Yes. All you will have to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, that being said there is a one-page form you need to fill out simply to inform the trustee of how long you will be taking a trip, etc. This policy only really exists so high flyers don’t skip the country. Sometimes the trustee will request your passport, but don’t stress over it because you can ask for it back when you want to travel. The big aspect of this is seeing to it that you actually ask– because if you overlook this then you can actually get in a great deal of trouble. Call us if you wish to understand more regarding travel on 1300 818 575.
In a lot of cases the answer is yes! In fact, in many cases these days we can really help you keep your home. At Bankruptcy Experts Bunbury we are actually experts at helping people keep their houses. It’s actually pretty tricky, so if you are worried about losing your home call us on 1300 818 575 and we will walk you through your options.
The thought of losing the family home is undoubtedly the most typical deterrent to people declaring bankruptcy. We chat with people on a daily basis who have battled for several years 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 concern of equity. Let’s put it this way, if you own a property that’s worth $350,000 and you owe the bank $350,000 you essentially have no equity in the house, correct? The trustee will only sell your house if there is undoubtedly enough equity in the home, if sold, to pay back a range of your debts. So in this specific situation, the trustee will then offer you some options, one of which is to merely to continue paying the mortgage and live in your house while you are bankrupt.
So how can I discover the value of my home before I go through the process and pain of declaring bankruptcy? A standard way is to go onto www.realestate.com.au and look at the sold properties tab in the Bunbury area and then it will display all the recent sales in your location. Another option, if you are not sure 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 somewhere between $300-700. Just another factor about house prices – If the trustee needs to sell off your house they do so reasonably swiftly. It’s not a 6-month shiny marketing project and rather it’s typically by auction and they simply meet the market on the day and that is probably it. So when thinking about the value keep in mind that it’s a sell now price, not when the market improves.
Once you have figured out the market value of your home the next thing to look into is who owns your home.
Normally when our customers are declaring bankruptcy many home loans are generally between 2 individuals as joint tenants who both support the home loan. Granted that only one person is declaring bankruptcy then the equity is formulated in this manner.
Say your home is worth $400,000 and the current market value is $350,000. Then the balance of equity in the property is $50,000, right? One-half of that complete equity is by default assigned to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of that $25,000 the declaring bankruptcy party has to cover all of the selling costs including advertising etc.,
which, depending upon 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 after the sale is $10,000. So in this case the trustee will give the non-declaring bankruptcy party a few options. Just one of which is common is for the bank to say, “Pay us the $10,000 and we will not sell your property and you will have it removed 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 financial institution who has provided you the property loan will need the mortgage payments to be continued naturally. No matter what the trustee determines, if you don’t pay the bank the property loan they will ultimately ask you to leave. So, in plain English, keeping your home naturally implies retaining the mortgage as well.
There are many more choices with your house when declaring bankruptcy, and we have really just outlined one choice of probably 20 alternatives you can decide on when it involves your home. We are aware that you will want to get this right. Taking a chance with the family household might be a devastating choice. If you intend to get the appropriate advice about filing for bankruptcy or you just have to talk to someone give us a call 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 sit on your credit file for that time. However, as with any default it will show up on your credit file for 7 years. You can have it wiped out if you get your bankruptcy annulled.
Bankruptcy is for 3 years and during that time you will not get a loan. After the 3 years is done you may 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 dismissed as a bankrupt then you will have an preferred credit history once again and you will get the most competitive deal on loans.
Commonly, no. Bankrupts hardly ever lose their cars just because they’ve filed for bankruptcy. Obviously, this is granted on certain terms and we can let you know if your property is safe. Call Bankruptcy Experts Bunbury on 1300 818 575.
How is this worked out? Well it is calculated based upon a threshold price for your car. The threshold is the max wholesale value your car could be worth, which is $7,350. You will find all kinds of incorrect information about this on the internet, but here are really the simple facts. That $7,350 represents not the total value; it represents equity. So, simply put, if you have a car worth $35,000 you are repaying 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 retain the car despite the fact that you are bankrupt just as long as you maintain the payments.
Get some help with this. If you are considering declaring bankruptcy and just need some advice today call 1300 818 575. Basically, you will receive about 2 to 3 repayments grace when it involves car loans. The bottom line is uncomplicated: whether you are declaring bankruptcy or otherwise, if you overlook three or more repayments on your loan they will retrieve the car. Don’t presume because you are declaring bankruptcy you are automatically going to lose your car because in many cases we help people keep them.
The creditors, or the people you owe money to, are alerted in writing at roughly the same time you receive your bankruptcy file number.
No. The declaring bankruptcy process is primarily a paperwork exercise. The only thing that actually occurs is that you will possibly be sent a letter by mail or emailed a notice informing you that you are simply bankrupt. At Bankruptcy Experts Bunbury we ensure that this entire process is that straightforward, so if you have queries about this phone 1300 818 575.
Of course. This process will take approximately two weeks and will thoroughly get rid of the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that help a bankrupt individual to have their bankruptcy annulled through a Section 73 proposal.
The consequences of creditor’s claims can typically lead to bankruptcy, regardless of if it was the individual’s choice to enter bankruptcy, or if it was simply filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the individual who goes through bankruptcy.
We have been supporting people declaring bankruptcy in the Bunbury area for many years so phone us today on 1300 818 575 to get some information on this matter. We exercise the most suitable possible strategy for you to get back up and running, dealing with residual effects and hindrances of former financial circumstances to give you the best possible outcome. Having experience and skills in Section 73 proposals, we can combine this with our proven strategies and methods to bring you through bankruptcy unscathed, ready to begin again.
To start with, having your personal bankruptcy annulled is practically reversing it 100%. So if you are really contemplating having your insolvency annulled there are a handful of things you will have to know.
Firstly, how does the annulment work? A straightforward way to comprehend it is this – let’s say someone owes you $50,000 and they have not paid you one cent back for years. Then to make matters worse you find out that they are declaring bankruptcy. You would most likely 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 clear up your debt with them. Certainly you are more than happy to take it, because it is much better than nothing. The only condition they ask for in return is that you agree to have the bankruptcy cleansed from their record, and if you don’t agree to do that then there will be no $5,000. Needless to say you do not care about their credit file; you are just happy they are offering you some money after all of these years.
In bankruptcy terms this method is usually called a Section 73 proposal, and it is usually an approach where ‘everybody wins.’
Essentially, the trustee reaches out to 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 any time in the 3 years you are bankrupt. However, you have to consider the time of your proposal; you don’t want to do it the day you are filing for bankruptcy because it does cost money to carry this out, 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 get 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 challenging to get an annulment because 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 help to put a section 73 proposal to your trustee or simply need more information about the ideal time of when to put an offer forward, just phone us on 1300 818 575.
Can I continue to undergo the process of declaring bankruptcy if I’m currently in a Debt Agreement or Personal Insolvency Agreement or maybe in a Debt Consolidation Loan Contract?
Yes! We can help you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them to start with before you go through the pain of declaring bankruptcy, but it is really not a problem. If you are locked into one of these and just simply cannot get on top give us call at 1300 818 575.
Yes! We can assist you cancel all of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them first before you go through the pain of declaring bankruptcy, but its no problem. If you are locked into one of these and simply cant 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 provider because of 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. In reality, there are a bunch of things to list so if you have a certain debt you are bothered with just call for a free consult 1300 818 575.
You can’t file for bankruptcy for an amount under $5,000; however, there is no limitation over that. If you owe a couple million dollars, that is generally managed no differently than $20,000.
An unsecured creditor is a lender who does not actually have a hold over the chattels/assets/property acquired with the credit afforded to you. These kinds of debts also include credit card debts.
A secured creditor has a hold over the chattels/assets/property up until the debt is paid out completely. If a debtor defaults on a secured debt, the creditor has the right to reclaim and sell the chattels/assets/property to pay for the debt.
Our team have helped countless people go through the process of declaring bankruptcy over several years and we have certainly never had anybody’s application declined. That is actually why our company provide a 100% money back guarantee.
There is a general method we use here before declaring bankruptcy and all you will have to do is get a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will be able to get you a copy for a small fee.
Vehicle accidents may be challenging, so to keep it simple call us on 1300 818 575 to get the correct advice on your circumstance. Declaring bankruptcy may not be the right option. However, as a standard rule, if you were driving a car that was not actually insured then the price of the repair works is not eliminated with the declaring bankruptcy process. Having said that, it depends on who admitted liability or who was at fault. If you go to court and the court proves you were actually not at fault then you should really be fine.
Yes! We can help you do this, though it’s possible there are actually effects and lots of regulations around this process, so phone us and we will guide you through the process on 1300 818 575. Bankruptcy Experts Bunbury are specialists at supporting companies get back on their feet.
Yes. There certainly is an method to follow, but if you win lotto or inherit some cash you can use it to get your record wiped clean. There is really a way of doing this properly; just contact us first.
Typically, if you owe money to a lender they can get a court order and even bankrupt you. They need to follow a process, but it is possible. What you should avoid at all costs ideally is someone else bankrupting you, as it’s always best to voluntarily file for bankruptcy. Unless you appreciate attending court and irritating phone calls, naturally.
You bet. Even so, this is actually a tough 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 Bunbury 1300 818 575.
No, we do that for you. In fact, we work as a buffer or a midway point between you and your creditors. So ultimately you are not actually obligated to alert them of your bankruptcy; we take care of that for you.
Generally, it takes around 2 weeks.
Yes. Generally a lender will pursue the other person who signed the loan papers 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 afterwards, just contact your trustee with the name of the creditor, address, date the debt was incurred, amount of debt and also any account or reference number/s supplied from lender. Your trustee will include the creditor to your bankruptcy and deliver a notification to the creditor.
No. We deal with the whole procedure for you.
As a rule this is not actually a problem, so if you are actually a gambler, don’t stress. What the trustee doesn’t appreciate is inconsistency here. Simply put, if you have never gambled in your life and all of a sudden you lost $50,000 on the horses, then you might just have some explaining to do, of course, because it just does not add up and looks suspicious.
Yes. We understand that you are busy. If you have a phone we can help you; simply call us on 1300 818 575.
Yes. This is usually achievable. It needs some emails back and forth but it can be done.
Yes. If a person originally living in another country is now living in Australia then files for bankruptcy and they have a debt incurred from that foreign country, you just list that unpaid debt on the paperwork.
Most of the time the creditor internationally will wipe out the debt. It is potential and legal for them, however, to refuse your application, and if you return to that country you may go through their bankruptcy rules.
There are actually a few ways the trustee can discover, and the most effective and easiest way is for you to let them know when we do the paperwork. There is also a government website that has significant assets listed also. You should get some guidance about assets; so look out.
This is complicated and you will want the right guidance, so if you need more information about inheritances contact us on 1300 818 575.
No. The income thresholds are the same for everyone so no matter how you gain your income you have to earn about $50,000 annually 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 declared bankruptcy at that point they will get your tax return. The reason for this is because your income tax return is viewed as net income, so if you are below the threshold amount you can earn while bankrupt and provided you really did not have those various other debts then you will get your entire tax return back.
If you are required to pay child support, this money will be deducted from your net income, so what you have the ability to keep after you pay your tax and after that child support is considered net income. That is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, however it’s not a good idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them away from you, as they are regarded as an asset.
You can keep just about everything when declaring bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and vehicles may be able to be saved. Simply call us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Bunbury.