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When Debbie (not her real name) lost her main client and was left without a reliable income, the sole trader sold her home and adjoining investment unit to pay off her debts and ensure she had the means to support her daughter and herself.
But things didnt work out as she had hoped.
A year later she was still mired in debt only now to the Australian Tax Office, owing more than $70,000 in capital gains tax from the sale of the investment property. By the time the payment deadline came, she still owed about $61,000 plus $13,500 in ATO-charged interest.
So she applied for tax relief under the serious hardship relief provisions that have been part of Australian tax law since 1915.
Her case might seem exactly the sort of reason why Australi…
The human trafficking thriller Pulled From Darkness is based upon a true story
ComingSoon.net has an exclusive first look at the upcoming thrillerPulled From Darkness, which just wrapped up filming. Based on a true story in Ukraine, the film follows a woman who is sold into human trafficking after her husbands gambling debt becomes an issue. Taken from her children and put into a horrifying situation, she begins a battle for her own life and freedom.
The official synopsis reads, Inspired by the incredible true story of a woman who was abducted in the night, torn from her children, and sold into trafficking after her husband lost her in a night of gambling.
Recently, my friend and fellow AARP expert Amy Goyer confided to me that she had filed for bankruptcy. The last time we were together, pre-COVID, she had shared how damaging caregiving had been to her finances.
Since the bankruptcy has become final (a process that took two years), she said she felt incredibly relieved and made her story public in a recent article for AARP. I think this was courageous. Culturally, we are conditioned to keep our finances private and not to talk about money woes. There is a fear of judgment and a sense of vulnerability to disclose that we are struggling. With so many family caregivers in the U.S. hurting financially, I believe we can’t afford not to talk about it.
Dealing with debt can be a daunting task, especially when you’ve piled up a good amount over time. Between student loans, car loans, and credit card debt, figuring out where to even start can be difficult. That’s why financial planners always start with the basics when it comes to helping their clients pay off their debt fast.
There are a few simple steps that you can do from home to keep you on track and e…
FILE PHOTO: The GFG Alliance flag flies at the completion of a 330 million pound deal to buy Britain’s last remaining Aluminium smelter in Fort William Lochaber Scotland, Britain December 19, 2016. REUTERS/Russell Cheyne
PARIS (Reuters) – The Alvance Aluminium branch of British businessman Sanjeev Guptas GFG Alliance on Tuesday asked a French court to place three of its sites under administration, a spokesman said.
The hearing followed Alvance Aluminiums decision last week to file for voluntary administration for the factories in central France – Alvance Aluminium Wheels, Alvance Aluminium Poitou and Alvance Foundry Poitou.
All three businesses have faced structural changes in their markets which have been compoun…
Law360 (April 20, 2021, 5:56 PM EDT) — A California federal judge Tuesday rejected Bank of America’s bid to dismiss claims it violated state law when it incorrectly reported that a customer had declared bankruptcy, saying a failure to do a reasonable cross-check of his information would have violated California law.
In her ruling, U.S. District Judge Cynthia Bashant said that while it is too early to say if Bank of America’s failure to double-check if William Norman Brooks III had indeed filed for bankruptcy was reasonable or not, the fact there was publicly available information the bank could have looked at to avoid the error means Brooks has…
Between credit cards, student loans and auto loans, it can be difficult to keep track of payments and balances on outstanding debts. Consolidating these debts into a single loan may streamline your finances, but the strategy likely wont fix underlying financial challenges. For that reason, its important to understand the pros and cons of debt consolidation before committing to a new loan.
To help you decide whether debt consolidation is the right way to pay off your loans, well walk you through the advantages and disadvantages of this popular strategy.
What Is Debt Consolidation?
Debt consolidation is the process of paying off multiple debts with a new loan or balance transfer credit cardoften at a lower interest rate.
Debts to the state and social security entities will be forgiven for debtors who are also relieved of other arrears in case of bankruptcy, according to a ministerial decision regarding the application of the new bankruptcy code.
The exemption from the payment of requirements will concern both individuals and companies and will be granted 36 months after the court has declared a person or an entity formally bankrupt, but only after the liquidation of their assets in their entirety.
The new bankruptcy code and the capacity of an individual or a company to resort to bankruptcy to relieve themselves of their debts were activated in early 2021. So far there has not been a single case of an entity applying for bankruptcy based on the new sy…
Government figures show that UK company insolvencies rose 44.8 per cent from 685 in February to 992 in March, as the impact of the COVID-19 pandemic on businesses began to become clearer.
UK company insolvencies, as well as administrations, have largely remained low since the onset of the pandemic in March 2020, due to a combination of restrictions on insolvency actions such as winding-up petitions, as well as government financial support measures for businesses.
The low levels of administrations and insolvencies have lead to concerns that such measures have created a huge number of zombie businesses that have only survived as a result of government support and could create a wave of bankruptcies as…
When Debbie (not her real name) lost her main client and was left without a reliable income, the sole trader sold her home and adjoining investment unit to pay off her debts and ensure she had the means to support her daughter and herself.
But things didnt work out as she had hoped.
A year later she was still mired in debt only now to the Australian Tax Office, owing more than A$70,000 in capital gains tax from the sale of the investment property. By the time the payment deadline came, she still owed about A$61,000 plus A$13,500 in ATO-charged interest.
So she applied for tax relief under the serious hardship relief provisions that have been part of Australian tax law since 1915.
Her case might seem exactly the sort of reason why Aust…
A notable monthly increase in corporate insolvencies indicates the negative impact of the pandemic on businesses, but the ability of companies to reinvent themselves over the past twelve months should give cause for economic optimism.
This is according to the Midlands branch of insolvency and restructuring trade body R3 and comes on the back of latest figures published (15/04/21) by the Governments Insolvency Service showing that corporate insolvencies in England and Wales increased by 44.8% to 992 in March, compared to Februarys figure of 685.
The monthly rise in corporate insolvencies comes after 11 months of relatively low levels of company insolvency procedures, as the Governments support has provided many businesses with a vital l…
San Diego, CA, April 19, 2021 (GLOBE NEWSWIRE) — MagnoliaMediaNetwork announces the release of the review “Best Debt Relief Programs 2021”
Climbing out of debt can feel like a nearly-impossible task with all the late fees and interest rates. The best debt relief programs can lighten your load.
Our in-depth research led us to the top six debt relief programs to help you get out of debt. We factored in topics like financial guarantee, transparency and track record to determine the best companies for this list.
