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I had a business which I closed due to the fact I could not…

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I had a business...

I had a business which I closed due to the fact I could not survive the downturn in business. I have some debts that I cannot pay. I have a house with equity of circa $100000 and one of my debtors (I owe them approx. $55000). This company wants to bankrupt me and take my house. Whilst working until Sept 2017, I was paying them $1500 per month, but have recently applied for Newstart which will be $540 per fortnight. I am staying on a property in my campervan and renting out my house (to make mortgage payments of $335 weekly). How can I stop them

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

WA

Accountant's Assistant: Has anything been filed or reported?

No, I am in touch with their solicitors and have offered to pay $500 per month, but they insist on the original deal of $1500

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Can my son (whom I owe wages to) put caveat on the house to stop the bankruptsy

Submitted: 8 months ago.Category: Finance
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Answered in 1 hour by:
1/4/2018
Financial Professional: PDtax, CPA, MBA replied 8 months ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,148
Experience: Tax professional and business consultant for 35 years.
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Financial Professional: PDtax, CPA, MBA replied 8 months ago

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