Yes. All you will need to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, however there is a one-page application you have to fill out basically to update the trustee of how long you are going to be taking a trip, etc. This policy only really exists so high flyers don’t skip the country. Often the trustee will ask for 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 making certain that you in fact ask– because if you ignore 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 nowadays we can really help you keep your home. At Bankruptcy Experts Bundaberg we are experts at helping people keep their homes. It’s actually quite tricky, so if you are worried about losing your home call us on 1300 818 575 and we will guide you through your options.
The notion of losing the family home is likely one of the most common discouragement to people declaring bankruptcy. We chat with people everyday who have battled for many years under serious financial pressure so they don’t lose their home.
So how is it likely 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 is actually worth $350,000 and you owe the bank $350,000 you actually 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 off a range of your debts. So in this specific scenario, the trustee will then offer you some solutions, one of which is to just to keep on paying the mortgage and stay in your home while you are simply bankrupt.
So how can I find out the value of my home before I undergo the process and pain of declaring bankruptcy? A simple way is usually to go onto www.realestate.com.au and look at the sold properties tab in the Bundaberg area and it will display all the recent sales in your area. Another option, if you are not exactly sure or are very uncertain, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, obviously). Be warned doing this will cost you anywhere between $300-700. Just one more thing about house prices – If the trustee has to sell your house they do this fairly quickly. It is normally not a 6-month shiny advertising program and instead it’s typically by auction and they simply meet the market on the day and that is generally it. So when considering the value remember that it’s a sell now price, not when the market improves.
Once you have calculated the market value of your house the next thing to consider is who owns your home.
Generally when our clients are declaring bankruptcy the majority of home loans are generally between 2 people as joint tenants who both add to the home loan. If only one person is declaring bankruptcy then the equity is worked out this way.
Say your house 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 overall equity is by default allocated to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. From this $25,000 the declaring bankruptcy party has to take care of all of the selling costs including advertising etc.,
which, depending upon just where you live, can come to anywhere between $12,000-20 ,000. With this particular instance 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 provide 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 property and you can have it eliminated as an asset from the bankrupt’s estate.” Or, simply put, arrange to pay the $10,000 and you can keep the house.
Just a side note: the bank who has given you the property loan will need the mortgage payments to be continued of course. Despite what the trustee chooses, if you do not pay the financial institution the property loan these guys will at some point ask you to leave. So, in plain English, keeping your home of course implies keeping the mortgage too.
There are many more choices with your house when declaring bankruptcy, and we have really just detailed one option of probably 20 alternatives you can opt for when it comes to your home. We understand you will want to get this right. Taking a chance with the family household can be a devastating choice. If you intend to get the right advice about filing for bankruptcy or you simply need to talk with 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 is going to remain on your credit file for that time. However, just like any default it will show on your credit file for 7 years. You can have it removed 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 up you may have the capacity to get loans; you just won’t get the very best rate. Your credit file will be wiped clean 4 years after you have been dismissed as a bankrupt then you will have an optimal credit history once again and you will get the most competitive deal on loans.
Normally, no. Bankrupts hardly ever lose their cars simply 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 Bundaberg on 1300 818 575.
How is this calculated? Well it is calculated based upon a threshold price for your car. The threshold is the maximum wholesale market value your car could be worth, which is $7,350. You will find all kinds of mistaken information about this on the internet, but here are simply 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 repaying or leasing and the amount you could sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that offered you the loan for the car will be pleased for you to maintain the car despite the fact that you are bankrupt as long as you keep up the payments.
Get some advice on 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 2 to 3 payments grace when it relates to car loans. The bottom line is simple: whether you are declaring bankruptcy or otherwise, if you overlook three or more repayments on your loan they will take back the car. Don’t presume because you are declaring bankruptcy you are instantly going to lose your car because a lot of the time we help people keep them.
The creditors, or the people you owe money to, are alerted in writing at around the same time you receive your bankruptcy file number.
No. The filing for bankruptcy process is essentially a paperwork exercise. All that actually happens is that you will quite possibly be sent a letter by mail or emailed a letter advising you that you are simply bankrupt. At Bankruptcy Experts Bundaberg we ensure that this whole process is that simple, so if you have queries about this phone 1300 818 575.
Yes. This approach will take around two weeks and will entirely eliminate the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that help a bankrupt individual to have their bankruptcy annulled by means of a Section 73 proposal.
The repercussions of creditor’s claims can commonly lead to bankruptcy, notwithstanding if it was the person’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 undergoes bankruptcy.
We have been assisting people declaring bankruptcy in the Bundaberg area for many years so call us today on 1300 818 575 in order to get some understanding on this matter. We exercise probably the most suitable possible strategy for you in order to get back up and running, eliminating left over effects and hindrances of past financial circumstances to give you the best possible 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 begin with, having your personal bankruptcy annulled is practically reversing it 100%. So if you are really thinking about having your insolvency annulled there are a handful of things you will have to know.
Firstly, precisely how does the annulment work? A basic way to comprehend it is this – let’s say someone owes you $50,000 and they have not paid you 1 cent back for many years. Then to make matters worse you discover 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 providing to them to settle your debt with them. Without a doubt you are happy to take it, because it is better than nothing. The only condition they ask for in return is that you consent to have the bankruptcy cleaned from their record, and if you don’t consent to do that then there will be no $5,000. Obviously 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 technique is usually called a Section 73 proposal, and it is certainly an approach where ‘everybody wins.’
Basically, the trustee reaches out to your creditors, presents your offer, which is much less than the original debt owed, on the condition they clear your credit file clean.
This method takes a few weeks. The proposal may be done whenever you like 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 declaring bankruptcy because it does cost money to carry this out, you want to ensure the odds are on your side. As an 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 only been bankrupt three weeks it will 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 support to put a section 73 proposal to your trustee or simply need more information about the timing 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 need to have you discharged from them first before you suffer through the pain of declaring bankruptcy, but it’s no worry. If you are locked into one of these and simply aren’t able to get on top give us call at 1300 818 575.
Certainly there 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 being insured while you were driving.
Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Truthfully, there are a lot of factors to list so if you have a certain 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 limitation above that. If you owe a couple million dollars, that is simply managed no differently than $20,000.
An unsecured creditor is a creditor who does not really have a hold over the chattels/assets/property acquired with the credit afforded to you. These sorts of debts include things like credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out in full. If a debtor defaults on a secured debt, the creditor can repossess and sell the chattels/assets/property to pay for the unpaid debt.
Our staff have helped thousands of people go through the process of declaring bankruptcy over many years and we have never had anyone’s application rejected. That is actually the reason why our company provide a 100% money back guarantee.
There is a essential method we use here prior to declaring bankruptcy and all you need to do is acquire a copy of your credit history as it will have your credit history on there. Companies like www.veda.com.au will be capable to get you a copy for a modest fee.
Vehicle accidents may be challenging, so to keep it uncomplicated call us on 1300 818 575 in order to get the proper advice on your circumstance. Declaring bankruptcy may not be the best option. However, as a standard rule, if you were driving a motor vehicle that was not insured then the price of the repairs is not eliminated with the declaring bankruptcy process. Having said that, it depends on who admitted liability or who was usually at fault. If you head to court and the court proves you were actually not at fault then you should be fine.
Yes! We can help you do this, although it is actually achievable there are effects and plenty of regulations around this process, so phone us and we will steer you through the process on 1300 818 575. Bankruptcy Experts Bundaberg are specialists at helping businesses get back on their feet.
Yes. Currently there is an strategy to follow, but if you win lotto or inherit some cash you can use it to get your slate wiped clean. There is a way of carrying this out correctly; just call us first.
Normally, if you owe money to a lender they can get a court order and even bankrupt you. They have to follow a process, but it is actually possible. What you should avoid at all costs if possible is someone else bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you appreciate attending court and bothersome phone calls, naturally.
Yes. Even so, this is certainly a complicated process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled improperly, it could be disastrous. For a free consultation call Bankruptcy Experts Bundaberg 1300 818 575.
No, we do that for you. In fact, we serve as a buffer or a midway point in between you and your creditors. So essentially you are not actually obligated to notify them of your bankruptcy; we deal with that for you.
Normally, it takes around 2 weeks.
Yes. Generally a lender will go after the other person who signed the loan documents with you for the sum total of the unsettled money owing on the loan.
Don’t stress! If you overlooked a debt and remember it afterwards, just call 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 provided by the lender. Your trustee will add the creditor to your bankruptcy and send a notification to the creditor.
No. We deal with the entire process for you.
Generally this is not really a problem, so if you are a gambler, don’t worry. What the trustee won’t like 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 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 give us a call on 1300 818 575.
Yes. This is achievable. It requires 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 debt incurred from that foreign country, you just specify that unpaid debt on the paperwork.
In most cases the creditor overseas will wipe out the debt. It is potential and legal for them, however, to reject your application, and if you return to that country you may go through their bankruptcy laws.
There are generally a few ways the trustee can learn, and one of the most effective and easiest way is for you to let them know when we do the documents. There is also a government website which has major assets listed also. You should get some advice about assets; so look out.
This is complicated and you are going to want the best guidance, so if you need extra 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 gain your income you have to earn about $50,000 annually before your income will be altered by bankruptcy.
You can keep money from tax returns simply 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 main reason for this is simply because your income tax return is considered as net income, so if you are below the threshold amount you can earn while bankrupt and provided you didn’t 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 written off from your net income, so what you have the ability to keep after you pay your tax then child support is thought about as net income. Which is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, but 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 deemed an asset.
You can keep almost everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even items like houses and cars may be able to be saved. Simply just give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Bundaberg.