Yes. All you need to do is apply to your bankruptcy trustee for approval to go. You’ll get it, even so there is a one-page application you have to submit just to inform the trustee of how long you are going to be travelling, etc. This rule only really exists so high flyers don’t skip the country. In certain cases the trustee will request your passport, but don’t worry about it because you can ask for it back when you wish to travel. The big part of this is being sure that you in fact ask– because if you overlook this then you can actually get in a great deal of trouble. Call us if you want to know more about travel on 1300 818 575.
In a lot of cases the answer is yes! In fact, in many cases these days we can help you keep your home. At Bankruptcy Experts Tablelands we are really professionals at helping people keep their houses. It’s actually pretty tricky, so if you are troubled about losing your home call us on 1300 818 575 and we will lead you through your choices.
The idea of losing the family house is very likely the most common discouragement to people declaring bankruptcy. We talk with people daily who have wrestled for quite a while under substantial financial stress so they don’t lose their home.
So how is it possible when declaring bankruptcy to keep your house? Easy, really; it’s a matter of equity. Let’s put it like this, if you own a house that’s worth $350,000 and you owe the bank $350,000 you in reality have no equity in your house, correct? The trustee will only sell your home if there is usually enough equity in the home, if sold, to repay a lot of your debts. So for this specific situation, the trustee will then offer you some choices, one of which is to merely to carry on paying the mortgage and stay in the house while you are bankrupt.
So how can I discover the value of my home before I experience the process and pain of declaring bankruptcy? A standard way is simply to go onto www.realestate.com.au and take a look at the sold houses tab in the Tablelands area and then it will display all the recent sales in your neighborhood. Another possibility, if you are uncertain or are very apprehensive, is to have a registered valuer do a valuation on your home, not a real estate agent ( except if they are registered valuers, of course). Be warned this will cost you anywhere between $300-700. Just one more thing about house prices – If the trustee needs to sell off your house they do this fairly swiftly. It’s not a 6-month sleek marketing project and rather it’s generally by auction and they merely meet the market on the day and that’s it. So when thinking about the value keep in mind that it’s a sell right away price, not when the market improves.
Once you have worked out the market value of your house the next thing to consider is who owns your home.
Generally when our customers are declaring bankruptcy the majority of home loans are actually between 2 people as joint tenants who both add to the home loan. Granted that only one party is declaring bankruptcy then the equity is worked out this way.
Say your home is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the house is $50,000, right? Fifty percent of that overall equity is by default allocated to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of that $25,000 the declaring bankruptcy party has to take care of all of the selling costs including advertising etc.,
which, depending upon exactly where you live, can set you back anywhere between $12,000-20 ,000. With this particular case say the sales expenses are going to be $15,000 then the remaining left over following the sale is $10,000. So in this case the trustee will offer the non-declaring bankruptcy party a number of alternatives. One of which is common is for the bank to say, “Pay us the $10,000 and we will not sell your home and you can have it eliminated as an asset from the bankrupt’s estate.” Or, in short, arrange to pay the $10,000 and you can keep the house.
Just a side note: the bank who has brought you the home loan will need the mortgage payments to be continued of course. Regardless of what the trustee chooses, if you don’t pay the bank the property loan they will at some point ask you to leave. So, in plain English, keeping your home naturally implies retaining the mortgage as well.
There are many more alternatives with your house when declaring bankruptcy, and we have just detailed one choice of probably 20 alternatives you can pick when it comes to your house. We understand you will want to get this right. Trying one’s luck with the family household may be a devastating choice. If you intend to get the necessary advice about filing for bankruptcy or you merely have to speak to someone call us on 1300 818 575.
Your travel would be prohibited by the trustee due to legal action. For example, if your declaring bankruptcy is a part of a criminal investigation or fraudulent activities, its possible the trustee will restrict your travel.
Bankruptcy lasts 3 years and will remain on your credit file for that time. However, just like any default it will turn up on your credit file for 7 years. You can have it taken off if you get your bankruptcy annulled.
Bankruptcy is for 3 years and in that time you definitely will not get a loan. After the 3 years is done you are going to have the power to get loans; you just won’t get the very best rate. Your credit file will be erased clean 4 years after you have been absolved as a bankrupt then you will have an fitting credit history in the future and you will get the most competitive deal on loans.
Commonly, no. Bankrupts hardly ever lose their cars simply because they’ve filed for bankruptcy. Of course, this is granted on certain terms and we can let you know if your car is safe. Call Bankruptcy Experts Tablelands on 1300 818 575.
How is this figured out? Well it is calculated based upon a threshold market value for your car. The threshold is the highest retail value your car could be worth, which is $7,350. You will find all types of erroneous information about this on the internet, but here are the simple facts. That $7,350 represents not the full value; it represents equity. So, basically, if you have a car worth $35,000 you are paying back or leasing and the amount you can sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that lent you the loan for the car will be pleased for you to manage to keep the car even though you are bankrupt just as long as you keep up the payments.
Get some advice with this one. If you are thinking about declaring bankruptcy and simply need some advice right away call 1300 818 575. Basically, you will have about two to three payments grace when it relates to car loans. The bottom line is basic: whether you are declaring bankruptcy or otherwise, if you miss three or more repayments on your loan they will retake the car. Don’t think because you are declaring bankruptcy you are instantly going to lose your car because in many cases we help people retain them.
The creditors, or the people you owe money to, are informed in writing at about the same time you receive your bankruptcy file number.
No. The filing for bankruptcy procedure is generally a paperwork exercise. The only thing that actually occurs is that you will possibly be sent a letter by mail or emailed a notice warning you that you are simply bankrupt. At Bankruptcy Experts Tablelands we ensure that this whole process is that simple, so if you have questions about this phone 1300 818 575.
Of course. This process will take approximately two weeks and will completely eliminate the bankruptcy from your credit history. There are arrangements within the Bankruptcy Act that allow a bankrupt individual to have their bankruptcy annulled by means of a Section 73 proposal.
The repercussions of creditor’s claims can often lead to bankruptcy, no matter if it was the individual’s choice to enter bankruptcy, or if it was actually filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the person who experiences bankruptcy.
We have been assisting people declaring bankruptcy in the Tablelands area for many years so phone us today on 1300 818 575 in order to get some knowledge on this matter. We exercise probably the most suitable possible strategy for you to get back up and running, eliminating residual effects and hindrances of past financial circumstances to give you the best conceivable outcome. Having experience and skills in Section 73 proposals, we can integrate this with our proven strategies and approaches to bring you through bankruptcy unharmed, ready to begin again.
To start with, having your personal bankruptcy annulled is virtually reversing it 100%. So if you are actually thinking about having your bankruptcy annulled there are a handful of things you have to know.
Firstly, exactly how does the annulment work? A basic way to understand it is this – let’s say someone owes you $50,000 and they have not paid you one cent back for many years. Then to make things worse you discover that they are declaring bankruptcy. You would kiss that money goodbye, right? Years pass and they come to you with an deal to pay you $5,000 that their grandparents are giving to them to work out your debt with them. Most certainly you are happy to take it, because it is far better than nothing. The only condition they ask for in return is that you consent to have the bankruptcy cleansed from their record, and if you don’t agree to do that then there will be no $5,000. Naturally you don’t care about their credit file; you are just happy they are giving you some money after all of these years.
In bankruptcy terms this strategy is usually described as a Section 73 proposal, and it is simply an approach where ‘everybody wins.’
Basically, the trustee contacts your creditors, shows your offer, which is substantially less than the initial debt owed, on the condition they clear your credit file clean.
This process takes a few weeks. The proposal may be done whenever you like in the 3 years you are bankrupt. However, you will have to consider the timing of your proposal; you don’t want to do it the day you are declaring bankruptcy because it does cost money to do this, you want to ensure the odds are on your side. For example, if you are repaying money to the trustee each week because you earn over the threshold amount, then your creditors will know they are going to receive a certain amount from you over the 3 years anyway so it better be more than it will add up to.
similarly, If you have basically been bankrupt three weeks it will definitely be more difficult to get an annulment since they may get some cash from you over the 3 years if you earn over the threshold sum of money.
If you want to get advice to put a section 73 proposal to your trustee or just need more details about the ideal time of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can assist you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them first off before you suffer through the pain of declaring bankruptcy, but it’s no problem. If you are locked into one of these and simply can’t get on top give us call at 1300 818 575.
There certainly are very few debts that declaring bankruptcy won’t 100% eliminate, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, ultimately, money owed to an insurance company due to a car accident in an without insurance while you were driving.
Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Essentially, there are a bunch of factors to list so if you have a specific debt you are worried about just call for a free consultation 1300 818 575.
You can’t declare bankruptcy for an amount under $5,000; however, there is no limit over that. If you owe a couple million dollars, that is generally managed no differently compared to $20,000.
An unsecured creditor is a lender who does not have a hold over the chattels/assets/property obtained with the credit provided to you. These types of debts include credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out fully. If a debtor defaults on a secured debt, the creditor can get back and sell the chattels/assets/property to pay down the debt.
Our company have helped countless people go through the process of declaring bankruptcy over many years and we have never had anybody’s application rejected. That is actually the reason that we provide a 100% money back guarantee.
There is a essential method we use here prior to declaring bankruptcy and all you have to do is acquire a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will be capable to get you a copy for a small fee.
Car accidents may be very difficult, so to keep it uncomplicated call us on 1300 818 575 in order to get the correct advice on your circumstance. Declaring bankruptcy may not be the best option. However, as a general rule, if you were driving a motor vehicle that was not insured then the cost of the repair works is not removed with the declaring bankruptcy process. Having said that, it depends upon who admitted liability or who was generally at fault. If you go to court and the court confirms you were actually not to blame then you really should be fine.
Yes! We can really help you carry this out, even though it is actually achievable there are consequences and lots of regulations around this process, so call us and we will guide you through the procedure on 1300 818 575. Bankruptcy Experts Tablelands are specialists at helping businesses get back on their feet.
Yes. Generally there is an method to follow, but if you win lotto or inherit some cash you can use it in order to get your slate wiped clean. There is really a way of doing this correctly; just contact us first.
Typically, if you owe money to a lender they can get a court order and then bankrupt you. They need to follow a process, but it is actually possible. What you should avoid at all costs if possible is other people bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you appreciate attending court and irritating phone calls, of course.
You bet. However, this is actually a tricky process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled badly, it might be disastrous. For a free consultation call Bankruptcy Experts Tablelands 1300 818 575.
No, we do that for you. In fact, we serve as a buffer or a midway point between you and your creditors. So essentially you are not actually obligated to advise them of your bankruptcy; we look after that for you.
Generally, it takes about 2 weeks.
Yes. Typically a lender will pursue the other person who signed the loan files with you for the sum total of the outstanding money owing on the loan.
Don’t stress! If you omitted a debt and remember it later, just get in touch with your trustee with the name of the creditor, address, date the debt was acquired, amount of debt along with any account or reference number/s offered by the lender. Your trustee will add the creditor to your bankruptcy and give a notification to the creditor.
No. We deal with the entire procedure for you.
Ordinarily this is not a issue, so if you are a gambler, don’t stress. What the trustee won’t like is inconsistency here. Put simply, if you have never gambled in your life and all of a sudden you lost $50,000 on the horses, then you might have some explaining to do, of course, because it just won’t add up and looks suspicious.
Yes. We understand that you are busy. If you have a phone we can help you; simply contact us on 1300 818 575.
Yes. This is usually quite possible. It needs some emails back and forth but it can be done.
Yes. In the event that a person actually living in a different country is now residing in Australia then declares bankruptcy and they have a liability incurred from that foreign country, you just specify that unpaid debt on the documentation.
In most cases the creditor overseas will wipe out the debt. It is potential and lawful for them, however, to decline your application, and if you return to that country you may be subject to their bankruptcy rules.
There are normally a few ways the trustee can find out, and the most effective and simplest way is for you to let them find out when we do the paperwork. There is also a government website which has significant assets listed also. You ought to get some guidance about assets; be careful.
This is complicated and you will certainly want the best support, so if you need more info about inheritances give us a call on 1300 818 575.
No. The income thresholds are the same for each person so regardless of how you earn your income you will have to earn about $50,000 every year before your income will be influenced by bankruptcy.
You can keep money from tax returns only if you did not have any tax debts. So if you owed money to the Tax Office when you went bankrupt at that point they will get your tax return. The explanation for this is because your income tax return is considered as net income, so if you are actually below the threshold amount you can earn while bankrupt and provided you really did not have those other debts then you will get your whole tax return back.
If you are required to pay child support, this money will be removed from your net income, so what you have the ability to keep after you pay your tax then child support is considered net income. Which is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, however it’s not a smart idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them from you, as they are viewed as an asset.
You can keep just about everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and vehicles may be able to be saved. Just give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Tablelands.