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Poor Larry living in the dirt after his owners moved away and left him behind

Many want to use the law surrounding bankruptcy to avoid paying off their debts. In the long run, however, what does it achieve other than a bad reputation? People that have a history of such are tainted and may find getting loans and things from banks harder if not impossible. Clever business people use bankruptcy because they profit from it when moving money into positions where it can't be touched. That is not the right thing to do.

Some billionaires have risen above others by avoiding payment to contractors and others who have supplied them with goods, such as buildings or vehicles. They moved their money into trust accounts or created off-shore accounts where such was drained off over time. Some also use a spouse or partner to gift money to while their business was operational.

The problem is they have left others to face bankruptcy who they then refused to pay. These are usually the contractors and their sub-contractors that usually involve small family businesses that cannot sustain big losses.

Money is an invention for power and some think that the world owes them so they don't care who they hurt in their rush for the biggest slice of wealth. So how does the little guy avoid going into bankruptcy.

Years ago this was a problem faced by me when a shift in the economic security of Australia saw an inevitable depression hit my business. It was heightened, however, by a break-down of marriage and three teen-age children dependent on me. The situation was extremely dire as I owed money to many that could not be paid back.

Working my way through it was the first step. Securing a job that took me inter-state and gave me the opportunity to avoid debt-collectors and others allowed me to repay all the debts over several months. Because of making good on them no one pursued me. That is probably the best lesson one can learn from being honest.

My father reared me with this thought "if you never tell a lie you won't get into trouble." To me bankruptcy when one could and should repay people is a lie. The ones to whom my business dealt were honest, hard -working, and responsible folk. What right does anyone have to deny them their just rewards?

Before one declares bankruptcy think of the consequences. If everyone stops paying their bills the world of finances will also cease. While money is an invention it is the basis on which the World Order stands. If it crumbles so does everything about our civilisation. So instead of bankruptcy choose a better way and repay debts, even if it takes months to do it.

Can you imagine moving away, and not taking your dog with you? It seems so cruel, since dogs are incredibly loyal, loving and protective. In fact, it's not just cruel - it's reckless. After getting accustomed to a domestic life, the pup might not not able to survive on its own. The world is full of dangers and diseases, even if your pet survives its broken heart.

A truck driver in California noticed an eight-year-old Labrador living in a parking lot outside a warehouse on his delivery route. According to The Dodo, the dog used to live with his owners in the house across the street, but the family moved away and left him behind. It broke the driver's heart to see the forlorn dog living in the dirt, so he uploaded a photo of the "poor old boy" on Instagram. Due to his living situation, he was unable to adopt a pet, but hoped someone would give the Lab a forever home.

If you are able to adopt Larry,  you can contact Love Leo Rescue at loveleorescue(at)gmail(d0t)com. Hopefully he will meet a new family soon, that won't abandon him in the dirt.

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For years now people who find themselves in serious financial trouble can declare bankruptcy to rid themselves of overwhelming debt. Generally bankruptcy is viewed as a last resort mainly due to the stigma and shame associated with the idea of filing for bankruptcy.

One of the challenges for anyone considering bankruptcy is getting the right information, there is plenty of misinformation circulating online and in the neighbourhood about bankruptcy but facts seem harder to come by. For those of you who may be considering bankruptcy I will just outline a few key facts so you can make an informed choice. Often one of the problems with bankruptcy advice is there is often more to the story than first meets the eye, so I will highlight a simple and well known fact then give you some additional insight behind that fact that will help you know more about it.

Fact 1. Bankruptcy lasts 3 years.

While this is generally true, it's possible to have your bankruptcy extended to 5 years or even 8 years if the trustee doesn't get provided with the information that is required of you while you are in your first 3 years. There are potentially 50 reasons your bankruptcy could be extended, and in some cases it's simply not filling in some required paperwork while you are bankrupt.

Fact 2. I will lose my assets when I file for bankruptcy.

You may lose some assets when you are bankrupt, but you will not lose your household furniture and general household items. You may lose your house if there is plenty of equity in the property, you may also lose your car if the car has an asset value over $7,700. Your business if you are self-employed may also be viewed as an asset. Put simply if you are not sure, then get some advice about your assets.

Fact 3. I will lose my business if I file for bankruptcy.

Remember the job of the bankruptcy trustee is to sell your assets and give the money to your creditors. What really matters in the case of a small business owner is the asset value of a particular business. For example if a plumber needs to file for bankruptcy, it's very likely his hand tools and old ute (that's worth less than $7,700) or has finance on it he will be able to keep and continue to run his business, because the real asset of the plumbing business is the plumber himself.

Naturally if the plumber was a company director then he would need to resign and trade as a sole trader moving forward into bankruptcy, but it's not automatic that you will lose your business if you file for bankruptcy.

Fact 4. I will lose my house when I go bankrupt.

Not necessarily, in fact often if there is little to no equity in the property then it's possible to keep the house as long as you keep making the mortgage payment for your bankruptcy term. At the end of the 3 years your house will need to be re-valued, and then you can make an offer representative of any capital gain that has occurred in the 3 years to the trustee and pay that increase and you can have your house back.

Fact 5. I will lose my job when I file for bankruptcy.

There are very few professions you cannot do while you are actually bankrupt. Sometimes the restrictions in employment apply more to getting into the field rather than once you are already in there. For example, it's difficult to get into the police force as an undischarged bankrupt, but if you are already in the police force (as long as your bankruptcy was not due to fraud or illegal activities) then you will not be affected by bankruptcy.