Are your personal or business debts getting out of control?

We offer straight-forward bankruptcy help and advice. At Bankruptcy Wyong we understand that the very thought of bankruptcy is scary, and if it becomes a reality it is thoroughly frightening. We understand that you are without a doubt feeling very overwhelmed, trapped and even like you have absolutely no alternatives left, therefore we really want to help assist you through the process.

However here’s the thing – you’ve actually endured the hardest part of the process – you have actually taken that primary 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 truly to find out if bankruptcy is actually right for you. There is definitely a few points you should know long before making that choice so we recommend that you continue browsing across this site, it has plenty of great information, or you can merely grab the phone and call us on 1300 818 575.

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

You Can Be 100 % Debt Free!

Can you imagine a future free from bankers’ intimidating phone calls and looking forward to the post once again? Generally there are a few things you should know before you make that complicated decision. Firstly, the quicker you act then the more choices you are going to have.

5 issues you must answer before you declare yourself bankrupt.

There are 5 fundamental questions you have to have an solution to before you declare bankruptcy. If you want to know what exactly they are, feel free to download our free e-book on the right hand part of this page. This e-book is going to address these big 5 questions specifically and offer you peace of mind that you are doing the best thing.

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Get your FREE copy of the Big 5

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* We promise not to pester you with emails and phone calls when you sign up for our free e-book. Really, we vow to only call you once to see if we are able to help you further and that’s it.

Insolvency Options

Is Going bankrupt my only real option?

No! There really are numerous options available to you. Below is a graph describing the perks and downsides of the various debt solutions available. This graph is by absolutely no means an all-inclusive resource, but it will allow you to make a well-informed choice.

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Exactly what is a Personal Insolvency Agreement?

This is an adaptable deal between you and your lenders. It is regulated through a trustee who administers what you will have to pay and when you have to pay. Once those circumstances have been met you are generally then free to start again with a new beginning.

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

What is a Debt Agreement?

A debt agreement helps a debtor to take part in an agreement with their creditors to satisfy their debts without being made bankrupt.

You cannot participate in a Debt Agreement if you have actually been bankrupt, or if you are 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 please get in touch with us on 1300 818 575.

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

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 reason you find an abundance of expensive commercials on the TV in the Wyong area inviting you to go for one of these alternatives is that there is huge amounts of cash in it for the firms that administer them. You will notice (if you haven’t already) that every business has the tendency to give (biased) advice according to the product that they supply. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to increase their own business. It is rather common across the industry, so make sure you don’t get fooled. 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!

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Should I look into a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the most ideal plan. Usually the matter with them is that all it is really doing is bundling 5-15 various debts into one enormous debt. If you are fighting to pay all your different loans now, then why do you think it will be magically easier to have one substantial bill? 9 times out of 10 it is just not going to make it easier. Just to make it all even worse you usually will have to pay up front for the ‘pleasure’ of this choice. If you want 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 file for bankruptcy can I manage to keep my house?

In a lot of cases the answer is yes. If this is a significant problem for you then the most efficient way to get the answer is to contact us here at Bankruptcy Experts Wyong on 1300 818 575 and after we have an understanding about your circumstances we can provide you a clear picture over the telephone. Practically every one is on an emotional level 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 typically think it’s an inescapable repercussion of bankruptcy and for this reason they pressure themselves to the edge of madness to not surrender the family home.

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

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

Why might the bank want bankrupt customers? Wouldn’t they really want to sell your property and not take the risk? Bear in mind – the bank that has generously lent you the money for your house is making good money each month in interest from you, month in and month out. Just as long as you keep up to date with your mortgage payments then the bank wants you in there at all costs. Having said that it is usually not the bank’s call – if a trustee thinks that there is sufficient equity in your house the trustee will force you and the bank to sell off your house.

What aspects would result in losing the house?

Equity! If you are up to date with your monthly payments then the most important issue is equity. A trustee has a duty to collect as much money in order to help pay your bills once you go bankrupt. Equity is the key here. Supposing that you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to settle the debt then the trustee sees your equity as a way to repay your debt and so they will sell your house to repay the debt and give you whatever money remains from the sale.

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

How is equity determined?

Many people are not quite clear about what exactly equity is, as well as how it is figured out– but it is definitely important to figure out because if you understand, it can mean the huge difference between keeping and losing your home or apartment. There are a few factors you need to know here. First and foremost, your gut instinct or expectation about the true value of the property is probably far too generous. Most people feel their house is worth a lot more than it truly is.

Secondly, when you file for bankruptcy the trustee may question how you formed 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 assessment or a registered valuation. An uncomplicated strategy would certainly be to look on then select the ‘Sold’ tab on that site and search for the latest house sales in your community or area. This will help you get some idea of the reality of the market right now. Bear in mind, the valuation is based on a quick sale not a skillful real estate agent’s advertising and marketing campaign. So If you really want a good idea, I would encourage getting a valuer and asking them to give you 2 prices for the house, one as a regular sale, and the other as a ‘quick sale’. This will give you a better appreciation 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 home loan?

Often when a couple purchase a home one income isn’t really enough to apply for the loan, so the bank/lender will have each partners sign up for the loan. When your home 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 builder and needs to go bankrupt but Susie has a good job teaching high school and doesn’t need to go bankrupt.

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

Mick can then file for bankruptcy and as 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 declare bankruptcy also. There is lots to think about when it comes to houses and bankruptcy so if you have concerns don’t wait to call us about your house on 1300 818 575.

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Suppose My House has lot of Equity? What could I do?

If your house has plenty of equity and you are nevertheless drowning in debt, there are still a few possibilities readily available to you– it may be complicated, but the vital step is to speak to a professional to try and get ahead of it. In truth, this applies to 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?

Generally there is simply no good 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 payment, you organise those payments yourself, it doesn’t go through your employer.

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Who will hear about my bankruptcy?

There are 4 groups of people that will find out that you are bankrupt.

  1. People that you tell
  2. Your creditors or people you owe money to
  3. People that see your credit file while youre bankrupt. 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 listed on the National Insolvency Index on the internet somewhere. Its hard to find and people need to pay to see if someone is bankrupt on it.

At Bankruptcy Experts Wyong, we are completely aware that there is nonetheless a stigma linked to bankruptcy. We realise this worry and we can help to make sure 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 kind of failure. We can help ensure that bankruptcy is swift and easy. In fact, the entire process will only take a few days. It makes it possible for the ordinary person to get away from debt and on with their lives. For more detailed facts about bankruptcy and your job, download ‘The Big 5’ e-book

Could 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 longer, 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 certainly propose is that you do your own research here. It will help make a big difference if you investigate this process prior to filing for bankruptcy considering that may really help you decide. Check if your job is on the chart below. If it is, we recommend speaking with them personally and explaining your circumstance. A few organisations won’t have a problem with your bankruptcy so long as it wasn’t accompanied by shady or suspicious behaviour. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Wyong on 1300 818 575.

Bankruptcy Income Thresholds

Just how much can I make when I’m bankrupt?

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

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Bankruptcy and Income

First of all, it is important to know that changes are involving the world of bankruptcy. If you need to know what is happening then focus now. Since March 2016 there have been modifications to the Income Threshold amounts. This suggests 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, obviously, it’s also net (after tax) of business spending, which is frequently calculated annually.

Your net income may be controlled to consider things like salary sacrifice and significant superannuation payments etc. Your net income might also include more unusual costs incurred as a result of being employed. As an example, if you are subjected to an uncommonly high amount of travel costs to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee has to 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 each and every March and September to allow for the movement in the cost of living.

Just what can my partner earn if I go bankrupt?

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

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Who is considered a dependent?

This can be any person, of any age, that lives with you and earns no more than $3,343 per year. If, in the case you have a young child or children that you pay child support for and they don’t 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 declare 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 everyone individually.

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Self Employment & Bankruptcy

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Can I forfeit small business if I go bankrupt?

The straightforward answer is no, you really don’t have to but you do need to get the appropriate guidance. Business insolvency laws are very entailed and you need to tread diligently if you wish to continue to be self-employed.

You may already recognise that you can no longer 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 choose staff etc

Suppose I have both Business and Personal Debts?

If you are a business owner and you have a mix of individual and business debts then it is actually possible to have most, if not all, of the debts wiped out with bankruptcy. Keep in mind this is a complex process and requires special attention. The reality is, personal bankruptcy won’t automatically indicate business bankruptcy as well.

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

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

Should I place my company into liquidation?

Among the main reasons you may wish to think about liquidation instead of bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, small businesses that become insolvent have a few possibilities, for example, liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my business?

instead of bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, small businesses that become insolvent have a few possibilities, for example, liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

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

Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong
Bankruptcy Wyong,Bankrupt Wyong,Insolvency Wyong

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

It could be. There are factors to consider when and if you declare bankruptcy as a company owner. You can not run up heaps of debt in your business, then go bankrupt and then open the doors the next day like nothing has taken place. There are laws in place to prevent these ‘Phoenix companies’ rising up 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 Wyong today on 1300 818 575.

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Bankruptcy Wyong
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