How We Can Support You
Bankruptcy Gold Coast can guide you with everything that you would like to understand about declaring bankruptcy. Everyone’s situations are different and need a reliable option. We have put the six highest frequently asked questions on this page so you may receive a fast and effortless answer. In case you want additional facts advance through our site or simply call us on 1300 818 575.
The thought of losing the family dwelling is certainly the number one reason that people postpone going bankrupt and push the question to the back of their minds. The inquiry that almost everyone ought to determine when thinking about insolvency is if they could retain their family house? The answer is YES in a lot of cases.
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To make it simple its truly about the equity you have in the property, or rather what amount your house is worth beyond the home mortgage amount. Supposing that your home has little to no equity within it, then it is most likely you will keep your household just as long as you keep paying off the home loan, rates etc. Normally there is much more to this story and you will have various other thoughts, so feel free to contact us on 1300 818 575, to get the exact suggestions you are in need of about your home.
The second frequently asked about concern is if you can keep your motor vehicle if you are bankrupt? The answer to this in most cases is YES! Put simply if your vehicle is at present on finance and you can continue to keep up the charges its most likely you will certainly have the chance to keep your motor vehicle.
If you own your car outright and have no financing then you can easily own a vehicle up to the wholesale worth of $7,500.
In case both of these two situations don’t relate to your car then give us a call on 1300 818 575.
Will I lose my business organisation if I go bankrupt? The answer for the most parts is NO! You can keep your business organization and file for insolvency. This is potentially the most intricate feature of any type of bankruptcy. The bottom line is the government does not want you to be jobless and insolvent so because of this you can carry on as a self employed individual as a sole trader once you are insolvent. You can not be the director of a company for the 3 years you are bankrupt. If you have your very own small business and need to apply for personal bankruptcy then contact us on 1300 818 575.
Bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in most cases you don’t need to return the debt except if you earn over specific amounts of income. For instance 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 personal debt. If you pay child support or have dependent children then you are able to make more. There is a table on the bankruptcy page of this website with greater information should you want to know more.
My Credit File
Is my credit rating damaged for life? Answer is NO! Your credit rating is basically ruined for the 3 years you are insolvent. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this means there are plenty of lenders that can help you get a home loan or an auto loan etc. To have a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy time period.
How Much will it Cost
Of course this is certainly not an easy question to answer, as every single case we take on is unique. Having said that, sometimes we may help you file for personal bankruptcy at no charge. That’s right. If we can support you make it happen for FREE then we will certainly help you. Sometimes that are simple it will cost $395. There are more challenging scenarios where the price is more. If you need to get an idea about what your case will be priced at simply phone us on 1300 818 575.