Yes. All you will need to do is apply to your bankruptcy trustee for approval to go. You’ll get it, having said that there is a one-page sheet you have to complete simply to update the trustee of how long you will be taking a trip, etc. This rule only actually exists so high flyers don’t skip the country. In certain cases the trustee will request your passport, but don’t worry about it because you can ask for it back when you want to travel. The big aspect of this is making certain that you in fact ask– because if you overlook this then you can actually get in a bunch of trouble. Call us if you want to learn more about travel on 1300 818 575.
Often the answer is yes! In fact, in many cases these days we can help you keep your home. At Bankruptcy Experts Wyong we are truly experts at helping people keep their houses. It’s actually very tricky, so if you are troubled about losing your home call us on 1300 818 575 and we will guide you through your choices.
The idea of losing the family house is probably the most common hindrance to people declaring bankruptcy. We chat with people everyday who have grappled for many years under considerable financial pressure so they don’t lose their home.
So how is it likely when declaring bankruptcy to keep your house? Easy, really; it’s a matter of equity. Let’s put it like this, if you own a house that is actually worth $350,000 and you owe the bank $350,000 you in reality have no equity in the house, correct? The trustee will only sell your home if there is actually enough equity in the home, if sold, to repay a number of your debts. So with this specific situation, the trustee will then offer you some solutions, one of which is to just simply to keep on paying the mortgage and live in your home while you are actually bankrupt.
So how can I learn the value of my home before I look at the process and pain of declaring bankruptcy? A general way is simply to go onto www.realestate.com.au and look at the sold properties tab in the Wyong area and then it will display all the latest sales in your area. Another option, if you are not sure or are very worried, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, obviously). Be warned this will cost you somewhere between $300-700. Just one more detail about house prices – If the trustee needs to sell off your house they do so reasonably swiftly. It is definitely not a 6-month sleek advertising campaign and rather it’s typically by auction and they simply meet the market on the day and that is probably it. So when thinking of the value remember that it’s a sell right now price, not when the market improves.
Once you have calculated the market value of your house the next thing to consider is who owns your home.
Normally when our clients are declaring bankruptcy the majority of home loans are actually between two individuals as joint tenants who both support the home loan. In the event that only one party is declaring bankruptcy then the equity is formulated this way.
Say your home is worth $400,000 and the current market value is $350,000. Then the balance of equity in the house is $50,000, right? One-half of that total equity is by default assigned to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. From this $25,000 the declaring bankruptcy party must take care of all of the selling costs including advertising etc.,
which, depending upon exactly where you live, can set you back 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 choices. One of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell the house and you are going to have it eliminated as an asset from the bankrupt’s estate.” Or, in other words, arrange to pay the $10,000 and you can keep the house.
Just a side note: the bank who has provided you the home loan will need the payments to be continued of course. Whatever the trustee decides, if you do not pay the financial institution the property loan these guys will ultimately ask you to leave. So, in plain English, keeping your home of course implies retaining the mortgage too.
There are many more options with your house when declaring bankruptcy, and we have just described one option of possibly 20 options you can pick when it comes to your house. We understand you will need to get this right. Gambling with the family house can be a devastating choice. If you intend to get the appropriate advice about filing for bankruptcy or you just want to talk with someone contact us on 1300 818 575.
Bankruptcy lasts 3 years and is going to remain on your credit file for that time. However, as with 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 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 fitting credit history in the future and you will get the most competitive deal on loans.
Commonly, no. Bankrupts hardly ever lose their cars just because they’ve filed for bankruptcy. Certainly, this is conditional and we can let you know if your car is safe. Call Bankruptcy Experts Wyong 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 retail market value your car could be worth, which is $7,350. You will find all sorts of incorrect information about this on the internet, but here are the facts. That $7,350 represents not the total value; it represents equity. So, basically, if you have a car worth $35,000 you are repaying or leasing and the amount you can 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 as long as you keep up the payments.
Get some guidance on this one. If you are thinking about declaring bankruptcy and simply just need some advice without delay call 1300 818 575. Basically, you will get about 2 to 3 repayments grace when it relates to car loans. The bottom line is straightforward: whether you are declaring bankruptcy or not, if you miss three or more repayments on your loan they will repossess the car. Don’t think because you are declaring bankruptcy you are automatically going to lose your car because in many cases 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 declaring bankruptcy process is essentially a paperwork exercise. All that actually occurs is that you will possibly be sent a letter by snail mail or emailed a notice informing you that you are actually bankrupt. At Bankruptcy Experts Wyong we ensure that this whole process is that easy, so if you have questions about this phone 1300 818 575.
Yes. This process will take about two weeks and will entirely eliminate 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 with a Section 73 proposal.
The repercussions of creditor’s claims can commonly lead to bankruptcy, notwithstanding if it was the person’s decision to enter bankruptcy, or if it was simply filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the person who undergoes bankruptcy.
We have been helping people declaring bankruptcy in the Wyong area for a number of years so call us today on 1300 818 575 to get some insight on this matter. We exercise probably the most suitable possible strategy for you in order to get back up and running, dealing with left over effects and hindrances of former financial circumstances to give you the best possible outcome. Having experience and skills in Section 73 proposals, we can integrate this with our proven strategies and methods to bring you through bankruptcy unharmed, ready to begin again.
To begin with, having your bankruptcy annulled is practically reversing it 100%. So if you are actually contemplating having your insolvency annulled there are a couple of things you will have to know.
Firstly, just how does the annulment work? A basic way to comprehend it is this – let’s say someone owes you $50,000 and they have not paid you one cent back for many years. Then to make things worse you find out that they are declaring bankruptcy. You would kiss that money goodbye, right? Years pass and they come to you with an offer to pay you $5,000 that their grandparents are giving to them to settle your debt with them. Without a doubt you are delighted 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 cleansed from their record, and if you don’t agree to do that then there will be no $5,000. Obviously you don’t care about their credit file; you are just thrilled 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.’
Basically, the trustee contacts your creditors, presents your offer, which is considerably less than the initial debt owed, on the condition they clear your credit file clean.
This process takes a few weeks. The proposal can be done whenever you like in the 3 years you are bankrupt. However, you have to consider the right time 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 get 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 just been bankrupt three weeks it will be more complicated to get an annulment because they may get some cash from you over the 3 years if you earn over the threshold sum of money.
If you want advice to put a section 73 proposal to your trustee or simply just need more details about the timing of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can assist you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them first off before you go through the pain of declaring bankruptcy, but it’s no worry. If you are locked into one of these and just can’t get on top give us call at 1300 818 575.
There certainly 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, lastly, money owed to an insurance provider because of a car accident in an without being insured while you were driving.
Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Actually, there are a bunch of factors to list so if you have a particular debt you are worried about just call for a free assessment 1300 818 575.
You can’t declare bankruptcy for an amount under $5,000; however, there is no restriction above that. If you owe a few million dollars, that is really 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 obtained with the credit provided to you. These debts include credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out fully. If a debtor defaults on a secured debt, the creditor can repossess and sell the chattels/assets/property to pay for the unpaid debt.
We have helped lots of people undergo the process of declaring bankruptcy over several years and we have certainly never had anyone’s application declined. That is actually the reason why we offer a 100% money back guarantee.
There is a essential method we use here before declaring bankruptcy and all you have to do is acquire a copy of your credit history as it 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 troublesome, so to keep it straightforward call us on 1300 818 575 in order to get the correct advice on your circumstance. Declaring bankruptcy may not be the right option. However, as a standard rule, if you were driving a motor vehicle that was not 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 actually at fault. If you go to court and the court proves you were not to blame then you should be fine.
Yes! We can help you do this, though it is actually possible there are effects and lots of regulations around this process, so phone us and we will direct you through the process on 1300 818 575. Bankruptcy Experts Wyong are specialists at helping companies get back on their feet.
Yes. Generally there is an strategy to follow, but if you win lotto or inherit some cash you can use it in order to get your record wiped clean. There is really a way of carrying this out correctly; just call us first.
Usually, if you owe money to a lender they could get a court order and then bankrupt you. They need to follow a process, but it is possible. What you should avoid at all costs ideally is someone else bankrupting you, as it’s always best to voluntarily apply for bankruptcy. Unless you enjoy going to court and annoying phone calls, naturally.
Yes. Even so, this is generally a difficult process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled badly, it can be disastrous. For a free consultation call Bankruptcy Experts Wyong 1300 818 575.
No, we do that for you. In fact, we work as a buffer or a midway point between you and your creditors. So in the end you are not obligated to advise them of your bankruptcy; we deal with that for you.
Usually, it takes approximately 2 weeks.
Yes. Generally a lender will pursue the other person who signed the loan documents with you for the sum total of the remaining money owing on the loan.
Don’t stress! If you missed a debt and remember it later on, just contact your trustee with the name of the creditor, address, date the debt was acquired, amount of debt and any account or reference number/s supplied from lender. Your trustee will include the creditor to your bankruptcy and send out a notice to the creditor.
No. We deal with the whole procedure for you.
In most cases this is not a dilemma, 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 won’t add up and looks suspicious.
Yes. We acknowledge that you are busy. If you have a phone we can help you; simply call us on 1300 818 575.
Yes. This is generally possible. It needs 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 from that foreign country, you just specify that debt on the forms.
In most cases the creditor overseas will wipe out the debt. It is entirely possible and legal for them, however, to deny your application, and if you go back to that country you may go through their bankruptcy laws.
There are certainly 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 paperwork. There is also a government site which has primary assets listed also. You ought to get some guidance about assets; take care.
This is complicated and you will certainly want the right assistance, so if you need more information about inheritances call us on 1300 818 575.
No. The income thresholds are the same for everyone so no matter how you get your income you will have to earn about $50,000 each year before your income will be influenced 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 explanation 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 didn’t have those other debts then you will get your entire tax return back.
If you are mandated to pay child support, this money will be written off from your net income, so what you have the ability to keep after you pay your tax and after that child support is looked at as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, but it’s not a great idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them from you, as they are considered an asset.
You can keep just about everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even items like houses and cars may be able to be saved. Just call us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Wyong.