What to Expect in the Official Receiver’s Interview Once Bankrupt

If you are made bankrupt then you can expect that day to receive a telephone call from your local Official Receiver, who will introduce himself and confirm that he will be writing to you to fix an interview date.

The Official Receiver is a government official who is responsible for looking after and investigating your affairs as a bankrupt.

If you have assets at the time of your bankrupty for instance an interest in property, that interest will vest in him or her.

The Official Receiver will write to you very soon after you have been made bankrupt and ask you to come and see him for an interview, or to set out a time when he will call you. In the vast majority of cases that I see at present, clients are called by the OR in a basic interview that lasts between 30 and 45 minutes.

In the interview with the OR you will be taken through your statement of affairs. In all probability the length of the interview will in a large part be determined on two aspects:-
a) the quality of the statement of affairs that is completed… the better and fuller the statement, the shorter the interview that will be required;
b) the complexity of your affairs.. so if you have no available assets or income, you will be dealt with very speedily.

Your statement of affairs is about 35 pages long and from this the Official Receiver will be looking to confirm al your creditors and the amounts that you owe. If you have filled this in fully, then little time will need to be spent on this. It follows that it pays to get a professional to complete this form with you to ensure that it is as complete as possible.

In addition to the above, your income and expenditure will be analysed so that the OR can determine whether or not you have surplus income that you can contribute to him for 36 months via what is known as a Income Payments Agreement. Make sure that you utilise all your allowable allowances. If you cannot find out what these are, please seek expert help as it could save you thousands of pounds in contributions, if you get this right first time.

Your assets will be dealt with such as a house and a car. Again, in the statement of these are explained properly they can be easily dealt with by the OR. If you have a house with equity now is the time to ask what the OR’s attitude is to selling it back to you if you so wish, or if not how he intends to realise it as an asset.

The OR will also briefly go over the reasons for your bankruptcy and this will determine his attitude to any possible bankruptcy restriction order that he may seek to agree or impose.

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Online Home Based Business – Trust – How to Establish Trust With Your Customers

Today’s online market has a very real distrust for advertisers in the Home Based Business industry, however if a business cannot get around this feeling of the consumer…they will not succeed. Luckily, there are a few things that you, as a Home Based Business Entrepreneur, can do to gain their trust. You can help them make that decision that they want to make if it were not for that feeling. Much like the trust you needed to feel when you were searching for your current business.Tip#1 – The customer has to know that you are running a real home based business and that their information is safe with you. Having a privacy policy in plain site (right below the opt in or buy button is the best place for it) will help them know what you will and will not do with their information. Give them the option to put in their name, e-mail, and phone number. However, it’s suggested that you make the phone number optional because the more information you try to capture, the less likely they are to fill out a form.Tip #2 – Use this information that they give you to keep in touch with them, show them that you care, let them know what you are selling, and don’t become a stranger. You may feel that if you “bug them too much” they will run away. That may be true, but if you do not bug them enough, they will forget you and forget that they gave you their information in the first place. Then they will think you are just spamming them and report you to the e-mail sites. A nice mix of saying “hi, remember us” is where you want to be with e-mails.Tip #3 – If you are the type of home based business that collects addresses, then send a nice holiday card. Do not make it a Christmas card because you can lose a customer due to religious beliefs; however, if you believe strongly in your faith and chose to do it anyway then send whatever card you would like. There is nothing wrong with wanting a specific type of customer that will stay loyal to you and your company.Tip #4 – Satisfied customers, other businesses, leadership recommendations…collect these things and place them on your home based business website. People like to read that others trust you, that they are happy with what you gave them, and that they would follow you to the ends of the earth. (Do not lie on these things. If you are found out it will ruin your business.) It is all about integrity. You attract back what you put out into the world, you reap what you sow, Karma is a funny little thing.Tip #5 – Use stories because people can relate to these better than just facts alone. A story also can help someone understand what you are selling or trying to get across better. They will also show that you are human and not just another home based business website with meaningless print.Tip #6 – One last thing, if you are giving something away or in exchange for their information…make sure that thing is of value. The customer needs to get something out of the deal, something that they will have the ability to use like a product or information given to them for the future. If it is not of value, people will complain and feel betrayed that they were duped. This will not sell your products; it will get you bad reviews, and make people very upset with you in the end. If done right, then you will have great sales and plenty of recommendations to choose from for future costumers to read.Remember that these are human beings on the other end of the website that need to Trust you. If you do not like to see certain things on a home based business website, chances are…neither do they. So do not try to trick, lie, or cheat your way into success. Be real and they will see that in your site, and in the work you do for your home based business.

Why Businesses Fail – The 7 Main Reasons

Do you know why businesses fail? Are you new to business? Struggling to stay afloat? Need a sales boost? Run out of fresh new marketing ideas? Is your business working for YOU? Or are you working for IT?Fundamental shortcomings in business planning are a cause of many businesses failures. Knowing the 7 main reasons for business failure is critical. Your business plan must be realistic and based on accurate, educated data. Future projections must rely on knowledge of your chosen industry, the economy, the market, your potential customers and realistic sales targets.Commencing a business is not a casual undertaking. It is not a hobby and it is not some game where you start today and quit tomorrow. Budding entrepreneurs often commence their business with a few hundred dollars. However, by doing this you may run the risk of having to raise more capital.If you don’t have a strong success mindset, you should not waste your time and money by going into business. The market place can be very unforgiving. Starting from scratch is not easy. In fact, a large percentage of small businesses fail in the first year and most are gone within the first five years.Research shows that Business Owners fail for 7 common reasons.1. Poor Management Skills. Business owners often try to do everything themselves and refuse to delegate. This problem is one of the most common because business owners know their industry but fail to realise that they need to learn how to manage the business.2. Failure to Plan. You should always start by checking out the competition. Planning is good business management practice. Inadequate planning often translates into poor management functions. Good business practice includes planning your research, planning for expansion, sales and marketing planning, and recruitment planning.3. Inadequate Cash Flow. This is the primary reason for a large percentage of business failures. Many otherwise asset rich companies find that they are, for all practical purposes, insolvent simply due to lack of cash flow. Cash flow is the balance between your income and your expenditure. When these get out of balance, or your timing is wrong, your business is drained of its lifeblood.4. Keeping Sloppy Business Records. This can lead to flawed business forecasting and potential taxation problems. Poor business systems can result in higher costs, lost time and inefficiency.5. A Lack of Sales and Marketing Skills. Inadequate Marketing Systems produce poor customer service and an inability to attract and retain satisfied customers.6. No Market Potential. Many businesses fail because the market for their products or services is too small or specialised to support them. Thorough and accurate market research and analysis is vital when starting a new business.7. Failure to Seek Help. Having a network of professionals in place is critical for business longevity. A good Accountant, a trustworthy Legal Advisor and an experienced Business Mentor are critical if you want your business to grow and succeed. Learn to network with other business people. Find out what advertising and promotional techniques are working now. Educate yourself. Go to seminars. Learn from the experts. Be open to new ideas and strategies.For more business tips and assistance, check out the Resource Box below and join me on Facebook or visit my site.