, especially since you will soon have another little mouth to feed, clothe, educate etc.
You are in this together.
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Registered User
i would be suggesting you get financially counselling before DP jumps into an extra job. in theory, it sounds like the simple way to help you out of a bind but there is a lot to take into account with taking on an extra job
second job will get taxed at a higher rate, and may mean you get a tax bill at the end of the year if first job hasn't been taxed highly enough
taxable income will increase, which will mean potential overpayments of ftb (a and rent) - changing your estimate to reflect the added earnings (which you would need to do) will reduce the income there as well
travel
potential expense for additional "away from home" meals (not necessarily take away, but if he was working two jobs, to get decent meals/snacks/drinks it can mean additional expenses - where you might have a glass of water at home, being out may mean taking cordial or something)
just be REALLY sure of your numbers before you make decisions like that. you want to make sure you are actually bringing in more income otherwise what's the point? i know for us, me working 15 minutes extra each fortnight, we would have $50 less per fortnight of actual cash coming in. given our budget is extremely tight (about $80 for fuel and food most fortnights), that difference is HUGE. yes, i could add a LOT of extra hours, but the net gain just isn't there. sometimes it's better to reign in the budget to the bare basics, shop smart (bulk buys when on special, cook everything from scratch if you can, cook and freeze bulk foods) than to take on more work. the stress of extra hours can be very damaging on the entire family. again, looking at our situation - due to the limits on the type of work DH can now do due to health, if he were to work, by the time we factor in travel, tax, ftb losses - without even having to factor in child care as my mum has DD, it would still cost us money to have him work
really check your numbers before making that decision.
i tend to agree with PZ that you can do meals that are cheap and healthy though - as i said, we're living on about $80 a fortnight - we manage to successfully live on that most of the time (sometimes we buy in bulk so blow that a bit - but the next week it evens out) - we feed two adults and one kidlet 6 nights a week, and a third adult on the seventh night. we always cook extra at dinner time so that we have lunch for the next day. we just make sure there is plenty of veg to bulk things out a bit. tonight we're making fried rice, and will make sure there's enough for tonight, tomorrow lunch and probably tomorrow dinner. we had chow mein the other night, and made enough to freeze three lunch sized meals (for DD and DH) and still had a lunch today for DH and I...
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DH and I have lived off of 250 a week. Granted, this was pre DD, but we had two phones, a computer for uni work but no TV, we paid bills, rent, food, public transport costs all factored into that. It was hard. There was literally no wiggle room, picking up a chocolate bar at the supermarket would throw out our budget, and we would eat rice and veggies most nights. I'm not suggesting you go this extreme at all, but it does illustrate that you can always cut back more. It will be hard, but I don't think you have another option. Without sounding harsh, it sounds like you have lived well beyond your means for a long time, so I really think you need to cut right back.
ETA During this time, I babysat for cash. Maybe oh could look into that? DP could have your DD in the evening, and you could babysit in your local area. It's a great way to make some extra money.
Moderator
Actually, if you declare bankruptcy do not do any cash in hand work. If you are found out, it will not go well for you.
Registered User
Second N2L. Never lie about income during your bankruptcy. They can, if it is serious enough, cancel your agreement and make you fully liable for the debt, or extend your bankruptcy period to a maximum of 8 years. Just be honest and do your best.
Registered User
definitely don't do undeclared/cash in hand work
it can extend the period of your bankruptcy
plus it can work against you with fao/ato as well. far safer not to go there.
BellyBelly Life Subscriber
I'm in a part 9 debt agreement (not bankrupt but part of the act) and I work in financial services so I had to write a letter for my employer as it came up in the ASIC search. I only have to tell people about it at all. But being an ex property manager here in qld we have to declare on the application if you are or have ever been bankrupt. My agreement was or well over $30k and going into it has been the biggest weight lifted off my shoulders and so much easier to manage.
Registered User
Good to know. I was working off of the assumption that bankruptcy would not have been declared. I also declared my babysitting $$ as I was on c/l payments, I didn't mean to do a sneaky lol, just that it's a quick way to get money, as most people you babysit for are not going to deposit it in your account (although, one person did as it was easier that way!)
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