Bankruptcy

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=82 BGCOLOR="#003333" TEXT="#F7F7FF"> <div> <FONT SIZE="5" COLOR="#FFFFFF" FACE="Arial" ><B> Welcome to (Tony Pitt's) National Interest Newspaper's website </B></FONT><B>     |     </B><A HREF="index.htm" TARGET="_top" TITLE=" Welcome to (Tony Pitts) National Intere"><U><B>home</B></U></A></div> <div> </div> </td> </tr><tr> <td valign="top" width=5 BGCOLOR="#003333" TEXT="#F7F7FF"> <bR> </td> <td valign="top" height=398 BGCOLOR="#006633" TEXT="#F7F7FF"> <div> <I>Bankruptcy</I></div> <div> Bankruptcy Law Changes                                  Back to home <A HREF="index_bankruptcy.htm" TARGET="_top" TITLE=" Welcome to (Tony Pitts) National Intere"><U>page</U></A> <A NAME="page________________________________"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A><A HREF="index_bankruptcy.htm" TARGET="_top" TITLE=" Welcome to (Tony Pitts) National Intere"><U>  </U></A>                              </div> <bR> <div> Greetings,</div> <bR> <div> On May 14, the federal Attorney-General introduced legislation to amend </div> <div> the Bankruptcy Act so that:</div> <bR> <div> Every Australian is put at risk of having their home and other assets </div> <div> confiscated under the proposed changes.</div> <bR> <div> The family of, or in fact other than family of a person made bankrupt, </div> <div> for any reason whatsoever will lose all their assets, whether in the </div> <div> names of family members or in the names of a company or trust.</div> <bR> <div> This will be the situation if the person becoming bankrupt has provided </div> <div> any assistance to family members or to the company or trust or any other </div> <div> person for that matter.</div> <bR> <div> It does not matter how long before bankruptcy the assistance was provided.</div> <bR> <div> The government claims the justification for the changes is to prevent high-</div> <div> income people using bankruptcy as a means to avoid their taxation and other </div> <div> obligations. However, the scope of the proposals is much wider than that: </div> <div> it will apply to everyone, small business, including farmers.</div> <bR> <div> This proposed change to the Bankruptcy Act will have tremendous reper-</div> <div> cussions. Nobody can consider themselves clear of the implications of </div> <div> such a law, because nobody can be absolutely certain that, they or some</div> <div> body who assisted them in the distant past will not fall into the bank</div> <div> ruptcy trap. Banks and finance companies, for instance, bankrupt people </div> <div> every day of the week, even when they were never in default of their </div> <div> commitments. It is common knowledge within people experienced in this </div> <div> area that certain people are targeted for bankruptcy by the establishment </div> <div> for political reasons and to allow a competitor to get his hands on a </div> <div> business.</div> <bR> <div> The truth is that the people who use bankruptcy to doge their obligations, </div> <div> do so by making themselves bankrupt, and I agree these people need to be </div> <div> caught, but the changes to the Act do not single them out for action, the </div> <div> changes include everybody.</div> <bR> <div> To find yourself on the wrong end of bankruptcy action can virtually </div> <div> happen overnight, over a car accident, a dog bite, a house fire, all </div> <div> number of things many well beyond your control. All that is required </div> <div> is a claim against you that you can not meet, or now, a claim against </div> <div> somebody else where you have at some time in the past had an association.</div> <bR> <div> My guess is government is planning for the next down turn, which is not </div> <div> far away, in fact just as soon as the financial institutions have a claim </div> <div> on all the previously owned homes and businesses, where the owners have </div> <div> been conned into using their collateral to buy an investment property.</div> <bR> <div> Remember: history clearly shows that government is the handmaiden of </div> <div> the banks and the enemy of the people.</div> <bR> <div> Forwarded by</div> <div> Joe Bryant</div> <bR> <bR> <bR> <bR> </td> </tr></table></body>