One of the things I get asked quite often is “Why do people go bankrupt? What’s the common causes?” And I thought it fits into 3 categories.
One of the things that I see quite often where businesses and people have got into financial difficulty, is the fact that they tend to, whether you want to use the word ‘procrastinate’ or extend it out, they don’t really have an answer, so they don’t do anything.
Over the years, I have dealt with a large number of trustees, and whether you go for a private trustee or a government trustee, really depends on your own personal situation. The underlying thing I’ve found with trustees, is to find one that you can talk to and you can deal with. If you leave it up to your creditors to bankrupt you, and they put in their own trustee, they are going to be very aggressive.