Yes. All you must do is apply to your bankruptcy trustee for approval to go. You’ll get it, having said that there is a one-page form you will need to fill out just to update the trustee of how long you are going to be taking a trip, etc. This policy only truly exists so high flyers don’t skip the country. At times the trustee will ask for your passport, but don’t worry about it because you can ask for it back when you intend to travel. The big aspect of this is ensuring that you actually ask– because if you forget this then you can actually get in a lot of trouble. Call us if you want to know more regarding travel on 1300 818 575.
In many cases the answer is yes! In fact, in many cases these days we can help you keep your home. At Bankruptcy Experts Gold Coast we are really experts at helping people keep their homes. It’s actually pretty tricky, so if you are troubled about losing your home call us on 1300 818 575 and we will lead you through your choices.
The thought of losing the family home is quite possibly one of the most typical obstacle to people declaring bankruptcy. We chat with people everyday who have wrestled for several years under considerable financial pressure so they don’t lose their home.
So how is it possible when declaring bankruptcy to keep your house? Easy, really; it’s a concern of equity. Let’s put it like this, if you own a home that is actually worth $350,000 and you owe the bank $350,000 you essentially have no equity in the house, correct? The trustee will only sell your home if there is undoubtedly enough equity in the home, if sold, to repay a lot of your debts. So in this specific situation, the trustee will then offer you some solutions, one of which is to just simply to go on paying the mortgage and live in your house while you are simply bankrupt.
So how can I discover the value of my home before I go through the process and pain of declaring bankruptcy? A simple way is usually to go onto www.realestate.com.au and take a look at the sold properties tab in the Gold Coast area and it will display all the recent sales in your neighborhood. Another possibility, if you are not sure or are very concerned, is to have a registered valuer do a valuation on your home, not a real estate agent ( except if they are registered valuers, naturally). Be warned this will cost you anywhere between $300-700. Just another thing about house prices – If the trustee has to sell your house they do this reasonably quickly. It is definitely not a 6-month glossy advertising program and instead it’s usually by auction and they simply meet the market on the day and that is generally it. So when thinking of the value remember that it’s a sell now price, not when the market improves.
Once you have figured out the market value of your home the next thing to consider is who owns the house.
Usually when our clients are declaring bankruptcy many home loans are between a couple of individuals as joint tenants who both contribute to the home loan. If only one party is declaring bankruptcy then the equity is calculated in this manner.
Say your house is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the property is $50,000, right? Fifty percent of that complete equity is immediately assigned to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of this $25,000 the declaring bankruptcy party needs to pay for all of the selling costs including advertising etc.,
which, depending upon where you live, can set you back anywhere between $12,000-20 ,000. In this particular situation 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 offer the non-declaring bankruptcy party a few options. One of which is common is for the bank to say, “Pay us the $10,000 and we will not sell the house and you will have it eliminated as an asset from the bankrupt’s estate.” Or, simply put, 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. No matter what the trustee chooses, if you do not pay the bank the property loan they will ultimately ask you to leave. So, in plain English, keeping your home of course implies keeping the mortgage as well.
There are many more alternatives with your house when declaring bankruptcy, and we have really just described one option of probably 20 options you can choose when it involves your property. We know you will want to get this right. Trying one’s luck with the family house may be a devastating choice. If you intend to get the ideal advice about filing for bankruptcy or you simply just need to speak 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 takes 3 years and is going to remain on your credit file for that time. However, as with 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 will most likely not get a loan. After the 3 years is done you may have the power 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 ideal credit history again and you will get the most competitive deal on loans.
Often, no. Bankrupts hardly ever lose their cars because they’ve filed for bankruptcy. Of course, this is granted on certain terms and we can let you know if your car is safe. Call Bankruptcy Experts Gold Coast on 1300 818 575.
How is this worked out? Well it is calculated based upon a threshold market value for your car. The threshold is the maximum wholesale value your car could be worth, which is $7,350. You will find all sorts of incorrect information about this online, but here are the facts. That $7,350 represents not the total value; it represents equity. So, essentially, if you have a car worth $35,000 you are repaying 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 offered you the loan for the car will be pleased for you to maintain the car even though you are bankrupt as long as you keep up the payments.
Get some advice on this one. If you are considering declaring bankruptcy and simply just need some advice today call 1300 818 575. Basically, you will receive about 2 to 3 payments grace when it relates to car loans. The bottom line is straightforward: whether you are declaring bankruptcy or not, if you miss three or even more repayments on your loan they will repossess the car. Don’t assume because you are declaring bankruptcy you are automatically going to lose your car because a lot of the time we help people retain them.
The creditors, or the people you owe money to, are alerted in writing at roughly the same time you receive your bankruptcy file number.
No. The declaring bankruptcy process is simply a paperwork exercise. The only thing that actually occurs is that you will either be sent a letter by mail or emailed a letter advising you that you are bankrupt. At Bankruptcy Experts Gold Coast we make sure that this entire procedure is that simple, so if you have questions about this phone 1300 818 575.
Absolutely. This approach will take around two weeks and will thoroughly get rid of the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that enable a bankrupt individual to get their bankruptcy annulled using a Section 73 proposal.
The consequences of creditor’s claims can commonly lead to bankruptcy, irrespective of if it was the person’s choice 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 undergoes bankruptcy.
We have been taking care of people declaring bankruptcy in the Gold Coast area for a number of years so phone us today on 1300 818 575 in order to get some information 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 specialising in Section 73 proposals, we can integrate this with our proven techniques and methods to bring you through bankruptcy unscathed, ready to start over.
To start with, having your bankruptcy annulled is basically reversing it 100%. So if you are actually contemplating having your bankruptcy annulled there are a couple of things you will have to know.
Firstly, just how does the annulment work? A quick way to understand it is this – let’s say someone owes you $50,000 and they have not paid you 1 cent back for years. Then to make things worse you find out 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 giving to them to settle your debt with them. Certainly you are happy to take it, because it is 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 agree to do that then there will be no $5,000. Naturally you don’t care about their credit file; you are just delighted they are giving you some money after all of these years.
In bankruptcy terms this approach is usually referred to as 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 drastically less than the starting debt owed, on the condition they clear your credit file clean.
This approach takes a few weeks. The proposal can be done any time in the 3 years you are bankrupt. However, you will have to consider the time of your proposal; you don’t want to do it the day you are filing for 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 get a certain amount from you over the 3 years anyway so it better be greater than it will add up to.
similarly, If you have simply just been bankrupt three weeks it will certainly be more complicated 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 want support to put a section 73 proposal to your trustee or just need more information about the ideal time of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can help you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them to start with before you experience the pain of declaring bankruptcy, but it is really no problem. If you are locked into one of these and just simply cannot get on top give us call at 1300 818 575.
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, finally, money owed to an insurance company because of a car accident in an uninsured car while you were driving.
Besides that, it will get rid of things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. In truth, there are a lot of factors to list so if you have a specific debt you are worried about just call for a free consult 1300 818 575.
You can’t file for bankruptcy for an amount under $5,000; however, there is no restriction above that. If you owe a couple million dollars, that is simply managed no differently compared to $20,000.
An unsecured creditor is a lender who does not really have a hold over the chattels/assets/property acquired with the credit provided to you. These kinds of debts include 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 reclaim and sell the chattels/assets/property to pay down the debt.
Our staff have helped thousands of people undergo the process of declaring bankruptcy over several years and we have never had anybody’s application declined. That is actually why we offer a 100% money back guarantee.
There is a general method we use here prior to declaring bankruptcy and all you must do is get a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will be capable to get you a copy for a small fee.
Car accidents may be difficult, so to keep it uncomplicated call us on 1300 818 575 in order to get the best 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 price of the repair works is not eliminated with the declaring bankruptcy process. Having said that, it depends on who admitted liability or who was simply at fault. If you head to court and the court proves you were not at fault then you really should be fine.
Yes! We can help you carry this out, although it is actually possible there are effects and lots of regulations around this process, so phone us and we will direct you through the procedure on 1300 818 575. Bankruptcy Experts Gold Coast are professionals at assisting companies get back on their feet.
Yes. There actually is an method to follow, but if you win lotto or inherit some cash you can use it in order to get your slate wiped clean. There is actually a way of doing this correctly; just call us first.
Usually, if you owe money to a lender they could get a court order and even bankrupt you. They will need to follow a process, but it is actually possible. What you have to avoid at all costs ideally is other people bankrupting you, as it’s always best to voluntarily file for bankruptcy. Unless you appreciate attending court and bothersome phone calls, of course.
You bet. Even so, this is generally a complicated process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled improperly, it might be disastrous. For a free consultation call Bankruptcy Experts Gold Coast 1300 818 575.
No, we do that for you. Actually, we work as a buffer or a midway point in between you and your creditors. So in the end you are not obligated to advise them of your bankruptcy; we take care of that for you.
Typically, it takes around 2 weeks.
Yes. Typically a lender will go after the other person that signed the loan papers with you for the sum total of the remaining money owing on the loan.
Don’t stress! If you neglected a debt and remember it afterwards, just contact your trustee with the name of the creditor, address, date the debt was incurred, amount of debt and any account or reference number/s supplied by the lender. Your trustee will add the creditor to your bankruptcy and send out a notification to the creditor.
No. We deal with the entire process for you.
Generally this is not a problem, so if you are a gambler, don’t worry. What the trustee will not appreciate 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 may have some explaining to do, of course, because it just does not add up and looks suspicious.
Yes. We are aware that you are busy. If you have a phone we can support you; simply call us on 1300 818 575.
Yes. This is usually a possibility. It involves 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 files for bankruptcy and they have a debt incurred in that foreign country, you just note that debt on the documentation.
Most of the time the creditor overseas will wipe out the debt. It is entirely possible and legal for them, however, to deny your application, and if you return to that country you may go through their bankruptcy laws.
There are a few ways the trustee can learn, and one of the most effective and easiest way is for you to let them find out when we do the documents. There is also a government web page that has primary assets listed also. You should certainly get some advice about assets; take care.
This is complicated and you are going to want the right support, so if you need more info about inheritances call us on 1300 818 575.
No. The income thresholds are the same for every person so regardless of how you get your income you will have to earn about $50,000 yearly before your income will be influenced by bankruptcy.
You can keep money from tax returns just if you did not have any tax debts. So if you owed money to the Tax Office when you went bankrupt then they will take your tax return. The explanation 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 taken off 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. Which is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, however it’s not a smart idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them off you, as they are regarded as an asset.
You can keep almost everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and vehicles may be able to be saved. Just call us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Gold Coast.