Free Bankruptcy Assistance
Fast, Confidential and no Obligation
Free Bankruptcy Assistance
Fast, Confidential and no Obligation

Are your personal or business debts getting out of control?

At Bankruptcy Experts we realise that the very thought of bankruptcy is scary, and having it become a reality is downright frightening. That’s the reason that we simply supply straight-forward bankruptcy advice. We understand that you’re most likely feeling quite confused, trapped or maybe like you have no choices left. But here’s the thing you’ve already experienced the most challenging component of the experience you have taken that first step in the direction of placing your personal and/or business unpaid debts behind you and carrying on with your daily life; you’ve located us.

The following step is to work out if bankruptcy is right for you. There’s a handful of things you need to know before making that choice so you can carry on exploring all over this website, it’s full of fantastic relevant information, or you can simply pick up the phone and call us on 1300 795 575.

Are your personal or business debts getting out of control?

At Bankruptcy Bendigo we understand that the very thought of bankruptcy is scary, and having it become a reality is downright frightening. That’s why we only offer straight-forward bankruptcy advice. We know that you’re probably feeling very overwhelmed, trapped or even like you have no options left.
But here’s the thing…you’ve already gone through the hardest part of the process…you have taken that first step towards putting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is to figure out if bankruptcy is right for you. There’s a few things you need to know before making that decision so you can continue browsing around this site, it’s full of great information, or you can simply pick up the phone and give us a call on 1300 795 575.

You can possibly be 100% liability Free!

Can you picture a future free from collectors’ harassing phone calls and anticipating the mail once more? Certainly there are a few points you should identify before you making that very hard resolution. First of all, the earlier you take steps then the more choices you may have.

5 questions you must address before you declare yourself bankrupt.

Second of all, there are 5 important questions you should have an answer to before you declare bankruptcy. If you want to know what they are, don’t hesitate to download our free e-book on the right hand side of this page. This e-book will attend to these big 5 concerns exclusively and offer you comfort that you are doing the right thing.

5 Questions you must answer before you declare yourself bankrupt.

Second of all, there are 5 essential questions you must have an answer to before you declare bankruptcy, if you would like to know what they are feel free to download the free e-book on the right hand side of this web page it will address these questions specifically and give you assurance that you are doing the right thing.

Get your FREE copy of the Big 5

* We promise not to bombard you with emails and phone calls when you sign up for our free e-book. In fact we promise to only call you once to see if we can help you further and that’s it.

Insolvency Options

Is Going bankrupt my only choice?

No! There are a couple of possibilities offered to you. Listed below is a graph defining the advantages and drawbacks of the numerous debt options accessible. The chart is by no means an all-inclusive answer, but it will certainly enable you to make an educated choice.

What is a Personal Insolvency Agreement?

This is adaptable agreement between you and your creditors. It is taken care of through a trustee who administers to just how much you need to pay out and when etc. Once those conditions have been fulfilled you are then totally free to begin again with a new beginning.

What is a Debt Agreement?

A debt agreement allows a debtor to enter into an arrangement with their creditors to satisfy their debts without having being made insolvent.

You can’t enter into a Debt Agreement if you have been bankrupt, or you are presently already in a debt agreement. Certainly there are also salary limitations, property market value and unsecured debt value constraints. If you want to know more please connect with us on 1300 795 575.

Why do some business say Debt Agreements or Personal Insolvency Agreements

The reason you find a number of pricey commercials on the TV asking you to choose one of these types of options is that there is lots of cash in it for the service providers that offer them. You will notice, if you haven’t already, that every single company has the tendency to give (biased) recommendations depending on the products or services that they offer. For instance, Debt Agreement Companies ridicule insolvency providers and so it goes with much of the financial services market.

Should I consider a Debt Consolidation Loan?

There are the very occasional conditions where a debt consolidation loan is the most effective plan. Usually the issue with these is all it is actually doing is packing 5-15 different debts into one substantial debt. If you are battling to pay all your various loans now why do you feel it will be magically much easier to have one massive debt. Just to make it all worse you usually have to pay up front for the pleasure of this selection. If you want to get some clarification on this just call us on 1300 795 575 or go and download ‘The Big 5’ e-Book.

Bankruptcy and the Family Home

If I file for bankruptcy can I keep my house?

In many cases the answer is yes. If this is a serious issue for you then the very best method to obtain the answer is to call us here at Bankruptcy Experts on 1300 795 575 and as soon as we have an awareness about your situation we can give you a very clear picture over the phone. Virtually everyone is emotionally linked to their house; it’s where the kids have grown, it’s where you indulge in life on a day to day basis. Folks often assume it’s an inescapable effect of insolvency and consequently they pressure themselves to the edge of madness to not lose the family home.

Will the bank let me keep my house even if I’m a bankrupt?

Why would the bank want bankrupt customers? Wouldn’t they want to sell your house and not take the chance? Bear in mind – the bank that has generously offered you the money for your residence is making good income monthly in interest from you, month in and month out. Provided you keep up to date with your payments then the mortgage lender wants you in there at all costs. Having said that it’s not the bank’s call if a trustee makes a decision that there is enough equity in your house the trustee will force you and the bank to sell your home.

What factors would contribute to losing the house?

Equity! If you are up to date with your monthly payments then the most significant concern is equity. A trustee has a duty to get together as much money to assist pay out your monthly bills once you declare bankruptcy. Equity is the ticket here. If you possess $300,000 equity in your home and you have $100,000 worth of unpaid debt and no other means to pay out the debt then the trustee sees your equity as a way to pay your debt and so they will sell off your home to repay the unpaid debt and give you whatever funds remains from the sale.

How is equity determined?

This is the most vital part of this procedure. Why? Put simply, if you get it wrong you are going to lose your home. There are a number of things you must understand here. First of all, your gut reaction or assumption about the true worth of the residential property is probably generous. Most people expect their home is worth greater than it truly is. When you declare bankruptcy the trustee may ask how you formed your price for the house.

In some cases they may ask for more detail about your valuation, possibly a rates notice or a realtor agency’s appraisal or a registered valuation. A practical strategy would be to search then click on the ‘Sold’ tab on that particular site and look for the latest house sales in your street or neighbourhood. This will assist you get some idea of the reality of the market at the moment. Always remember, the valuation is based upon a fast sale not a sophisticated real estate agent’s marketing project. Understanding this step is vital, so get some guidance before moving on, call us on 1300 795 575.

What if my Partners name is on the mortgage?

Commonly when a couple buy a home a single income isn’t adequate to get approved for the mortgage, so the bank/lender will likely have both of these partners sign up for the credit. Once the house is bought each of the names are on the home mortgage from the lender and the title deed of the property as shared tenants.

Let’s say Mick and Susie purchased a house 4 years ago for $400,000 with no deposit so their home loan was also $400,000. Mick is a local plumber and needs to declare bankruptcy but Susie has a great job teaching at a high school and doesn’t need to declare bankruptcy. Regrettably, the house has not increased in worth in the 4 years they have owned it and they also have only managed to pay out interest on the home loan in that time so essentially they still have a $400,000 home loan on a house worth $400,000.Mick can then file for bankruptcy and as long as they keep covering the mortgage, rates etc. they can continue to keep the house for the 3 years Mick is bankrupt.

This action will, in no way, affect Susie’s credit history rating or require her to go bankrupt at the same time. There is plenty to take in when it comes to residential properties and going bankrupt so if you have concerns don’t think twice to call us about your house on 1300 795 575.

Suppose my house has a lot of equity? what can I do?

If you house has plenty of equity and you are still drowning in debt, there are still some options available to you. In fact this applies also to vehicles or other assets you may have. What you cannot afford to do is assume that everything will be ok. It is the bankruptcy trustee’s job to sell whatever assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be disastrous! Before you take your next step get some advice we offer a free initial consultation just call us today on 1300 795 575.

Bankruptcy and Employment

Will my employer be advised?

Normally there is no good reason for your employer to be advised of your personal bankruptcy. In conditions where you make over the threshold sums of income whilst you are bankrupt and you are requested to make an income payment, you plan those payments yourself, it does not go through your workplace.

Who will know about my bankruptcy?

There are four groups of people that will learn that you are bankrupt.

  1. Individuals that you tell
  2. Your lenders or people you owe money to
  3. Individuals that see your credit history file while you’re bankrupt. The only way this will occur is if you sign a privacy form for them to access your credit report. You only ever carry this out when you apply for a loan.
  4. You will be listed on the National Insolvency Index on the internet somewhere.

It’s hard to locate and people need to pay to discover if someone is bankrupt on it. At Bankruptcy Experts, we are fully mindful that certainly there is still a preconception connected to bankruptcy. We know this problem and we can easily support to guarantee that if you declare yourself bankrupt that you don’t need to go to court, get your name in the newspapers or be publicly made out to be a crook or some kind of unsuccessful person. We can help make sure that bankruptcy is quick and uncomplicated.

As a matter of fact, the whole process should only
take a few days. It makes it practical for the ordinary person to get out of financial debt and on with their lives. For more in-depth info about insolvency and your employment, download ‘The Big 5’ e-book.

Will I lose my job if I file for bankruptcy?

The answer to the concern is – in some cases. The problem with a few professions isn’t that you can’t execute any more, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make things complicated for you. What we could really advise is that you do your own research here. Do your research and explore that process prior to applying for personal bankruptcy because that may really help you decide. Check if your work is on the chart below.

If it is, we advise speaking to them personally and discussing your predicament. A few organisations won’t have a concern with your insolvency so long as it wasn’t accompanied by dubious or unusual practices. If you think your occupation may be affected by your potential insolvency call us here at Bankruptcy Experts on 1300 795 575.

Employment Restrictions for Bankrupts

What I would certainly suggest is that you do your own research here, do the homework and investigate that process first prior to filing for bankruptcy because that may help you decide. Check if your job is on the chart below. If it is, I ‘d talk to them personally and describe your situation. A few organizations won’t have a problem with your bankruptcy as long as it wasn’t accompanied by shady or suspicious behavior. If you think you employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Bendigo on 1300 795 575.

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

The very first thing you need to understand about going bankrupt is that there is no restriction on how much you can make. Having said that, we are going to mention that your salary is a considerable factor to consider when working through if you have to declare bankruptcy. The initial thing you will have to identify is simply how much you can make before you start paying funds to your creditors via your trustee.

Bankruptcy and Income

Adjustments are coming to the world of insolvency. If you have to understand what is taking place then focus now. Ever since March 2016 there have been adjustments to the Income Threshold quantities. This indicates that there are changes to just how much money you can retain when bankrupt. This is your net income after tax and child support (if applicable) are subtracted. /p>

If you’re in business when insolvent then, of course, it’s also net (after tax) of company spending, which is commonly calculated annually.Your earnings may be moderated to consider things like salary sacrifice and substantial superannuation payments etc. Your earnings might also consider more unusual expenses incurred as a result of being employed.

As an example, if you undergo an unusually high amount of travel costs to get to and from your work this can sometimes also be taken into consideration. Your bankruptcy trustee has to ascertain your real net income, according to the personal bankruptcy rules.

The income threshold numbers are also per person and are established by the Government every March and September to allow for the movement in the cost of living.

What can my partner earn if I go bankrupt?

There is no limit to what your spouse/partner can generate. There are a few implications that must be considered in some conditions, but in most cases your partner is a totally separate legal entity and will not be impacted in financial terms when you declare bankruptcy. As a word of precaution – this could change if you have joint loans with each other, so be careful about the effects of that. If you are unsure just call us on 1300 795 575.

Who is considered a dependent?

This might be any person, of any age, that resides with you and earns no more than $3,343 per year. If, in the case you have a child or children that you pay child support for and they don’t live with you full time, then you can not declare these children as dependents.

What if my spouse or partner and I both need to go bankrupt?

If a couple have to both declare insolvency and you have no dependents then you can each earn $1,048.25 net. A practical way to comprehend it is the same income rules apply for each person independently.

Self Employment & Bankruptcy

Will I lose my small business if I go bankrupt?

The simple answer is – you do not have to but you do need to receive the correct advice. Company insolvency laws are very detailed and you need to tread carefully if you want to continue to be self-employed.

You may certainly acknowledge that you can no longer be the director of a Pty Ltd Company if you are insolvent. However, that does not definitely mean you can’t manage your own business and employ staff etc.

What if I have both Business and Personal Debts?

If you are a business owner and you have a combination of personal and business financial obligations then it’s feasible to have the majority of, if not all, of the unpaid debts wiped out with bankruptcy. Keep in mind this is a complex procedure and requires special focus.

The truth is, personal insolvency doesn’t automatically imply business bankruptcy also. Whether you operate your firm as a Sole Trader, Partnership, Company or Trust we can help guide you through your options. Feel free to call us on 1300 795 575 for a no obligation FREE consultation.

Should I put my company into liquidation?

One of the main reasons you may wish to think about liquidation as opposed to bankruptcy is because if you liquidate your business, it doesn’t definitely mean you need to go bankrupt. In Australia, businesses that become insolvent have a couple of options, including liquidation, voluntary administration etc. If you want to know more call us on 1300 795 575.

What impact will bankruptcy have on my business?

There are limitations for business owners that are insolvent. For example, as a bankrupt business owner you can be in your own business as a sole trader only. For some business owners, bankruptcy can impact their capability to manage the business due to the licensing issues.

For instance, a builder with a builder’s license can not constantly use that license for the 3 years he or she is insolvent. There are other ramifications for business owners whilst insolvent that have to be thought about. If you want to know more about this please don’t hesitate to phone us for a no obligation free consultation on 1300 795 575.

Isn’t it illegal to run a similar business after bankruptcy?

Maybe. There are considerations when and if you declare bankruptcy as a business owner. You can not run up loads of financial debt in your business, then go bankrupt and then open the doors the following day like nothing has occurred. There are regulations in place to stop what is called ‘Phoenix companies’ rising up out of the ashes of an old business. Do not get overly stressed out concerning what you can and can’t do as a company owner; just get the correct guidance by getting in touch with Bankruptcy Experts today on 1300 795 575.

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