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

Are your personal or business credit debts getting out of control?

We provide straight-forward bankruptcy help and advice. At Bankruptcy Rockhampton we know that the very thought of bankruptcy is terrifying, and if it becomes a reality it is extremely horrifying. We understand that you’re feeling very overwhelmed, cornered or even like you have no options left, and so we would like to help instruct you through the process.

But here’s the thing – you’ve actually endured the most difficult aspect of the process – you have actually taken that primary step towards placing your personal and/or business debts behind you and going on with your life; you’ve found us.

The next step is simply to determine if bankruptcy is actually right for you. There is definitely a few factors you will need to know even before making that decision so we recommend that you continue browsing around this site, it has lots of great information, or you can just grab the phone and phone us on 1300 818 575.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Are your personal or business debts getting out of control?

At Bankruptcy Adelaide we understand that the very thought of bankruptcy is scary, and having it become a reality is downright frightening. That’s why we only offer straight-forward bankruptcy advice. We know that you’re probably feeling very overwhelmed, trapped or even like you have no options left.
But here’s the thing…you’ve already gone through the hardest part of the process…you have taken that first step towards putting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is to figure out if bankruptcy is right for you. There’s a few things you need to know before making that decision so you can continue browsing around this site, it’s full of great information, or you can simply pick up the phone and give us a call on 1300 818 575.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

You Can Be 100 % Debt Free!

Can you picture a future free from bankers’ attacking phone calls and looking forward to the post once again? There actually are a few things you should certainly know before you make that complicated choice. First of all, 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 important questions you must have an answer to before you declare bankruptcy. If you need to know exactly what they are, feel free to download our free e-book on the right hand side of the web page. This e-book will deal with these big 5 questions specifically and give you peace of mind that you are doing the ideal thing.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Get your FREE copy of the Big 5










Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

* We promise not to hound you with e-mails and phone calls when you sign up for our free e-book. In fact, we vow to only call you once to see if we are able to help you even more and that’s it.

Your Insolvency Options

Is Going bankrupt my one and only option?

No! There certainly are a number of options available to you. Below is a graph explaining the perks and downsides of the various debt choices offered. This diagram is by absolutely no means an all-inclusive resource, but it will allow you to make a well-informed decision.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton
Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

What exactly is a Personal Insolvency Agreement?

This is an adaptable deal between you and your lenders. It is supervised through a trustee who governs how much you will have to pay out and when you have to pay. Once those circumstances have actually been met you are then free to begin again with a clean slate.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

What is a Debt Agreement?

A debt agreement makes it possible for a debtor to enter into an understanding with their lenders to settle their unpaid debts 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 contact us on 1300 818 575.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Why do some business say Debt Agreements or Personal Insolvency Agreements

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

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Should I look into a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the best strategy. Usually the issue with them is that all it is really doing is packaging 5-15 various debts into one large debt. If you are fighting to pay all your various loans now, then why do you think 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 everything even worse you typically need to pay up front for the ‘ luxury’ of this choice. If you want 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 apply for bankruptcy can I manage to keep my house?

In a lot of cases the answer is yes. If this is a significant issue for you then the best way in order to get the solution is to call us here at Bankruptcy Experts Rockhampton on 1300 818 575 and once we have an understanding about your circumstances we can give you a clear picture over the phone. Practically every one is on an emotional level connected to their house; 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 inevitable effect of bankruptcy and consequently they press themselves to the brink of madness to not give up the family home.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton
Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

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

Why might the bank like bankrupt customers? Wouldn’t they really want to sell your home and not take the risk? Keep in mind – the bank that has kindly offered you the money for your house is making good money each month in interest from you, month in and month out. So long as you maintain up to date with your mortgage payments then the bank wants you in there at all costs. Having said that it is generally 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 off your house.

What factors would result to losing your home?

Equity! If you are up to date with your monthly payments then the most important issue is equity. A trustee has a duty to gather as much money to help cover your debts once you go bankrupt. Equity is the ticket here. Supposing that you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to cover the debt then the trustee sees your equity as a manner to pay back your debt therefore they will sell your house to pay off the debt and give you whatever money is left from the sale.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton
Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

How is equity determined?

Most people are not quite confident about just what equity is, or how it is determined– but it is really vital to determine given that if you get it, it can mean the big difference between keeping and losing your house. There are a few factors you have to understand here. First and foremost, your gut instinct or expectation about the real worth of the property is perhaps far too generous. Many people assume their house is worth much more than it truly is.

Secondly, when you apply for bankruptcy the trustee may wonder how you determined your price for the house. In some cases they will call for more detail about your valuation, maybe a rates notice or a real estate agency’s valuation or a registered valuation. An easy approach would certainly be to search www.realestate.com.au then click on the ‘Sold’ tab on that website and search for current house sales in your community or area. This may help you get some concept of the reality of the market right now. Keep in mind, the appraisal is based upon a quick sale not a skillful real estate agent’s marketing campaign. So If you really want a good idea, I would definitely recommend getting a valuer and asking them to give you 2 prices for your house, one as a regular sale, and the other as a ‘quick sale’. This will give you a far better awareness for your home’s worth. Recognizing this step is critical, so get some advice before going ahead, call us on 1300 818 575.

What if my Partners name is on the mortgage?

Often when a couple buy a home one income will not be enough to qualify for the loan, so the bank/lender will have each partners sign up for the loan. Once your home is purchased both names are on the mortgage from the bank and the title deed of the house as joint tenants.

Often when a couple buy a home one income will not be enough to qualify for the loan, so the bank/lender will have each partners sign up for the loan. Once your home is purchased both names are on the mortgage from the bank and the title deed of the house as joint tenants.

Unfortunately, the house has not increased in value in the 4 years they have owned it and they also have merely managed to pay interest on the loan in that time so essentially they still have a $400,000 mortgage on a house worth $400,000.

Mick can then file for bankruptcy and just 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 step will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is plenty to consider when it concerns homes and bankruptcy so if you have questions don’t hesitate to phone us about your house on 1300 818 575.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton
Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

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

If your home has a lot of equity and you are still drowning in debt, there are still several options available to you– it may be complicated, but the necessary step is to speak to an expert to try and get ahead of it. As a matter of fact, this concerns 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 disastrous! Before you take your next step get some advice. We provide a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my boss be informed?

Generally there is really no reason for your employer to be advised of your bankruptcy. In circumstances where you earn more than 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 via your boss.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton
Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Who will know about my bankruptcy?

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

  1. People that you tell
  2. creditors or individuals you owe money to
  3. People that see your credit file while you’re bankrupt. However, 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 noted on the National Insolvency Index on the web somewhere. But this is not too big a problem because it is hard to find and people need to pay to see if somebody is bankrupt on it.

At Bankruptcy Experts Rockhampton, we are completely mindful that there is still a stigma connected to bankruptcy. We are aware of this problem and we can help to make sure that if you declare yourself bankrupt that you don’t have 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 short and easy. In fact, the entire process will only take a few days. It makes it possible for the common person to get away from debt and on with their lives. For more detailed information about bankruptcy and your job, download ‘The Big 5’ e-book.

Could I lose my job if I declare bankruptcy?

response to the question is – yes, but only in some cases. The problem with some occupations 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 troublesome for you.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

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

Bankruptcy Income Thresholds

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

There are in fact no restrictions on the amount of you can earn, but if you get over a certain amount, some of the extra can be taken by the trustee to satisfy your creditors. This means that you cannot be refusing to pay your debts and still pull in a 6 figure salary– it simply just wouldn’t be fair to the individuals you owe money to. So how much can you earn before you start paying back money to your creditors via your trustee?

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton
Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you should know what is taking place then pay attention now. Since March 2016 there have been alterations to the Income Threshold amounts. This signifies that there are modifications to just how much money you can 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 generally calculated annually.

Your net income may be controlled to consider things like salary sacrifice and considerable superannuation payments etc. Your net income might also allow for more unusual costs suffered as a result of being employed. Such as, if you are subjected to an unusually high amount of travel charges to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee needs to ascertain your real net income, based on the bankruptcy rules.

The income threshold numbers are also per person and are set up by the Government every March and September to permit the movement in the cost of living.

Exactly what can my partner make if I go bankrupt?

Generally there is no limit to what your spouse/partner can earn. There are a few ramifications that must be considered in some circumstances, but most of the time your partner is a completely separate legal entity and will not be affected financially when you declare bankruptcy. Just as a word of caution – this could alter if you have joint loans together, so take care about the implications of that. If you are not sure just call us on 1300 818 575.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton
Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Who is considered a dependent?

This might be any person, of any age, that lives with you and earns beneath $3,343 per year. If, in the case you have a child or children that you give child support for and they do not live with you full time, then you can not declare these particular children as dependents.

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

If a couple need 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 each person individually.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Self Employment & Bankruptcy

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Can I forfeit my small business if I go bankrupt?

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

You may already recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. However, that doesn’t inevitably mean you can’t run your very own business and recruit staff etc

What happens if I have both Business and Personal Debts?

If you are a businessmen and you have a blend of individual and business debts then it is actually possible to have most, or even all, of the debts wiped out with bankruptcy. Bear in mind this is a challenging process and needs special attention. The reality is, personal bankruptcy won’t automatically signify business bankruptcy as well.

Whether you run your business as a Sole Trader, Partnership, Company or Trust we can help guide you through your options. Feel free to contact us on 1300 818 575 for a no obligation FREE consultation.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton
Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

Should I place my company into liquidation?

Among the main reasons you might wish to consider liquidation as opposed to bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, businesses that become insolvent have a few possibilities, like liquidation, voluntary administration etc. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my company?

There are restrictions for business owners that are bankrupt. For example, as a bankrupt business owner you can be in your very own business as a sole trader only. For a number of small business owners, bankruptcy can impact their ability to run the business due to the licensing problems. For example, a builder with a builder’s license can not actually continue to use that license for the 3 years she or he is actually bankrupt.

There are some other implications for business owners whilst bankrupt that need to be considered. In case you need to know more about this just feel free to call us for a no obligation, free consultation on 1300 818 575.

Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton
Bankruptcy Rockhampton,Bankruptcy Notice Rockhampton,Bankruptcy Help Rockhampton

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

It could be. There are considerations 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 and after that open the doors the next day like nothing has taken place. There are laws in effect to prevent these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get too stressed about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Rockhampton 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.

Copyright © 2016 Bankruptcy Rockhampton.