Anyone been bankrupt before?

[Jay_G]

Sell the skyline.... fuck its hard but buy a 1-2k 3cyl charade or something and dump the rest on the CC. Cheaper on fuel/rego/maint/insurance.

I went from an 06 WRX to a 2000 AU wagon, and it was the smartest thing i ever did, no pics lost her job and was pregnant and i would have been close to going bankrupt if i kept the lease.

Through various (legal) ways i managed to get rid of 75k worth of personal debt in 4-5 years and now have my own home (mortgaged).

Don't go buy LCD's with your tax cheque put them on the CC's. Our biggest thing was to work out exactly where all the money was going, take all your bills you get in a year, add them up and divide them by 26, and put that away each fortnight without fail. that way you never worry about the bills.

figure out an amount you need for food per fortnight and stick to it, buy no name brands.

Give yourself an allowance for fuel, going out and general expenses.

all the rest put into the cards and loans, when your allowances are gone, stiff shit you sit at home and watch TV.

[The Property Guru]

Not knowing your full situation can you cut back on the spending?

Petrol - do you get free rail / bus transport?
Rent - move back with parents, share accomodation or granny flat?

Pump as much money into the smallest loan amount while paying minimum on the largest ones.

from what he has descrbied, it seems that cutting bits off here and there aren't going to do much,

that is unless moving back to his parents, but im sure he has considered that

[sv_i]

Just out of interest, by all means tell me to fuck off for being nosy, what did you purchase that sent you into debt? Was it just day to day living expenses?

[Al GTi-R]

I think you're looking at Cityrail in the wrong light, i'd be smashing as much overtime as possible - weekends, public holidays etc.

[rexxxy]

After you declare, you wont get a house loan for decades, if it at all, and dont even consider getting another credit card.

A low doc lender like Liberty or other such will lend to discharged bankrupts one day after being discharged, but not on the same day.

I wanted to call them scum, but they do provide a service to those without many other options.

And after a couple of years of perfect payment history you can start looking to shift to a bank.

[komori440]

A low doc lender like Liberty or other such will lend to discharged bankrupts one day after being discharged, but not on the same day.

I wanted to call them scum, but they do provide a service to those without many other options.

And after a couple of years of perfect payment history you can start looking to shift to a bank.

Banks still won't look at you until it's off your credit rating: 7 years from the day your bankruptcy ends. Refer to my previous post on page 2. I've been there. I've done it.

And once you've applied for a few loans and been knocked back, the fact that your credit rating has been checked by various financial institutions actually becomes a negative in their eyes, as when Bank 'C' looks and finds that Banks 'A' & 'B' have looked it rings bells.

Pat.... Consolidate, budget, look at your options mate, bankruptcy is 7-10 years financial shit. Believe me

[theblacktexta]

Can you get a second job? Even if its a few nights a week / weekend work - I remember I used to pull in a couple hundred in cash a week working at the local chinese joint 3 nights a week - consolidate and suck up the next couple of years of working 2 jobs. Dig yourself out of the whole rather than deeper into it.

[Rona]

Nature of his job would be hard ie always changing shifts but working as much overtime as possible which is almost always available will easily get $200+ a week extra.

Then on top of that simple savings:
* Eat like a poor cunt ie noodles, chicken drumsticks etc
* Unless you are on the first train out or last train home drive to the nearest station and catch a free ride into work instead of driving to where ever you start out, yes it will take longer but another $50 is still better then nothing
* Sell skyline buy 3 cylinder charade as already said.
* Rent somewhere cheaper/share etc

No point complaining about the situation if you aren't going to try and sacrifice to make it any better. Add up all the small shit and you'll probably save $200-300/week that will start to make a decent dint into the debt over a year if you are currently covering interest.

[nash]

Bankrupt and shift to cash only lifestyle. Get off the grid, man.

[Oxygen Theif]

Komori/unfortunate bastard

If you can get out of it early, you minimize the time it affects you. It's on your credit rating for 7 years from the day your bankruptcy finishes: you are bankrupt for 3 years, so it's 10 years you are financially fucked.

Think long and fucking hard before you go it mate. Seriously.

Apologies for long post, digs up bad memories.

Pat.... Consolidate, budget, look at your options mate, bankruptcy is 7-10 years financial shit. Believe me

Hmm i was pretty much heading down the road to chucking it all in and filing for chapter 11 as the Yanks say but your posts have definitely made me reconsider.
i had no idea it was seven yrs from the end of the term, your still spending that 3 yrs or so paying off the balance right? or...theres no way you had to pay off the whole 300k surely?
still unclear whether that time spent paying off the principle or you just forget about the whole debt and wait for the clock to reset.

Thanks guys for the suggestions re cutting costs, I already sublet/rent out the spare room in my apartment to a nice french couple which halves my rent.

Parents etc aren't an option as either live too far away or are completely bonkers. Could cut back on petrol as live pretty close to work and yeah P transport is free for me (only fringe benefit other than the 10% discount at hungry jacks hehe)
Not worried about being able to get phones/utilities connected as dont plan on moving for a good 7 plus years.
Sunk too much money into mods for my R33 skyline (admittedly mostly paid for with credit card..redface.jpg) to sell up for a shitty charade etc. The running costs other than petrol wouldnt be a hug difference and i just get far too much joy out of driving it to consider losing it an option.

, i'd be smashing as much overtime as possible - weekends, public holidays etc.

not turning down any days in or other overtime im offered but right now its not being thrown at us as there's plenty of blue shirts sitting in the mealrooms on standby with bugger all to do.

Just out of interest, by all means tell me to fuck off for being nosy, what did you purchase that sent you into debt? Was it just day to day living expenses?

This is a pretty anonymous forum and im not very precious about my privacy. Ironically this is partly the cause of my problems, a few years ago i set my ex wife up in her own place as she had no credit rating (recent immigrant from the Philippines).
Bills, Lease etc all in my name and we were on good terms so i didnt see any problems, it was a big place in bondi junction so she rented out a few rooms to defray costs.
I helped her get all the furniture and child proofed the place myself (had just had my first born son hence my willingness to help out).
I even donated an old computer i had lying around so she could talk to her family back home, she kept this in the living room so her other filo friends could use it and there were no passwords etc on it...heres where it gets weird.

This was in 08', at this point i lived in an apartment in Town hall. I was still living there a year later and only popped in now and then to pick up my son to take him to the park etc. never even glanced at the computer as i had my laptop.

Anyway in late 09' someone got on the PC and had a long chat with some guy in America. there was lots of talk of love for children and all the various ways they wanted to express their sick idea of said 'love'.
Guy in america got raided for kiddyporn a year later and chat is discovered and traced back to my ex wifes ISP.

I come back from a holiday late last year to discover her place was raided by Fed's and subsequently so was mine. I was not charged with anything but I was not allowed to see my son and even though i fought it an AVO was recently finalised meaning i cant see him for another 3 years to come.

Their only justification is that I paid for the internet connection and that it was nominated as 'my computer' so what did i expect?!

I have paid about 9k so far in Legal fees and the new lawyer (had to switch to a family lawyer to change the conditions of AVO through those courts) predicts another 30k being sunk before i get any traction.

So yeah its been good times

Now depending on information im still yet to discover either on here or through wider reading/calling that appleton guy im yet to decide on filing or just continuing the charade that i can pay it off conventionally.


guess its now my turn to apologise for the long post. .

[tez]

from what he has descrbied, it seems that cutting bits off here and there aren't going to do much,

that is unless moving back to his parents, but im sure he has considered that

Maybe, but cutting a bit here and there will make the difference possibly, or if he is trying to pay the debts down, he will atleast not be living in real poverty.

[dirty_sandwich]

Words cannot express how fucked up that is. Caught up in the wide net of the law and now you're screwed.

I think becoming bankrupt would just be another long problem for you. You've gotta make some sacrifices for sure and try and find an additional way of making money.

I assume your wife is now an ex? Where does she fit into the picture now?

[Oxygen Theif]

yeah we're still friends and it breaks her heart i cant see our son. He still goes to bed asking where i am most nights, she has a hard time getting him off the computer when he sees me on facebook etc.
Saw them go through my work the other day, had to keep the 50 metres or whatever it was, but faaark, hardest thing i have ever done in my life was not running over and scooping him up in my arms.

anyway yeah, still close to his mom as we were only casual friends except for that 'one time' which is all it takes apparently..she actually lives with my brother and his wife now which makes family BBQ's a little awkward. .

as for the debt issues, I like Nash's 'off the grid' idea so it might even simplify things in an already complicated enough life.

might allow me to save up for the super epic road trip im going to take him on as soon as May 10 2014 rolls around. Movieworld etc here we come!

[Stang]

Komori/unfortunate bastard

Hmm i was pretty much heading down the road to chucking it all in and filing for chapter 11 as the Yanks say but your posts have definitely made me reconsider.
i had no idea it was seven yrs from the end of the term, your still spending that 3 yrs or so paying off the balance right? or...theres no way you had to pay off the whole 300k surely?
still unclear whether that time spent paying off the principle or you just forget about the whole debt and wait for the clock to reset.

Thanks guys for the suggestions re cutting costs, I already sublet/rent out the spare room in my apartment to a nice french couple which halves my rent.

Parents etc aren't an option as either live too far away or are completely bonkers. Could cut back on petrol as live pretty close to work and yeah P transport is free for me (only fringe benefit other than the 10% discount at hungry jacks hehe)
Not worried about being able to get phones/utilities connected as dont plan on moving for a good 7 plus years.
Sunk too much money into mods for my R33 skyline (admittedly mostly paid for with credit card..redface.jpg) to sell up for a shitty charade etc. The running costs other than petrol wouldnt be a hug difference and i just get far too much joy out of driving it to consider losing it an option.



not turning down any days in or other overtime im offered but right now its not being thrown at us as there's plenty of blue shirts sitting in the mealrooms on standby with bugger all to do.



This is a pretty anonymous forum and im not very precious about my privacy. Ironically this is partly the cause of my problems, a few years ago i set my ex wife up in her own place as she had no credit rating (recent immigrant from the Philippines).
Bills, Lease etc all in my name and we were on good terms so i didnt see any problems, it was a big place in bondi junction so she rented out a few rooms to defray costs.
I helped her get all the furniture and child proofed the place myself (had just had my first born son hence my willingness to help out).
I even donated an old computer i had lying around so she could talk to her family back home, she kept this in the living room so her other filo friends could use it and there were no passwords etc on it...heres where it gets weird.

This was in 08', at this point i lived in an apartment in Town hall. I was still living there a year later and only popped in now and then to pick up my son to take him to the park etc. never even glanced at the computer as i had my laptop.

Anyway in late 09' someone got on the PC and had a long chat with some guy in America. there was lots of talk of love for children and all the various ways they wanted to express their sick idea of said 'love'.
Guy in america got raided for kiddyporn a year later and chat is discovered and traced back to my ex wifes ISP.

I come back from a holiday late last year to discover her place was raided by Fed's and subsequently so was mine. I was not charged with anything but I was not allowed to see my son and even though i fought it an AVO was recently finalised meaning i cant see him for another 3 years to come.

Their only justification is that I paid for the internet connection and that it was nominated as 'my computer' so what did i expect?!

I have paid about 9k so far in Legal fees and the new lawyer (had to switch to a family lawyer to change the conditions of AVO through those courts) predicts another 30k being sunk before i get any traction.

So yeah its been good times

Now depending on information im still yet to discover either on here or through wider reading/calling that appleton guy im yet to decide on filing or just continuing the charade that i can pay it off conventionally.


guess its now my turn to apologise for the long post. .

Damn. Can't even find the words to express how bad that is...definitely not what anyone would think the situation would be for someone nearly being forced into bankruptcy. It's seriously as easy as that to be banned from seeing your own son? Hope things can get worked out ok.

[Oxygen Theif]

It's seriously as easy as that to be banned from seeing your own son?

never would have guessed it but yup. AVO's are notoriously easy to put in place as there is no burden of proof required. all the judge needs is the slightest hint of suspicion (ie. well the dude pays for the internet so...) and its enforced.
Want to dig a tunnel to her place and visit him ninja style but the risk is just too great, jail etc so waiting it out.
not easy but no real choice.

mad and want to go to media etc but once you pull out the kiddypron angle i cant imagine any mainstream outlet wanting to get involved

can see why dads like that guy who blocked the harbour bridge do things like that after getting frustrated with the system but that would just be pointless and piss a million people off.

so back to trying to fix things i might be able to influence, like these freakin bills.

[nash]

as for the debt issues, I like Nash's 'off the grid' idea so it might even simplify things in an already complicated enough life.

yes its liberating. live only on what u have. the whole idea of credit is to enslave you to their bourgeois controlled capitalist hegemony. you are a casualty of their greed; declare bankruptcy and let them write off your mess, then just cut them off completely. life is too short to have the pressure of debt on your shoulders.

[Fondles]

Well that's just fucked.

I would put a bullet in her head and go bankrupt under those circumstances.

[The Property Guru]

the important thing is that when you get out of the mess (ive been in similar situations to you), you learn from it, and you never take anything for granted. I every now and again pull out my bank statements from when I was financially fuked and it makes me shake, and I swear to myself, I will never let it happen to me again.

keep at it buddy, once you see debt get paid down or if you do file for bankruptcy and things start getting easier, it gets a crapload easier from there!

[Howard Jones]

This is a pretty anonymous forum and im not very precious about my privacy. Ironically this is partly the cause of my problems, a few years ago i set my ex wife up in her own place as she had no credit rating (recent immigrant from the Philippines).
Bills, Lease etc all in my name and we were on good terms so i didnt see any problems, it was a big place in bondi junction so she rented out a few rooms to defray costs.
I helped her get all the furniture and child proofed the place myself (had just had my first born son hence my willingness to help out).
I even donated an old computer i had lying around so she could talk to her family back home, she kept this in the living room so her other filo friends could use it and there were no passwords etc on it...heres where it gets weird.

This was in 08', at this point i lived in an apartment in Town hall. I was still living there a year later and only popped in now and then to pick up my son to take him to the park etc. never even glanced at the computer as i had my laptop.

Anyway in late 09' someone got on the PC and had a long chat with some guy in America. there was lots of talk of love for children and all the various ways they wanted to express their sick idea of said 'love'.
Guy in america got raided for kiddyporn a year later and chat is discovered and traced back to my ex wifes ISP.

I come back from a holiday late last year to discover her place was raided by Fed's and subsequently so was mine. I was not charged with anything but I was not allowed to see my son and even though i fought it an AVO was recently finalised meaning i cant see him for another 3 years to come.

Their only justification is that I paid for the internet connection and that it was nominated as 'my computer' so what did i expect?!

I have paid about 9k so far in Legal fees and the new lawyer (had to switch to a family lawyer to change the conditions of AVO through those courts) predicts another 30k being sunk before i get any traction.

So yeah its been good times

Now depending on information im still yet to discover either on here or through wider reading/calling that appleton guy im yet to decide on filing or just continuing the charade that i can pay it off conventionally.


guess its now my turn to apologise for the long post. .

fuck man, your fucking screwed

i feel sorry for you dude, is this child with the flipper yours?

flipper bitchs really know how to scam cunts, but theres some nifty tricks you can do to get them back

my advice is forget the courts, you wont win, hit her on her visa, what visa is she on? has she worked illegally? anything, theres gotta be something shes done wrong so you can get her deported and win by default

that being said, you can represent yourself if you have no money, if what your saying is true it should be as simple as going in showing the judge evidence that you were out of the country at the time of this going down and that you are not, and never were a resident of the apartment where this shit went down. judges do follow the letter of the law, but by the same token in my experence they are no fools, they are fair and they have a pretty good understanding of shitty situations like this. at the end of the day you will have to wait for your day in court, but if you were not there, and can prove it, you should win, also if shes entertaining other men who are putting the child in danger you should definitly point this out.

first thing you need to learn, you got hussled, this flipper bitch is not your friend and has milked you dry, after living in asia for a considerable time i can tell you these cunts do this everyday. now you gotta fight, shes fighting dirty, what dirt do you have on her? also were you married in the Philippines or in Australia? The Philippines does not allow divorse, so if you were married there and divorsed in australia technically you are still married.

if you wanna get really nasty... PM me

[tez]

Thats all fucked up. This someone that caused these issues was a flatmate of your ex and not your ex?

[Oxygen Theif]

this from the fredappleton site

With bankruptcy, as far as you are concerned your credit card debt and personal loan debt and tax debt etc get cancelled, unless it's proved that there's fraud involved. To my mind fraud is fraud, ie, the intent was never there to pay back the money spent. That clearly is not the case with the overwhelming majority of people who email and ring me

suh-weet. definitely filing now, the fact that i would finally be able to actually spend my left over money every fortnight is so hard to believe it makes me giddy.

as for the ex, common misconception. The only thing she is guilty of is being a little trusting of her flatmates. We still have no idea who it was that got on it that one time to cause all this trouble but it was probably a local bf of one of her flipper friends as the english in the chat log i was shown by the cops isnt too bad.

Yes it is my kid hence my willingness to set her up in the first place and now to fight for the right to see him. She has no problem with this, its the cops who put it in place and my lawyer who told me to accept it without admission.
Hopefully your right Seb about the judge i see next, best he can do is change the AVO conditions to allow me to see him as long as family are present. fine with me!

ok off to ring these 'fred' people.

[Sebstar]

Shit, I saw you had it tough but those are some major fucking expenses. You say you can't do certain things because of your son but you won't see him for 3 years anyway so harden the fuck up and pay off your fucking debts and don't take the 'easy' way out with bankruptcy. Do you seriously want to tell your son when he's older how his dad is a fucking whimp and had to take easy street because struggle street was too dark for him? Fuck no, you want to be able to stand proud and tell him that in the face of an avalanche of shit you stood tall and fucking fought your way through it.

other costs..
per wk
300 rent Slum it out in a sharehouse. I'm sure there are dumps for half that!
150 food Halve that bitch. Buy at markets. Buy bulk. Treat yourself to something nice every month so you don't shoot yourself
150 child support
100 petrol Buy a smaller car or take more public transport. If you really slum it, sell the car, cancel rego, buy pushy and ride that to work
50 random sundries fair enough. You gotta have something.
250 card payments Get a second job and smash those fuckers

It seems like you've already decided to go bankrupt but what kind of lesson are you teaching your son when he asks about your past?

[Shifty]

Don't go bankrupt. There are heaps of unforseen issues. Shit, if you've been bankrupt then in most cases you can't get car insurance.

Debt consolidation can be a bit of a trap. People often end up with worse interest rates, an extra fee on startup, and often take out an extra few hundred/thousand to 'pay off some bills and make it easier' and then you're in the same situation again.

Ideally you'd smash your most expensive (ie. highest interest rate) debt. But instead, I'd recommend you pick one of your smallest debts & smash the fuck out of it.... then you've completely crosed something off the list yourself. If you want some help working it out, send me a PM.

[Oxygen Theif]

but if i already have car insurance they arent going to suddenly not insure me right?

not 100% decided but it just seems other than these 'unforeseen' issues like a much better option. I want to be able to tell my son that i did my best to fight to see him, and the way it is now i cant afford to even get my lawyer started on this thing.
without all the other nonsense going on then yeah might fight the good fight re debts but a bigger battle is looming and i need to be ready for it..

[tez]

In the PDS though it Im sure it has duty of disclosure, so bankruptcy would be something you would have to disclose. Also, would you have to disclose bankruptcy to your employer too?
Your currently renting, what happens if you have to move (or are you in a place thats guaranteed for the next XX years)?
Piss the Skyline off and in 5 or so years when you pay it off, you can get yourself another one (with cash only of course )

I guess the bigger battle is a bit of a spanner in the works too.

[im_boostn]

pro tip

if you wanna get really nasty... PM me

this man...he knows

[Rona]

You also need to think about what you want to do career wise. Do you plan on staying where you are long term if so probably not a huge problem but certain industries have restrictions around employing people who have been bankrupt. It may seem like the easy way out but at every turn you'll be encountering even more restrictions on trying to rebuild your life.

Seriously if you can't see your son for x period of time why not consider the rural train driving jobs or heading up to the mines etc. Make stupid coin smash debt and return once you have your shit sorted.

[mx6KLZE]

So its bad to go bankrupt because you can't borrow money again for a while? But borrowing money is what made you go bankrupt in the first place. I must be oversimplifying but who cares if you can't borrow again. It is not that hard to instead of living behind your weekly wage buying things then paying it off you live in front of your weekly wage.

[Rona]

It is hard to borrow money, it is hard to get a rental property, it is hard to get insurance, it is hard to get a job (depending on the industry). Little more then just borrowing money.

[Cplus]

my Thai credit card, that one I'll max out when I depart the country !!!

i hope you're kidding? some people never learn, so i wouldn't be surprised if you were serious.

Cityrail drivers only earn a hundred or two more a fortnight after tax than me and have to work twice as hard

are you scared of working hard?? $100-$200 more in this instance would be a savior for you!

being busy/more tired means less down time to be tempted to spend money as well.

if not this - get a second job, pour beers, be a laborer on a night/weekend crew - fuck, anything for an extra $300 a week mate.

the mining/freight drivers are doing about six figures but i dont want to live too far away from my son plus give up a pretty cruisy government job which is about as risk free as it gets.

this might sound harsh, but what does it matter how far away you are when you're not allowed to see him anyway?

Sell the skyline.... fuck its hard but buy a 1-2k 3cyl charade or something and dump the rest on the CC. Cheaper on fuel/rego/maint/insurance.

great advice (as is the rest of the post). that $5K or so would be a great kickstart - probably be enough to wipe out one card entirely. my mate drove a 1K charade thingo at Uni and then continued with it post Uni. We all laughed at him as we had our WRX's, Monaro's, 200sx's etc as soon as we graduated.

guess who has the Beachfront house with a pool etc etc. he actually still has the thing as a parts/house bits runabout, 10yrs 3 gearboxes and 2 engines later.

the shit car will save you fortune - halve the fuel bill for a start, there's $2500 in one year. 1/8th your debt in 4 yrs.

you need to try/think/do much harder. bankruptcy is not some sort of get of gaol free card.