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Self-Employed Tradesperson and $100K Debt Help

Discussion in 'Debt and Bankruptcy Law Forum' started by Tom Thomas, 29 May 2015.

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  1. Tom Thomas

    Tom Thomas Member

    29 May 2015
    Likes Received:

    Got myself in 100k debt. Half ATO Tax debt and half credit card debt.
    I'm self-employed tradie doing same job 30yrs.
    I find my business can support me. But throw in the wife and child support.
    Its easy to see when I look back, I lost about 10k a year for 10 yrs.
    Easy maths.
    I rent have a work car $ 5000, trailer $ 500 and $1000 regod motorbike.
    A couple TVs that's it.
    Kids are nearly adults, wife's back working, but my book are now such a mess
    Been moving money around accounts now for years.
    Getting letters of demand and phone calls everyday.
    I stopped opening the mail. answering the phone.

    I good at my trade and could make it work again, but how to pay off 100k?
    I feel sick.
  2. Taxelite

    Taxelite Member

    22 March 2015
    Likes Received:
    I feel your pain. Don't stress, seeking a good accountant to assist you. You don't need to go bankrupt

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