Yes. All you must do is apply to your bankruptcy trustee for permission to go. You’ll get it, even so there is a one-page form you need to fill out simply to advise the trustee of how long you are going to be travelling, etc. This policy only truly exists so high flyers don’t skip the country. Occasionally the trustee will request your passport, but don’t fret about it because you can ask for it back when you wish to travel. The big part of this is being sure that you in fact ask– because if you ignore this then you can actually get in a ton of trouble. Call us if you wish to learn more about travel on 1300 818 575.
In a lot of cases the answer is yes! In fact, in many cases these days we can help you keep your home. At Bankruptcy Experts Rockhampton we are really specialists at helping people keep their homes. It’s actually really tricky, so if you are concerned about losing your home call us on 1300 818 575 and we will guide you through your options.
The idea of losing the family house is undoubtedly the most typical deterrent to people declaring bankruptcy. We talk with people everyday who have wrestled for several years under considerable financial pressure so they don’t lose their home.
So how is it achievable when declaring bankruptcy to keep your house? Easy, really; it’s a matter of equity. Let’s put it this way, if you own a house that’s worth $350,000 and you owe the bank $350,000 you essentially have no equity in your home, correct? The trustee will only sell your home if there is normally enough equity in the home, if sold, to pay off a lot of your debts. So in this specific scenario, the trustee will then offer you some choices, one of which is to just simply to carry on paying the mortgage and stay in the house while you are bankrupt.
So how can I discover the value of my home before I look at the process and pain of declaring bankruptcy? A standard way is really to go onto www.realestate.com.au and take a look at the sold houses tab in the Rockhampton area and then it will show you all the previous sales in your region. Another option, if you are uncertain or are very fearful, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, of course). Be warned this will cost you somewhere between $300-700. Just another detail about house prices – If the trustee has to sell off your house they do so fairly swiftly. It is usually not a 6-month shiny marketing campaign and rather it’s usually by auction and they merely meet the market on the day and that’s it. So when thinking about the value keep in mind that it’s a sell right now price, not when the market improves.
Once you have calculated the market value of your home the next thing to consider is who owns your home.
Normally when our clients are declaring bankruptcy nearly all home loans are generally between two people as joint tenants who both add to the home loan. In the event that only one party is declaring bankruptcy then the equity is calculated in this manner.
Say your home is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the property is $50,000, right? Half of that total equity is immediately assigned to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. From that $25,000 the declaring bankruptcy party has to cover all of the selling costs including advertising etc.,which, depending upon exactly where you live, can cost anywhere between $12,000-20 ,000. With this particular case say the selling 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 provide the non-declaring bankruptcy party several alternatives. 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 can have it taken away as an asset from the bankrupt’s estate.” Or, in other words, work out a deal to pay the $10,000 and you can keep the house.
Just a side note: the bank who has granted you the home loan will need the repayments to be continued of course. Despite what the trustee chooses, if you don’t pay the financial institution the property loan they will sooner or later ask you to leave. So, in plain English, keeping your home naturally implies keeping the mortgage too.
There are many more alternatives with your house when declaring bankruptcy, and we have actually just described one choice of probably 20 options you can select when it involves your property. We understand you will need to get this right. Taking a chance with the family household might be a devastating choice. If you intend to get the right advice about declaring bankruptcy or you simply just want to speak to someone contact 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 will remain on your credit file for that time. However, just like any default it will appear on your credit file for 7 years. You can have it removed if you get your bankruptcy annulled.
Bankruptcy is for 3 years and during that time you will most likely not get a loan. After the 3 years is done 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 cleared as a bankrupt then you will have an preferred credit history once again and you will get the most competitive deal on loans.
In most cases, no. Bankrupts hardly ever lose their cars because they’ve filed for bankruptcy. Of course, this is limited and we can let you know if your car is safe. Call Bankruptcy Experts Rockhampton on 1300 818 575.
How is this calculated? Well it is determined based upon a threshold price for your car. The threshold is the max wholesale market value your car could be worth, which is $7,350. You will find all sorts of wrong information about this on the internet, but here are simply the simple facts. That $7,350 represents not the total value; it represents equity. So, essentially, if you have a car worth $35,000 you are paying off or leasing and the amount you could possibly 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 maintain the car even though you are bankrupt just as long as you keep up the payments.
Get some guidance on this one. If you are considering declaring bankruptcy and just need some advice today call 1300 818 575. Basically, you will get about 2 to 3 payments grace when it involves car loans. The bottom line is basic: whether you are declaring bankruptcy or not, if you miss three or even more repayments on your loan they will retake the car. Don’t assume because you are declaring bankruptcy you are instantly going to lose your car because most of the time we help people keep them.
The creditors, or the people you owe money to, are alerted in writing at about the same time you receive your bankruptcy file number.
No. The filing for bankruptcy procedure is generally a paperwork exercise. All that actually occurs is that you will possibly be sent a letter by mail or emailed a notice advising you that you are bankrupt. At Bankruptcy Experts Rockhampton we make sure that this entire process is that simple, so if you have questions about this phone 1300 818 575.
Absolutely. This process will take approximately two weeks and will completely get rid of the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that make it possible for a bankrupt individual to get their bankruptcy annulled through a Section 73 proposal.
The consequences of creditor’s claims can commonly lead to bankruptcy, despite if it was the individual’s decision to enter bankruptcy, or if it was actually filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the person who experiences bankruptcy.
We have been supporting people declaring bankruptcy in the Rockhampton area for a number of years so phone us today on 1300 818 575 to get some understanding on this matter. We exercise probably the most suitable possible strategy for you to get back up and running, dealing with remaining effects and hindrances of past 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 unharmed, ready to start over.
Initially, having your personal bankruptcy annulled is just about reversing it 100%. So if you are actually considering having your bankruptcy annulled there are a handful of things you will have to know.
Firstly, how does the annulment work? A easy way to understand it is this – let’s say someone owes you $50,000 and they haven’t paid you one cent back for many years. Then to make matters worse you find out that they are declaring bankruptcy. You would kiss that money goodbye, right? Years go by and they come to you with an deal to pay you $5,000 that their grandparents are giving to them to work out your debt with them. Certainly you are happy to take it, because it is far better than nothing. The only condition they ask for in return is that you agree 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 don’t care about their credit file; you are just happy they are offering you some money after all these years.
In bankruptcy terms this strategy is usually called a Section 73 proposal, and it is generally an approach where ‘everybody wins.’
Essentially, the trustee reaches out to your creditors, shows your offer, which is significantly less than the starting debt owed, on the condition they clear your credit file clean.
This method takes a few weeks. The proposal may be done at any time in the 3 years you are bankrupt. However, you need to consider the timing of your proposal; you don’t want to do it the day you are declaring bankruptcy because it does cost money to do this, 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 be given 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 merely been bankrupt three weeks it will be more challenging to get an annulment since they may get some cash from you over the 3 years if you earn over the threshold sum of money.
If you would like 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.
Yes! We can assist you cancel all of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them first off before you suffer through the pain of declaring bankruptcy, but it is really not a problem. If you are locked into one of these and simply aren’t able to get on top give us call at 1300 818 575.
There are very few debts that declaring bankruptcy won’t 100% get rid of, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, lastly, money owed to an insurance provider because of a car accident in an uninsured car while you were driving.
Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Honestly, there are a lot of factors to list so if you have a specific debt you are bothered with just call for a free consultation 1300 818 575.
You can’t declare bankruptcy for an amount under $5,000; however, there is no limit above that. If you owe a few million dollars, that is generally managed no differently than $20,000.
An unsecured creditor is a lender that does not actually have a hold over the chattels/assets/property obtained with the credit provided to you. These types of debts include credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out completely. If a debtor defaults on a secured debt, the creditor can retrieve and sell the chattels/assets/property to pay for the unpaid debt.
Our team have helped thousands of people undergo the process of declaring bankruptcy over many years and we have never had anybody’s application declined. That is actually why our company provide a 100% money back guarantee.
There is a simple method we use here before declaring bankruptcy and all you will have to do is get a copy of your credit history as it will have your credit history on there. Companies like www.veda.com.au will have the capacity to get you a copy for a small fee.
Vehicle accidents may be problematic, so to keep it simple call us on 1300 818 575 to get the proper advice on your situation. Declaring bankruptcy may not be the best option. However, as a general rule, if you were driving a motor vehicle that was not actually insured then the cost of the repairs 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 ought to be fine.
Yes! We can really help you carry this out, even though it’s achievable there are consequences and plenty of regulations around this process, so phone us and we will guide you through the process on 1300 818 575. Bankruptcy Experts Rockhampton are specialists at assisting companies get back on their feet.
Yes. There actually is an approach to follow, but if you win lotto or inherit some cash you can use it to get your record wiped clean. There is actually a way of carrying this out properly; just contact us first.
Typically, if you owe money to a lender they can get a court order and then bankrupt you. They must follow a process, but it is actually possible. What you have to avoid at all costs if possible is someone else bankrupting you, as it’s always best to voluntarily apply for bankruptcy. Unless you enjoy attending court and irritating phone calls, naturally.
Yes. However, this is a challenging process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled improperly, it might be disastrous. For a free consultation call Bankruptcy Experts Rockhampton 1300 818 575.
No, we do that for you. Actually, we serve as a buffer or a midway point between you and your creditors. So ultimately you are not obliged to alert them of your bankruptcy; we take care of that for you.
Normally, it takes around 2 weeks.
Yes. Generally a lender will chase the other person that signed the loan files with you for the sum total of the uncollected money owing on the loan.
Don’t panic! If you overlooked a debt and remember it later on, just call your trustee with the name of the creditor, address, date the debt was incurred, amount of debt along with any account or reference number/s provided from lender. Your trustee will add the creditor to your bankruptcy and deliver a notification to the creditor.
No. We deal with the whole procedure for you.
Normally this is not a issue, so if you are a gambler, don’t stress. What the trustee does not 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 just have some explaining to do, of course, because it just won’t add up and looks suspicious.
Yes. We appreciate that you are busy. If you have a phone we can support you; simply call us on 1300 818 575.
Yes. This is workable. It requires some emails back and forth but it can be done.
Yes. If a person actually living in a different country is now living in Australia then files for bankruptcy and they have a liability incurred in that foreign country, you just note that liability on the papers.
Most of the time the creditor internationally will wipe out the debt. It is entirely possible 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 normally a few ways the trustee can find out, and the most effective and simplest way is for you to let them know when we do the paperwork. There is also a government web page which has primary assets listed also. You should certainly get some advice about assets; so look out.
This is complicated and you are going to want the right guidance, so if you need more info about inheritances contact us on 1300 818 575.
No. The income thresholds are the same for every person so no matter how you make your income you will have to earn about $50,000 annually before your income will be impacted 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 then they will get your tax return. The main reason for this is because your income tax return is viewed as net income, so if you are actually below the threshold amount you can earn while bankrupt and provided you really did not have those additional debts then you will get your whole 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 then child support is considered net income. That is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, but it’s not a smart idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them away from you, as they are considered an asset.
You can keep almost everything when declaring bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and cars may be able to be saved. Simply give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Rockhampton.