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

Are your personal or business financials obligations getting out of control?

We offer straight-forward bankruptcy help and advice. At Bankruptcy Bunbury we know that the very thought of bankruptcy is scary, and if it becomes a reality it is downright menacing. We know that you are generally feeling very overwhelmed, trapped or maybe like you have absolutely no alternatives left, and so we would like to help walk you through the process.

However here’s the important thing – you’ve already gone through the most difficult part of the process – you have actually taken that primary step towards putting your personal and/or business debts behind you and going on with your life; you’ve found us.

The next step is undoubtedly to find out if bankruptcy is actually right for you. There is generally a few factors you have to know before making that decision so we recommend that you continue searching around this site, it has plenty of great information, or you can just get the phone and phone us on 1300 818 575.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Are your personal or business debts getting out of control?

We offer straight-forward bankruptcy help and advice. At Bankruptcy Bunbury we know that the very thought of bankruptcy is scary, and if it becomes a reality it is downright menacing. We know that you are generally feeling very overwhelmed, trapped or maybe like you have absolutely no alternatives left, and so we would like to help walk you through the process.

However here's the important thing - you've already gone through the most difficult part of the process - you have actually taken that primary step towards putting your personal and/or business debts behind you and going on with your life; you've found us.

The next step is undoubtedly to find out if bankruptcy is actually right for you. There is generally a few factors you have to know before making that decision so we recommend that you continue searching around this site, it has plenty of great information, or you can just get the phone and phone us on 1300 818 575.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

You Can Be 100 % Debt Free!

Can you imagine a future free from lenders’ harassing phone calls and even looking forward to the post once again? There are a number of things you really should know before you make that hard choice. Firstly, the sooner you take action then the more options you are going to have.

5 Questions you must answer before you declare yourself bankrupt.

There are 5 principal problems you need to have an response to before you declare bankruptcy. If you would like to know what they are, feel free to download our free e-book on the right hand side of the web page. This e-book is going to focus on these big 5 questions specifically and give you peace of mind that you are doing the best thing.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Get your FREE copy of the Big 5










* We pledge not to pester you with emails and phone calls when you apply for our free e-book. Really, we promise to only call you one time to see if we are able to help you even more and that’s it.

Insolvency Options

Is declaring bankrupt my only and only choice?

No! There really are numerous options readily available to you. Below is a graph explaining the strengths and problems of the various debt options available. This diagram is certainly by absolutely no means an extensive resource, but it will allow you to make a well-informed choice.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

What is a Personal Insolvency Agreement?

This is an adaptable agreement between you and your creditors. It is controlled through a trustee who controls how much you need to pay and when you have to pay. Once those circumstances have been met you are generally then free to start again with a new beginning.

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What is a Debt Agreement?

A debt agreement helps a debtor to enter into an understanding with their creditors to settle their finances without being made bankrupt.

You can’t become part of a Debt Agreement if you have actually been bankrupt, or if you are currently already in a debt agreement. Also keep in mind that there are also income restrictions, as well as restrictions on property value and unsecured debt value. If you wish to know more please call us on 1300 818 575.

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Why do some business say Debt Agreements or Personal Insolvency Agreements

The reason you find plenty of expensive commercials on the TV in the Bunbury area inviting you to go for one of these alternatives is that there is lots of cash in it for the companies that administer them. You will notice, if you havent already, that every company has the tendency to give (biased) advice

according to the product that they offer. For instance, Debt Agreement Companies ridicule bankruptcy companies and so it goes with much of the financial services industry.

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Should I contemplate a Debt Consolidation Loan?

There are sometimes the very occasional conditions where a debt consolidation loan is the best plan. Usually the matter with them is that all it is really doing is packaging 5-15 various debts into one sizable debt. If you are fighting to pay all your various loans now, then why do you presume it will be amazingly simpler to get one huge bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it more frustrating you normally will need to pay up front for the ‘pleasure’ of this option. If you wish to get some clarification or more information on this, then simply contact us on 1300 818 575 or go and download ‘The Big 5’ e-Book.

Bankruptcy and the Family Home

If I declare for bankruptcy can I manage to keep my house?

In many cases the answer is yes. If this is a significant issue for you then the most efficient way to get the answer is to contact us here at Bankruptcy Experts Bunbury on 1300 818 575 and as soon as we have an understanding about your situation we can offer you a clear picture over the phone. Practically every one is on an emotional level connected to their home; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People commonly think it’s an unavoidable consequence of bankruptcy and hence they pressure themselves to the brink of madness to not give up the family house.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Will the bank allow me to keep my house even when I’m a bankrupt?

Why might the bank want bankrupt customers? Wouldn’t they need to sell your house and not take the chance? Keep in mind – the bank that has generously lent you the cash for your house is making good money every month in interest from you, month in and month out. Provided that you always keep up to date with your mortgage payments then the bank wants you in there at all costs. Nonetheless it is normally not the bank’s call – if a trustee concludes that there is plentiful equity in your house the trustee will force you and the bank to sell off your home.

What factors would contribute to losing the house?

Equity! If you are up to date with your payments then the most substantial issue is equity. A trustee has a responsibility to collect as much money in order to help pay your bills once you go bankrupt. Equity is the ticket here. If you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to pay off the debt then the trustee sees your equity as a manner to pay your debt therefore they will sell your home to repay the debt and give you whatever money remains from the sale.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

How is equity determined?

Lots of people are not confident about exactly what equity is, as well as how it is determined– but it is absolutely critical to find out because if you understand, it can mean the difference between keeping and losing your house. There are a few things you should understand here. To begin with, your gut reaction or suspicion about the real value of the property is most likely far too generous. The majority of people think their house is worth more than it really is.

Secondly, when you file for personal bankruptcy the trustee may ask about how you formed your value for the home. In many cases they will request more information about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A simple method would be to search www.realestate.com.au then click the ‘Sold’ tab on that site and search for recent house sales in your community or area. This may help you have some concept of the reality of the marketplace right now. Bear in mind, the valuation is based upon a quick sale not a skillful real estate agent’s advertising campaign. So If you really want a good idea, I would advise getting a valuer and asking them to give you 2 prices for the house, one as a typical sale, and the other as a ‘quick sale’. This will give you a better appreciation for your home’s worth. Knowing this step is critical, so get some advice before going forward, call us on 1300 818 575.

What happens if my Partners name is on the Home Loan?

Often when a couple purchase a home one income isn’t enough to secure the loan, so the bank/lender will have each partners sign up for the loan. When your house is purchased both names are on the mortgage from the bank and the title deed of the house as joint tenants.

Let’s say Mick and Susie purchased a home 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is an electrician and has to go bankrupt but Susie has a good job teaching primary school and doesn’t have to go bankrupt.

However, the house has not risen in price in the 4 years they have owned it and they also have only just managed to pay interest on the loan during that time so ultimately they still have a $400,000 mortgage on a home worth $400,000.

Mick can then declare bankruptcy and so long as they keep paying the mortgage, rates etc. they can continue to keep the home for the 3 years Mick is bankrupt. This decision will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is a lot to think about when it concerns houses and bankruptcy so if you have concerns don’t wait to phone us about your house on 1300 818 575

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Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

What if My House has a lot of Equity? What can I do?

If your house has lots of equity and you are nevertheless drowning in debt, there are still various choices readily available to you– it might be complicated, however the necessary step is to speak with a professional to try and get ahead of it. Actually, this relates to vehicles or other assets you may have as well. What you can not afford to do is assume that everything will be ok. It is the bankruptcy trustee’s job to sell just about any assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be dire! Before you take your next step get some advice. Our company provides a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my employer be boss ?

Usually there is actually no reason for your employer to be advised of your bankruptcy. In instances where you earn in excess of the threshold amounts of income while you are bankrupt and you are required to make an income contribution, you organise those payments on your own, it doesn’t go through your employer.

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Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Who will know about my bankruptcy?

There are 4 groups of people that will find out that you are bankrupt.

  1. Individuals that you tell
  2. Your creditors or people you owe money to
  3. Individuals that see your credit file while youre bankrupt. The only way this will happen is if you sign a privacy form for them to access your credit history. You only ever do this when you apply for a loan.
  4. You will be listed on the National Insolvency Index on the internet somewhere. Its hard to find and people need to pay to see if someone is bankrupt on it.

At Bankruptcy Experts Bunbury, we are fully conscious that there is still a stigma connected to bankruptcy. We realise this problem and we can help to ensure that if you declare yourself bankrupt that you don’t have to go to court, get your name in the papers or be publicly made out to be a criminal or some kind of failure. We can help ensure that bankruptcy is short and easy. In fact, the entire process will only take a few days. It makes it possible for the ordinary person to get out of debt and on with their lives. For more detailed information about bankruptcy and your job, download ‘The Big 5’ e-book.

Will I lose my job if I file for bankruptcy?

The answer to the question is – yes, but only in some cases. The issue with some professions isn’t that you just can’t do the job any longer, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make things problematic for you.

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What we would really propose is that you do your very own research here. It will help make a big difference if you investigate this process prior to declaring bankruptcy considering that may really help you decide. Check if your job is on the chart below. If it is, we recommend speaking with them personally and explaining your circumstance. A few organisations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by shady or suspicious behaviour. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Bunbury on 1300 818 575.

Bankruptcy Income Thresholds

How much money can I make when I’m bankrupt?

There are in fact no limitations on how much you can earn, however if you get over a certain amount, some of the excess can be taken by the trustee to satisfy your creditors. This means that you cannot be choosing not to pay your debts and still pull in a 6 figure salary– it just wouldn’t be fair to the many people you owe money to. So how much can you make before you start repaying money to your creditors via your trustee?

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you have to know what is taking place then focus now. Since March 2016 there have been adjustments to the Income Threshold amounts. This signifies that there are changes to just how much money you can keep when bankrupt. This is your net income after tax and child support (if applicable) are subtracted. If you’re in a business when bankrupt then, of course, it’s also net (after tax) of business spending, which is frequently calculated annually.

Your net income may be moderated to consider things like salary sacrifice and sizable superannuation payments etc. Your net income might also allow for more unusual costs incurred as a result of being employed. As an example, if you are subjected to an uncommonly high amount of travel charges to get to and from your job this can often also be taken into consideration. Your bankruptcy trustee must ascertain your real net income, depending on the bankruptcy rules.

The income threshold figures are also per person and are set up by the Government each and every March and September to enable 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 earn. There are a few implications that should be thought about in some circumstances, but most of the time your partner is a totally independent legal entity and will not be affected financially when you file for bankruptcy. Just as a word of caution – this could change if you have joint loans together, so be careful about the implications of that. If you are not sure just contact us on 1300 818 575.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Who is considered a dependent?

This can be any person, of any age, that lives with you and earns less than $3,343 per year. If, in the case you have a child or children that you pay child support for and they dont live with you full-time, then you cannot claim these children as dependents.

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

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

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Self Employment & Bankruptcy

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Can I forfeit my small business if I go bankrupt?

The straightforward answer is no, you do not have to but you do need to get the suitable guidance. Business insolvency laws are very involved and you have to tread carefully if you wish to continue to be self-employed.

You may actually recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. Even so, that doesn’t definitely mean you can’t run your very own business and hire staff etc.

What happens if I have both Business and Personal Debts?

If you are a business owner and you have a mix of personal and business debts then it is really possible to have most, if not all, of the debts wiped out with bankruptcy. Do not forget this is a complex process and requires special attention. The fact is, personal bankruptcy doesn’t automatically signify company bankruptcy also.

No matter if you operate your business as a Sole Trader, Partnership, Company or Trust we can really help guide you through your options. Don’t hesitate to contact us on 1300 818 575 for a no obligation FREE consultation.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Should I put my company into liquidation?

Among the main reasons you may wish to think about liquidation instead of bankruptcy is due to the fact that if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, businesses that become insolvent have a few options, just like liquidation, voluntary administration etc. If you need to know more call us on 1300 818 575..

What impact will bankruptcy have on my business?

There are restrictions for small business owners that are bankrupt. For instance, as a bankrupt company owner you may be in your very own business as a sole trader only. For several small business owners, bankruptcy can impact their ability to operate the business because of the licensing issues. For instance, a builder with a builder’s license can not really continue to use that license for the 3 years he or she is actually bankrupt.

There are actually some other implications for small business owners whilst bankrupt that should be considered. In case you have to know even more about this please feel free to call us for a no responsibility, free consultation on 1300 818 575.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury
Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

Isn’t it against the law to run a similar business after bankruptcy?

It could be. There are factors to consider when and if you declare bankruptcy as a business owner. You can not run up heaps of debt in your company, then go bankrupt and after that open the doors the next day like absolutely nothing has happened. There are laws in place to avoid these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get overly stressed about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Bunbury today on 1300 818 575.

Bankrupt Bunbury,Bankruptcy Bunbury,Insolvency Bunbury

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