How We Can Guide You
Bankruptcy Tablelands can support you with anything which you want to know about declaring bankruptcy. Everyone’s problems are different and need a competent approach. We have put the six most commonly asked questions on this page so you are able to receive a quick and uncomplicated answer. If you want more details continue through our site or simply call us on 1300 818 575.
The worry of losing the family residential property is certainly the number one reason why people hold off declaring bankruptcy and push the thought to the back of their minds. The question that everybody needs to comprehend when thinking of personal bankruptcy is if they could retain their family residence? The answer is YES in many cases.
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In order to keep it easy its really regarding the equity you have in the home, or to puts it simply just how much your home is worth over and above the home mortgage amount. If your property has little to no equity in it, at that point it is likely you may maintain your home provided that you keep paying the mortgage, rates etc. Typically there is even more to this tale and you will likely have various other thoughts, so don’t hesitate to get in touch with us on 1300 818 575, to obtain the exact advice you need to get about your property.
The next most often asked concern is if you can have your vehicle if you are insolvent? The answer to this in some cases is YES! Put simply if your car is presently on finance and you can easily continuously maintain the charges its highly likely you will certainly have the chance to keep your car.
If you own your car outright and have no financing then you can easily possess a vehicle as much as the wholesale worth of $7,500.
In the event that both of these two scenarios don’t apply to your car then contact us on 1300 818 575.
Will I lose my business in the event that I go bankrupt? The answer in most cases is NO! You can easily keep your business organization and file for insolvency. This is probably the most intricate part of any kind of bankruptcy. The bottom line is the government does not wish you to be without gainful employment and bankrupt so as a result you can proceed as a self employed individual as a sole trader once you are insolvent. You may not be the director of a company for the 3 years you are bankrupt. If you have your own small business and have to declare personal bankruptcy then give us a ring on 1300 818 575.
Bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in many cases you do not have to repay the debt except if you earn over certain amounts of earnings. As an example if you make under $1,050.00 each week in the hand or after tax (net) for the 3 years you are insolvent then you will never pay a cent towards the financial obligation. If you pay child support or have dependent children then you are able to make more. There is a table on the bankruptcy page of this site with increased information should you wish to know more.
My Credit File
Is my credit rating damaged for life? Answer is NO! Your credit rating is essentially ruined for the 3 years you are bankrupt. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this indicates there are a number of loan providers that may help you get a mortgage or a car loan etc. To have a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy time period.
How Much will it Cost
Of course this is not an easy question to answer, as each case we take up is different. Having said that, in some cases we will help you declare personal bankruptcy at no charge. That’s right. If we can guide you do this for FREE then we will assist you. In some cases that are uncomplicated it will cost $395. There are many more complicated scenarios where the cost is more. If you need to get an idea about what your case will be priced at simply contact us on 1300 818 575.