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

Are your personal or financials obligations getting out of control?

Are your personal or financials obligations getting out of control?

We provide straight-forward bankruptcy tips and advice. At Bankruptcy Gold Coast we realise that the very thought of bankruptcy is terrifying, and if it becomes a reality it is extremely alarming. We know that you are possibly feeling very overwhelmed, ambushed and even like you have no possibilities left, and so we really want to help lead you through the process.

However, here’s the thing – you’ve already endured the hardest aspect of the process – you have taken that initial step towards placing your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is to work out if bankruptcy is simply right for you. There is definitely a few details you should know before making that choice so we recommend that you continue browsing across this site, it has lots of great information, or you can merely get the phone and phone us on 1300 818 575.

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Are your personal or business debts getting out of control?

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You Can Be 100 % Debt Free!

Can you imagine a future without creditors’ hounding phone calls and looking forward to the mail again? There really are a few things you need to know before you make that complex choice. Firstly, the sooner you act then the more choices you will have.

5 Questions you have to answer before you declare yourself bankrupt.

There are 5 critical questions you need to have an response 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 page. This e-book is going to focus on these big 5 questions specifically and give you peace of mind that you are doing the ideal thing.

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Get your FREE copy of the Big 5

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

Insolvency Options

Is Going bankrupt my one and only option?

No! There really are many options available to you. Here is a graph illustrating the strengths and issues of the different debt alternatives available. This diagram is definitely by absolutely no means an full-scale resource, but it will allow you to make a well-informed choice.

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast
Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

Exactly what is a Personal Insolvency Agreement?

This is an adaptable agreement amongst you and your lenders. It is managed through a trustee who controls what you have to pay out and when you have to pay. Once those circumstances have actually been met you are generally then free to begin again with a new beginning.

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What is a Debt Agreement?

A debt agreement permits a debtor to take part in an arrangement with their lenders to repay their loans without being made bankrupt.

You cannot enter into 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 additionally income restrictions, as well as restrictions on property value and unsecured debt value. If you wish to know more feel free to contact us on 1300 818 575.

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

How do you Choose?

Ultimately it is up to you, but don’t be fooled by certain companies because many of them have a strong bias! The main reason you find loads of expensive commercials on the TV in the Gold Coast area inviting you to go for one of these alternatives is that there is lots of cash in it for the agencies that provide them. You will see (if you haven’t already) that each and every business has the tendency to give (biased) advice depending on the product that they offer. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to drive up their own business. It is rather common across the industry, so ensure you don’t get sucked in. And nor should this website be the only thing you read! We try to give unbiased advice, but please do your research across a range of sources to find what approach is going to be best for you!

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Should I look at a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the best idea. Usually the matter with them is that all it is really doing is wrapping 5-15 various debts into one sizable debt. If you are fighting to pay off all your different loans now, then why do you presume it will be amazingly easier to have one massive bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it worse you usually will have to pay up front for the ‘pleasure’ of this choice. If you wish 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 declare bankruptcy can I keep my house?

Often the answer is yes. If this is a considerable issue for you then the most efficient way in order to get the solution is to contact us here at Bankruptcy Experts Gold Coast on 1300 818 575 and after we have an understanding about your situation we can provide you a clear picture over the telephone. Practically every one is sentimentally 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 commonly think it’s an inevitable repercussion of bankruptcy and for this reason they pressure themselves to the edge of madness to not give up the family house.

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast
Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

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

Why might the bank want bankrupt customers? Wouldn’t they need to sell your house and not take the risk? Take note – the bank that has generously 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 keep up to date with your monthly payments then the bank wants you in there at all costs. Nonetheless it is generally not the bank’s call – if a trustee concludes that there is ample equity in your house the trustee will compel you and the bank to sell your house.

What aspects would contribute to losing the house?

Equity! If you are up to date with your monthly payments then the most considerable issue is equity. A trustee has a obligation to get as much money to help pay your bills once you go bankrupt. Equity is the key here. If you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to settle the debt then the trustee sees your equity as a approach to pay your debt and so they are going to sell your home to repay the debt and give you whatever money is left from the sale.

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast
Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

How is equity determined?

Many people are not quite clear about what exactly equity is, and how it is calculated– but it is truly vital to determine given that if you get it, it can mean the difference between keeping and losing your home or apartment. There are a few factors you will need to know here. First and foremost, your gut reaction or expectation about the true value of the property is probably far too generous. Many people believe their home is worth much more than it really is.

Secondly, when you declare bankruptcy the trustee may question how you determined your value for the home. In many cases they will request more detail about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. An uncomplicated tactic would certainly be to look on then click on the ‘Sold’ tab on that website and look for the latest house sales in your community or area. This may help you get some idea of the reality of the market right now. Keep in mind, the valuation is based upon a quick sale not a skillful real estate agent’s promotion and marketing campaign. So If you really want a good idea, I would likely suggest getting a valuer and telling them to give you 2 values for the house, one as a standard 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 crucial, so get some advice before going forward, call us on 1300 818 575.

What if my partner’s name is on the Home Loan?

Commonly when a couple purchase a home one income isn’t really enough to apply for the loan, so the bank/lender will have both partners sign up 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 got a house 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a plumber and has to go bankrupt but Susie has a good job teaching primary school and doesn’t need to go bankrupt.

Unfortunately, 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 effectively they still have a $400,000 mortgage on a home worth $400,000.

Mick can then file for bankruptcy and so long as they continue paying the mortgage, rates etc. they may continue to keep the house for the 3 years Mick is bankrupt. This decision will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is lots to think about when it comes to homes and bankruptcy so if you have concerns don’t wait to call us about your house on 1300 818 575.

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast
Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

What if my home has too much Equity What could I do?

If your property has a lot of equity and you are nevertheless drowning in debt, there are still various options readily available to you– it might be complicated, however the necessary step is to speak with a professional to try and get ahead of it. Actually, 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 dire! 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 company be notified?

Often there is simply no reason for your employer to be advised of your bankruptcy. In situations where you earn in excess of 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 workplace.

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Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

Who will hear of my bankruptcy?

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

  1. Individuals that you tell
  2. Your creditors or people 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 request a loan.
  4. You will be shown on the National Insolvency Index online somewhere. But this is not too big a problem because it is hard to find and people have to pay to see if someone is bankrupt on it.

At Bankruptcy Experts Gold Coast, we are fully conscious that there is still a stigma connected to bankruptcy. We understand this concern 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 papers or be publicly made out to be a criminal or some type of failure. We can help ensure that bankruptcy is fast and easy. In fact, the whole 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.

Will 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 professions isn’t that you just can’t 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 things troublesome for you.

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What we would really propose 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 because 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 impacted by your possible bankruptcy call us here at Bankruptcy Experts Gold Coast on 1300 818 575.

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

There are in fact no constraints on the amount of you can earn, but if you earn over a certain amount, some of the excess can be taken by the trustee to satisfy your creditors. This means that you cannot be choosing not to pay your debts and still take home a 6 figure salary– it simply just wouldn’t be fair to the many people you owe money to. So how much can you make before you start repaying money to your creditors via your trustee?

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast
Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

Bankruptcy and Income

First of all, it is important to know that changes are relating to the world of bankruptcy. If you must 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 can keep when bankrupt. This is your net income after tax and child support (if applicable) are deducted. If you’re in a business when bankrupt then, of course, it’s also net (after tax) of business spending, which is typically calculated annually.

Your net income may be moderated to take into consideration things like salary sacrifice and considerable superannuation payments etc. Your net income might also include more unusual costs acquired as a result of being employed. As an example, if you are subjected to an uncommonly high amount of travel charges to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee must ascertain your real net income, based on the bankruptcy rules.

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

What can my partner earn if I go bankrupt?

There is no limit to what your spouse/partner can earn. There are a few ramifications that must be thought about in some scenarios, but most of the time your partner is a totally different legal entity and will not be affected financially when you declare bankruptcy. Just as a word of warning – this could change if you have joint loans together, so be careful about the implications of that. If you are unsure just call us on 1300 818 575.

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast
Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

Who is considered a dependent?

This could be anybody, of any age, that lives with you and earns under $3,343 per year. If, in the case you have a young child or children that you pay child support for and they do not live with you full-time, then you can not claim these children as dependents.

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

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

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

Self Employment & Bankruptcy

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

Can 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 appropriate guidance. Company insolvency laws are very involved and you should tread cautiously 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. Even so, that does not definitely mean you can’t run your very own business and employ staff etc

What if I have both Business and Personal Debts?

If you are a business owner and you have a combo of individual and business debts then it is generally possible to have most, or even all, of the debts eliminated with bankruptcy. Remember this is a complex process and needs special attention. The reality is, personal bankruptcy will not automatically indicate business bankruptcy as well.

No matter if you administer your business as a Sole Trader, Partnership, Company or Trust we can help guide you with your options. Don’t hesitate to call us on 1300 818 575 for a no commitment FREE consultation.

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast
Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

Should I put my business into liquidation?

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

What impact will bankruptcy have on my company?

There are limitations for business owners that are bankrupt. As an example, as a bankrupt business owner you may be in your own business as a sole trader only. For several business owners, bankruptcy can have an effect on their ability to take care of the business because of the licensing concerns. For instance, a builder with a builder’s license can not actually continue to use that license for the 3 years she or he is simply bankrupt.

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

Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast
Bankruptcy Gold Coast,Bankrupt Gold Coast,Insolvency Gold Coast

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

It could be. There are factors to consider when and if you declare bankruptcy as a business owner. You can not run up heaps of debt in your company, then go bankrupt then open the doors the next day like absolutely nothing has taken place. There are laws in place 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 right advice by calling Bankruptcy Experts Gold Coast today on 1300 818 575.

Our Clients

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