I recently declared Bankrupcty after a failed business. I managed to pay back half my debt before realising that i couldnt afford to pay the rest. Has anyone had any experience in procuring money in this situation so that i may start again and buy some property? Any ideas for strategies? Have bought the Lease Option Handbook but will have to increase my cashflow first. I look forward to some kind words of wisdom! Johnno
Bankruptcy
- Thread starter nickhof
- Start date
It depends if you are discharged or not.
If you have been discharged and obviously depending on
the circumstances of your bankruptcy, you can even
borrow up to 90%.
I recently did a 90% LVR for a discharged bankrupt.
regards
David
www.davlin.biz
If you have been discharged and obviously depending on
the circumstances of your bankruptcy, you can even
borrow up to 90%.
I recently did a 90% LVR for a discharged bankrupt.
regards
David
www.davlin.biz
Hi Nick,
You might like to look at an article I was just reading today at:
http://www.ihatebanks.com.au/non_conform.htm
It details what kind of interest rates you can expect to pay for non-conforming loans depending on your individual circumstances. It also gives a guide as to what LVR's you can go to and what each of the 4 main non-conforming lenders charge in the way of application/break fees.
Hope this helps.
Delta Dart
You might like to look at an article I was just reading today at:
http://www.ihatebanks.com.au/non_conform.htm
It details what kind of interest rates you can expect to pay for non-conforming loans depending on your individual circumstances. It also gives a guide as to what LVR's you can go to and what each of the 4 main non-conforming lenders charge in the way of application/break fees.
Hope this helps.
Delta Dart
Bankruptcy is not a dead end!!!!
As a result of a nasty devorce I was bankrupted at age 30. I now have a 35+ square home in Mawson Lakes in SA and 3 other investment properties approaching 1M in value. I am now 38.
MY ADVICE?
1. Get a copy of the relevent act of law and begin to understand it. I did this before I declared. There is a means to get out of bankruptcy within 6 months. Basically you have to meet the conditions, of which I believe there are still ten.
2. Once you are cleared begin to demonstrate a savings plan and negotiate directly with the bank manager. Dont beg but demand a chance to prove yourself.
Basically once you have the knowledge you can begin to use the rules in your favour rather than be manipulated by them. I discovered at this time in my life that knowledge is power and that bankruptcy is not the end.
I looked up out of that pit and set myself new goals. Today I have no fear in risking it all because I have already done so and lost it all once, and know that I can achieve it again if I have too.
I realise that this seems a bit holier than thow and not very specific advise about your situation, but at time like this all you rearly need is encouragement, knowledge, a clear plan and the drive (or stubborness) to suceed.
GOOD LUCK.
As a result of a nasty devorce I was bankrupted at age 30. I now have a 35+ square home in Mawson Lakes in SA and 3 other investment properties approaching 1M in value. I am now 38.
MY ADVICE?
1. Get a copy of the relevent act of law and begin to understand it. I did this before I declared. There is a means to get out of bankruptcy within 6 months. Basically you have to meet the conditions, of which I believe there are still ten.
2. Once you are cleared begin to demonstrate a savings plan and negotiate directly with the bank manager. Dont beg but demand a chance to prove yourself.
Basically once you have the knowledge you can begin to use the rules in your favour rather than be manipulated by them. I discovered at this time in my life that knowledge is power and that bankruptcy is not the end.
I looked up out of that pit and set myself new goals. Today I have no fear in risking it all because I have already done so and lost it all once, and know that I can achieve it again if I have too.
I realise that this seems a bit holier than thow and not very specific advise about your situation, but at time like this all you rearly need is encouragement, knowledge, a clear plan and the drive (or stubborness) to suceed.
GOOD LUCK.
You've done well Big Rob. And well done on your initiative.
I wonder if there are any businesses out there which specialise in advising bankrupts about how to become discharged within 6 mths or so?
If there aren't, it sounds like the seed of an opportunity for someone to pick up and run with. The number of bankrupts is on the increase from what I can glean - looks like a growth industry that someone could capitalise upon.
Delta Dart
I wonder if there are any businesses out there which specialise in advising bankrupts about how to become discharged within 6 mths or so?
If there aren't, it sounds like the seed of an opportunity for someone to pick up and run with. The number of bankrupts is on the increase from what I can glean - looks like a growth industry that someone could capitalise upon.
Delta Dart
