WHAT TO DO WHEN YOU
CAN’T PAY YOUR DEBTS
All Rights Reserved
Copyright @ Doug Constable 2014
Who’s this book for
This is not a book for dodgy business people. It’s not a book for financial gurus seeking to take advantage of other’s misfortunes.
It’s not for scoundrels. It’s not for people trying to find a way to avoid paying their debts or looking for ways to cheat the system, to cheat their creditors and engage in unscrupulous behaviour. That’s not who this book is for. Its intention isn’t to show you tricks to avoid your debts and scam your creditors or to scam anyone else. It’s about debunking the myths surrounding bankruptcy and giving people affected a clear path back to normality. It’s about educating those in the industry to be more effective in dealing with the parties involved.
I can appreciate that some may view it this way. In particular I imagine that aggressive debt collectors, lawyers, trustees and liquidators, all of whom make a living out of pursuing companies and individuals who are under financial pressure, would rather that I hadn’t written this book. They would I imagine, rather that I hadn’t exposed the truths about bankruptcy and insolvency that they would prefer remain shrouded in mystery. These people are experienced in debt collection, bankruptcy and insolvency and dealing with inexperienced people with very little money to get advice.
Some may say that I too make my living from what some would call the “misfortunes of others”. I do believe however that the basis of the laws of bankruptcy and Insolvency which were created to provide a “compassionate solution for those experiencing financial hardship” and the ability for individuals and companies who had reached the “end of their line”, to draw a line, push the pause or reset button, should be upheld. A society which preys on those individuals already in distress is not a society with much hope in my mind.
What is this book about?
This is the first book of its kind in Australia, because it does not focus on the legal and financial rules and laws but focuses on the individual. Thus, it’s important that I am as clear about this as I possibly can be. This book is about bankruptcy (personal) and insolvency (company) and how it works and the stories of other people and how they dealt with it. It’s a guide book if you like, to help you avoid financial calamities. And, if they aren’t avoidable, how to minimise the damage they can do to your emotional health, your relationships and your attitude to the future.
The stories you read within this books pages you won’t find in any textbook. You won’t find them on the internet and it’s highly unlikely any of your professional services people – the lawyers, the accountants and the like – will provide you with the knowledge they have. It’s not that they don’t want to, it’s more likely that they just don’t have the experience or knowledge that you need. I’m hoping that people pass this book on to their professional services firms. My job would certainly be a lot easier if they had a stronger working knowledge of the principles within the book.
In writing this book my desire is to share my experiences both personal and of those of people I have worked with, to help people in financial difficulty looking for the way out. There is no quick fix; the only thing to do is to fix it quickly and, apart from paying the debts (wether immediately from a loan or sale of assets), the only other way is to set yourself free through the insolvency process. I believe the worst thing you can do is let these debts linger. Debt destroys people; not owing the money but all the worry, scrimping, arguments and blame that go with over-committing, on what you can pay – regardless of the reason.