Sounds like the bank is selling it. They are not going to want to get involved in any vendor finance arrangement or an option.

It may take 7 years until your credit file is cleared, but having entered bankruptcy will always haunt you.

I would suggest you not hold back, but just plan things carefully.

For a business this is a no brainer. Use a trust with a corporate trustee. But since you have already started there will be a few issues which you need advice on.

Are you wanting to know if this helps serviceability or hinders it?

It would probably hinder because:

1. Banks assess loans at a higher interest rate, and/or

2. Banks take into account x% of the rent, often 80%

But, it would be much better for serviceability than if it was a negative $20 per week.

Is your situation covered by a residential tenancy act? It may pay to check into this first. See also the tenants union in your state.

Many lenders including banks lend to discharged bankrupts.

It may still be difficult though. You could use a trust, but the person behind the trust is assessed and if that is you then it won't make much difference. You will need a clean history person.

There are also other implications to buying in trusts to consider.

What does he charge?

That is generally the way to go Keith. But it is also important how the trust is set up and how deals are structure, who guarantees what, what is used as security etc too.

When talking about asset protection people are usually talking about keeping assets from creditors in the event of bankruptcy. Other things to consider are family succession plans and family law issues.

Imagine you having spend thousands on legal advice and having a great asset protection plan in place and then your spouse dies leaving you the house – or one of/ both of your parents.

First thing to do is to get some legal advice. Especially with that much cash. You need asset protection and structure set up and loan agreements etc.

1. This will depend on a lot of factors.

2. Yes. expensive and time consuming and you will greatly weaken any asset protection.

3. Trustee probably shouldn't be beneficiaries – depending on the wording of the deed. Any distribution made is taxed in the hands of the recipients, including the trustees personally. If the income isn't distributed the trustees will pay tax on it at top marginal rates.

4. Why do you want a property accountant?