Bankruptcy | Bankruptcy Bundaberg

1300 818 575

Free Bankruptcy Assistance

Fast, Confidential and no Obligation

Enquire Online Now Or Request A Callback

Free Bankruptcy Assistance

Fast, Confidential and no Obligation

Enquire Online Now Or Request A Callback

Enquire Online Now

Request A Callback

Are your personal or business money troubles getting out of control?

We provide straight-forward bankruptcy assistance. At Bankruptcy Bundaberg we accept that the very thought of bankruptcy is scary, and if it becomes a reality it is thoroughly intimidating. We know that you are simply feeling very overwhelmed, ambushed or perhaps like you have no options left, and so we would like to help instruct you through the process.

However here’s the thing – you’ve pretty much endured the hardest aspect of the process – you have taken that primary step towards setting your personal and/or business debts behind you and getting along with your life; you’ve found us.

The next step is simply to find out if bankruptcy is truly right for you. There is certainly a few details you have to know before making that decision so we recommend that you continue browsing around this site, it has lots of great information, or you can merely pick up the phone and call us on 1300 818 575.

Bankrupt Bundaberg,Bankruptcy Bundaberg,Insolvency Bundaberg

You Can Be 100 % Debt Free!

Can you imagine a future without lenders’ harassing phone calls and looking forward to the mail again? Generally there are a few things you really should know before you make that hard decision. Firstly, the earlier you act then the more options you are going to have.

5 issues you ought to answer long before you declare yourself bankrupt.

There are 5 principal problems you ought to have an answer to before you declare bankruptcy. If you need to know what exactly they are, feel free to download our free e-book on the right hand side of the web page. This e-book will concentrate on these big 5 questions specifically and offer you peace of mind that you are doing the right thing.

Get your FREE copy of the Big 5

* We promise not to barrage you with emails and phone calls when you register for our free e-book. Really, we vow to only get in touch with you one time to see if we are able to help you even more and that’s it.

Insolvency Options

Is declaring bankruptcy my only choice?

No! There really are a variety of options available to you. Listed here is a graph explaining the benefits and disadvantages of the various debt choices available. This graph is certainly by absolutely no means an all-encompassing resource, but it will help you to make a well-informed decision.

What is a Personal Insolvency Agreement?

This is an adaptable agreement involving you and your creditors. It is overseen through a trustee who governs what you have to pay and when you have to pay. Once those conditions have actually been met you are generally then free to begin again with a clean slate.

What is a Debt Agreement?

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

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

Why do some business say Debt Agreements or Personal Insolvency Agreements

The reason you find plenty of expensive commercials on the TV in the Bundaberg 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.

Should I consider a Debt Consolidation Loan?

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

Bankruptcy and the Family Home

If I declarebankruptcy can I keep my house?

Often the answer is yes. If this is a serious issue for you then the best way in order to get the answer is to call us here at Bankruptcy Experts Bundaberg on 1300 818 575 and as soon as we have an understanding about your circumstances we can give you a clear picture over the telephone. 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 often think it’s an inescapable effect of bankruptcy and consequently they pressure themselves to the edge of madness to not lose the family house.

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

Why would the bank like bankrupt customers? Wouldn’t they prefer to sell your property and not take the chance? Bear in mind – the bank that has generously lent you the cash for your house is making good money each month in interest from you, month in and month out. Just as long as you always keep up to date with your repayments then the bank wants you in there at all costs. Nonetheless it is simply not the bank’s call – if a trustee thinks that there is plentiful equity in your house the trustee will make 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 repayments then the most critical issue is equity. A trustee has a obligation to get as much money to help settle your debts once you go bankrupt. Equity is the ticket here. Supposing that you have $300,000 equity in your house 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 approach to pay back your debt therefore they are going to sell your home to settle the debt and give you whatever money remains from the sale.

How is equity decided?

Most people are not certain about just what equity is, and how it is determined– but it is certainly critical to determine given that if you understand, it can mean the difference between keeping and losing your home or apartment. There are a few things you will need to know here. To start with, your gut reaction or assumption about the real value of the home is most likely far too generous. The majority of people presume their house is worth much more than it actually is.

Secondly, when you apply for insolvency the trustee may ask about how you formed your value for the home. In some cases they will seek more information about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A basic tactic would certainly be to look on www.realestate.com.au then click on the ‘Sold’ tab on that website and look for recent house sales in your community or neighbourhood. This may help you get some concept of the reality of the market right now. Keep in mind, the valuation is based upon a quick sale not a slick real estate agent’s advertising campaign. So If you truly want a good idea, I would likely recommend getting a valuer and asking them to give you 2 prices for your house, one as a standard sale, and the other as a ‘quick sale’. This will give you a better awareness for your home’s worth. Knowing this step is vital, so get some advice before proceeding, call us on 1300 818 575.

What if my Partners name is on the Home mortgage?

Typically when a couple buy a home one income will not be enough to apply for the loan, so the bank/lender will have both partners register for the loan. When the house is purchased both names are on the mortgage from the bank and the title deed of the home as joint tenants.

Let’s say Mick and Susie bought a house 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a plumber and needs to go bankrupt but Susie has a good job teaching primary school and doesn’t need to go bankrupt.

Sadly, the house has not risen in value in the 4 years they have used it and they also have only just managed to pay interest on the loan in that time so basically they still have a $400,000 mortgage on a house worth $400,000.

Mick can then file for bankruptcy and as long as they continue 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 also. There is lots to consider when it concerns houses and bankruptcy so if you have concerns don’t hesitate to call us about your house on 1300 818 575.

What if My home has a lot of equity what can I do?

If your house has plenty of equity and you are nevertheless drowning in debt, there are still several possibilities readily available to you– it might be complicated, however the necessary step is to talk to a professional to try and get ahead of it. In fact, 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 whatever assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be catastrophic! 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 job be advised?

Generally there is actually no good reason for your boss to be advised of your bankruptcy. In instances where you earn above 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.

Who will know about my bankruptcy?

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

Individuals that you tell
Your creditors or people you owe money to
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.
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 Bundaberg, we are fully conscious that there is still a stigma linked to bankruptcy. We recognize this issue and we can help 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 criminal or some kind of failure. We can help ensure that bankruptcy is quick and easy. In fact, the entire process will only take a few days. It makes it possible for the typical 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.

Might I lose my job if I file for bankruptcy?

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

What we would definitely recommend is that you do your very own research here. It will make a big difference if you check out this process before filing for bankruptcy considering that may help you decide. Check if your job is on the diagram below. If it is, we suggest speaking with them personally and explaining your scenario. A few organisations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by shady or suspicious actions. If you think your employment may be affected by your possible bankruptcy call us here at Bankruptcy Experts Bundaberg on 1300 818 575.

Bankruptcy Income Thresholds

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

There are actually no constraints on the amount of you can earn, however if you get over a certain amount, some of the excess can be taken by the trustee to payoff your creditors. This means that you cannot be choosing not to pay your debts and still take home a 6 figure salary– it simply wouldn’t be fair to the individuals you owe money to. So just how much can you earn before you start paying back money to your creditors via your trustee?

Well it isn’t a straight forward process, so let’s try and take you through it

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you need to know what is happening then focus now. Since March 2016 there have been alterations to the Income Threshold amounts. This shows that there are modifications to just how much money you are able to keep when bankrupt. This is your net income after tax and child support (if applicable) are taken off. If you’re in a business when bankrupt then, by all means, it’s also net (after tax) of business spending, which is typically calculated annually.

Your net income may be regulated to take into account things like salary sacrifice and substantial superannuation payments etc. Your net income might also include more unusual costs suffered as a result of being employed. For instance, if you are subjected to an uncommonly high amount of travel costs 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 numbers are also per person and are established by the Government every March and September to permit the movement in the cost of living.

Just what can my partner earn if I go bankrupt?

There really is no limit to what your spouse/partner can earn. There are a few implications that need to be considered in some circumstances, but in most cases your partner is an entirely independent legal entity and will not be affected financially when you declare bankruptcy. Just as a word of warning – this could alter if you have joint loans together, so be careful about the implications of that. If you are unsure just give us a call on 1300 818 575.

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 have to go bankrupt?

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

Self Employment & Bankruptcy

Will I forfeit my small business if I go bankrupt?

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

You may actually recognise that you can no longer be the director of a Pty Ltd Company if you are bankrupt. However, that doesn’t definitely mean you can’t run your very own business and recruit staff etc .

What if I have both Business and Personal Debts?

If you are a small business and you have a combo of individual and business debts then it is really possible to have most, if not all, of the debts erased with bankruptcy. Note this is an intricate process and needs special attention. The fact is, personal bankruptcy will not automatically suggest business bankruptcy also.

No matter if you administer your business as a Sole Trader, Partnership, Company or Trust we can help guide you with your options. Feel free to call us on 1300 818 575 for a no obligation FREE consultation.

Should I put my company into liquidation?

Among the main reasons you may wish to consider liquidation as opposed to bankruptcy is because if you liquidate your company, it doesnt inevitably mean you have to go bankrupt. In Australia, businesses that become insolvent have a few options, such as liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my company?

There are restrictions for small business owners that are bankrupt. For instance, as a bankrupt company owner you may be in your own business as a sole trader only. For several business owners, bankruptcy can impact their ability to take care of the business as a result of the licensing problems. 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 simply bankrupt.

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

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

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

Our Clients

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce scelerisque nibh et neque faucibus suscipit. Sed auctor ipsum ut tellus faucibus tincidunt.