Category Archives: Financial Services

Why You Need Sound Advice Before Declaring Bankruptcy

Although most consumers with huge debts often rush to file for bankruptcy, it comes with some repercussions, making it necessary to weigh one’s options carefully before making the final decision for bankruptcy declaration. As a matter of fact, very few individuals know how much the law protects them where employment is concerned, and eventually fail to realize that the effects of bankruptcy on employment if they work for corporations or financial institutions may just be too drastic.

As it is, no employer is allowed to deny a job seeker position in an institution on grounds of bankruptcy. However, the same law has provisions for job denial in case someone has bad credit. In this case, the effects of bankruptcy on employment will be negated given that when one files for bankruptcy, they automatically have a poor credit rating.

effects of bankruptcy on employment

Most people file for bankruptcy to escape the wrath of creditors. However, they forget the effects of bankruptcy on employment more so when they have the hope to seek other positions in future. Under normal circumstances, people in debt often just consider the repercussions of their actions on credit, forgetting that at some point in time, there may be need to look for employment elsewhere if the current one ends.

Certain job positions are affected by bankruptcy as opposed to others. An individual working within the financial industry is likely to attract sideways glances after a declaration of bankruptcy unlike say a construction worker. This basically means that any individual intending to work in certain industries in future ought to explore various options available first before contemplating a bankruptcy declaration knowing well what bankruptcy and employment entails.

Professions Affected by Bankruptcy

Even though the law protects both employees and employers there are certain professions affected by bankruptcy. These are:

  • Financial workers like accountants, stock brokers, mortgage brokers and financial advisors.
  • People in the armed forces.
  • Police.
  • Medical workers like doctors, dentists and surgeons.
  • Law department workers like lawyers, court clerks, solicitors and legal executives.
  • Property agents e.g. letting and estate agents.
  • Local or national posts like MP and senator.

Although an individual working in these institutions may not be openly dismissed, there are instances when one may be slapped with a demotion. Holders of public offices may be compelled to resign because an individual incapable of handling personal finances cannot be trusted to oversee that of a bigger populace.

The impact of bankruptcy on employment may certainly be great, but there are trade unions that work for the benefit of employees. Before deciding on bankruptcy declaration, it is important to read the employment letter carefully to find out what the conditions of the job is. In case the terms used are difficult to comprehend, one can either Google from the internet or ask the union rep for clarification.

As much as bankruptcy stops creditors from pestering a borrower, it should be the last option for a consumer. There are numerous debt relief options available at the moment, and one can get sound advice from debt mediators on the best way to go when debts become unmanageable. Find out more at HTTPS://WWW.DEBTMEDIATORS.COM.AU/BANKRUPTCY-SOLUTIONS/BANKRUPTCY-AND-EMPLOYMENT/.

How Your Business Benefits from a Chartered Accountant

If you are looking for a chartered accountant firm, remember to engage one with chartered accountant insurance. Chartered accountants are essential for professional advice on taxes and finances. However, not just any accountant will serve your business right.

For the best results, you need a chartered accountant. The services of chartered accountants are approved by the board and government aagencies to ensure that they deliver quality services to their customers. This, however, does not mean that regular accountants are not up to the task. The difference is just that chartered accountants perform a more analyzed job than their counterparts do.

Accountants Versus Chartered Accountants

Accountants are often financial and tax experts following specific rules of accounting. On the other hand, chartered accountants are accounting professionals who are licensed to practice in a given state. For small and medium businesses, the services of a chartered accountant are quite important.

All the same, when you select a chartered accounting firm to provide you with finance and tax services, it is advisable to work with a firm that has a good standing. Confirm credibility of your preferred firm with the Better Business Bureau and find out if the firm has chartered accountant insurance.

Here are some of the gains of using the services of a chartered accountant.

A Chartered Accountant is Licensed

Licensing by a particular state enables a chartered accountant to be familiar with all the accounting laws and regulations of the state. Unlike general accountants, chartered accounting professionals must undergo an exam that qualifies them to deal with all aspects of taxation and finances. Even after licensing, chartered accountants must undergo continuing education classes in order to maintain the license. This requirement does not exist for general accountants.

Knowledge in Taxes

Most chartered accountants are more conversant with tax laws than general accountants are. Some even specialize in tax accounting only. They have to understand the tax code, especially how it relates to the state in which they are licensed.

Chartered Accountants are Good in  Financial Analysis

With the deep accounting knowledge they possess, they are in a better position to perform various bookkeeping tasks. Unlike general accountants that just prepare and analyze the balance sheet, chartered accountants do much more on analysis and provide appropriate advice on tax and financial matters.

They can Perform Audit

A general accountant cannot represent you as an audit professional. Only a certified accountant and an enrolled agent can do. The representation before an audit can help you make important decisions regarding your business.

In the light of their services, chartered accountants or CPAs perform a more detailed task on your business. However, compared to general accountants, chartered accountants charge more. Chartered accounting firms also have their services covered through chartered accountant insurance provided by reliable organizations.

Choosing a Chartered  Accountant

If you are looking for an accounting form for your business, you should find one that comprises bookkeepers and accountants. While your chartered accountant specializes in tax issues, the bookkeepers can carry on with the regular accounting duties.

What to Do When You Get a Debt Collector’s Call?

Debt problem is common in today’s society. Hence, everyone who has debt has probably experienced receiving debt collection calls. These agencies designate debt collectors to communicate with people who are in debt to make sure that payments are not missed. When you see debt collectors calling, you should not be worried or scared. It is important to know how to handle the situation to ensure that you have everything under control.


Learning how to deal with debt collectors will put you on their good side. It can also save you from more trouble down the road.

Verify the Call

Before you do something, you want to verify the debt collection calls to make sure that it is legitimate. You should already know who you owe money to. Therefore, you need to verify the information provided by the caller to ensure that they are a legitimate member of the organization or company you owe money to. Debt collectors are required by law to provide a written notice when they communicate with you regarding your debt. Hence, do not pay much attention to the calls being made towards you when you did not receive any written notice from your debtor.

Another red flag for scams is when they demand you to pay immediately. A legitimate debt collector will give you ample time to settle the payments. When the debt collection calls made to you come with harassing or threatening messages, you need to think twice and hard. Legitimate debt collection agencies are aware about the legal limitations to their activity; when they make any threat, they know they could be held liable.

Keep a Log of Everything

Whenever you get a call from a debt collecting agency, log everything down. Take note of the time and date of the call, as well as the name of the person you are speaking to. This information could be important and useful later on. This will also enable you to track down the progress of your personal debt to ensure that there are no inconsistencies. Furthermore, you can use this information to validate when you are prompted to make payments. Any form of agreement done via the phone call should be taken note of.

Check Your Credit Report

You can use the signs above to identify if you are dealing with debt collection scams. However, you can also do your own verification. The easiest way to do that is to check your credit report. This report will detail any debts that are placed under your name. You can therefore use it to validate whether the call made by the debt collector is legitimate or not. From there, you can reach out to the debt collection agency if there are any mistakes about their collection efforts.

Be Honest

Most people who are seeking help with debt collectors will refuse to provide important personal information such as home address or phone numbers. However, you should never do that. Be honest about providing the necessary information required by debt collectors. If you try to hide your whereabouts, it will not stop the debt collectors from trying to call you. In fact, it will only heighten their efforts to get in touch with you! You might as well come clean and be upfront about your willingness to cooperate with them. For more details, just visit