Select to expand quote
Ctngoodvibes said..
Thats really heavy hydro. I'm hoping things look up for you soon. Surfings a pretty good way to relax and forget all the BS, hope you can get in the water
Im no finance expert, but I have heard claiming bankruptcy in circumstances like that can actually be best option
...as scary as it sounds I understand it allows you to make a fresh start
Cheers mate.
Yeah it's heavy because of what we are trying to support. Property we are in is dual residential / industrial, and given teh business is pear shaped ATM makes it surplus to our needs.
Biggest problem is getting everyone to adjust their expectations and realise that we need to liquidate, and quick. Had the good sense to pay off a bit extra on the mortgage during the good years instead of buying a 79 series. Short of what the ATO want from us but still a decent chunk.
Bottom line is that we are cash flow crippled and unable to service our level of debt, a bit like virgin in that regard but I didn't and haven't gone crying to the gov for a bail out.
Still got assets behind us and capital in the property, will likely apply for the super draw backs which should tie us over and give enough to pay the bills whilst we spruce up for a quick sale. At the end of the day even if we rent we are in a way better spot than many because of our assets, so whilst I'm sounding like a whinging bitch it's more me venting than asking for sympathy. Kinda therapy I guess, tends to help me see things a bit clearer when I blast off now and then.
Still the best medicine is to look beyond ourselves and to do something for others, a food package, some help with outside gardening etc. All done with social distancing of course. Gets the mind off your own crap and puts it in perspective when you see others doing it tougher.