How Our People Can Help You
Bankruptcy Rockhampton can support you with anything which you would like to understand about declaring bankruptcy. Everyone’s particulars are different and call for a qualified answer. We have placed the six highest commonly asked questions on this page so you can gain a fast and easy answer. In case you require additional specifics continue on through our site or simply call us on 1300 818 575.
The worry of losing the family home or apartment is certainly the leading reason that people postpone going bankrupt and push the thought to the back of their thoughts. The question that everybody ought to know when considering going bankrupt is if they can retain their family property? The answer is YES in many cases.
So as to try to keep it easy its honestly regarding the equity you have in the property, or in other words how much your home is worth over and above the mortgage loan amount. If your home has hardly any to no equity within it, then it is most likely you will maintain your house so long as you always keep paying off the mortgage loan, rates etc. Normally there is even more to this story and you will have various other concerns, so feel free to phone us on 1300 818 575, in order to get the correct recommendations you really need about your home.
The second frequently asked inquiry is if you can retain your car if you are bankrupt? The answer to this in a lot of cases is YES! Put simply if your automobile is presently on finance and you can easily continue to maintain the repayments its highly likely you will be able to retain your vehicle.
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If you own your car outright and have no finance then you can own a vehicle up to the wholesale value of $7,500.
In case both of these two instances don’t apply to your motor vehicle then give us a ring on 1300 818 575.
Will I lose my business organisation if I declare bankruptcy? The answer for the most parts is NO! You can retain your business organization and apply for bankruptcy. This is perhaps the most complicated aspect of any kind of bankruptcy. The bottom line is the government does not wish you to become without a job and insolvent so because of this you can continue as a self employed individual as a sole trader once you are bankrupt. You can not be the director of a company for the 3 years you are bankrupt. If you have your own business and need to apply for bankruptcy then phone us on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in most cases you do not need to return the financial obligation except if you earn over specific amounts of earnings. For example if you make under $1,050.00 every week in the hand or after tax (net) for the 3 years you are bankrupt then you will never pay a cent towards the financial debt. If you pay child support or have dependent children then you can earn more. There is a table on the bankruptcy page of this site with significantly greater information should you need to know more.
My Credit File
Is my credit rating damaged for life? Answer is NO! Your credit rating is essentially ruined for the 3 years you are bankrupt. Then after the 3 years you will be considered a discharged bankrupt on your credit file, which indicates there are plenty of loan providers that can help you get a home loan or an auto loan etc. To obtain a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy period.
How Much will it Cost
Of course this is not an easy one to answer, as each case we take up is different. Having said that, in some cases we can help you file for insolvency at no charge. That’s right. If we can help you do this for FREE then we will certainly help you. In many cases that are simple it will cost $395. There are more complex circumstances where the cost is higher. If you need to get an idea on what your case will amount to just give us a ring on 1300 818 575.