BANKRUPTCY

... DOESN'T HAVE TO BE A DIRTY WORD

In 2009 the Publisher of Legal Tell All, veteran broadcaster media man Derek Taylor became a casualty of the Global Financial Crisis and filed for personal bankruptcy protection. Following a difficult period Derek is now back consulting to the talented team at Legal Tell All.

If you're having financial problems we personally recommend the services of the friendly sensitive team that work for I.T.S.A. - a government initiative in place to give valuable assistance for those having trouble. The system is structured to provide a personal insolvency system that aims to produce equitable outcomes for debtors and creditors while minimizing the impact of financial failure on the community.

In Derek Taylor’s journey ITSA referred his file to SV PARTNERS, a Queensland based accountancy firm to become trustee.

In 2009 the number of personal insolvency cases (which mainly involves bankruptcy but includes debt agreements) shot up to 36,487. Since 1990 there had been a 300 per cent increase in the number of personal insolvencies in Australia, far exceeding population growth and indicating a strong middle-class presence.

In their recent report Personal Insolvency in Australia, they have focused on middle class bankruptcy profiles. ''There are so many urban myths about bankrupts … students skipping on credit card bills, wealthy hiding assets who prefer to go into bankruptcy,'' Professor Ramsay said. ''They exist but are not indicative of the typical bankrupt.

If you have been thinking that if you file for bankruptcy it brands you as a failure and terminates your financial future then check out the following famous celebrities that have been down the path and recovered big time. Bankruptcy is not a dead end on the road to success, just a curve along the way.