How We Can Help You
Bankruptcy Wyong can support you with everything that you want to know about going bankrupt. Everyone’s particulars are different and need a reliable treatment. We have placed the six most frequently asked questions on this page so you can surely gain a prompt and painless answer. In case you require additional information continue through our website or simply call us on 1300 818 575.
The prospect of losing the family household is certainly the main reason people stall going bankrupt and push the matter to the back of their minds. The question that everyone needs to comprehend when thinking about going bankrupt is if they could keep their family home? The answer is YES in many cases.
So as to keep it simple its honestly about the equity you have in the property, or in other words what amount your home is worth over the mortgage amount. Supposing that your property has little to no equity in it, then it is likely you will keep your house so long as you keep paying the home mortgage, rates etc. Normally there is much more to this story and you may have various other inquiries, so don’t hesitate to contact us on 1300 818 575, in order to get the exact suggestions you need regarding your home.
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The second most often asked question is if you can keep your car if you are bankrupt? The answer to this in a lot of cases is YES! Put simply if your automobile is at present on finance and you can continuously maintain the repayments its most likely you will manage to retain your motor vehicle.
If you own your car straight-out and have no finance then you can own a vehicle as much as the wholesale worth of $7,500.
In the event that either of these two instances do not relate to your vehicle then give us a call on 1300 818 575.
Might I lose my business if I go bankrupt? The answer in many cases is NO! You can maintain your business organization and apply for insolvency. This is potentially the most complicated element of any kind of insolvency. The bottom line is the government does not wish you to be jobless and insolvent so therefore you can continue as a self employed individual as a sole trader once you are insolvent. You may no longer be the director of a company for the 3 years you are bankrupt. If you have your own small business and need to apply for insolvency then call us on 1300 818 575.
Bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in many cases you do not need to pay back the financial obligation except if you earn over specific amounts of earnings. As an example if you make under $1,050.00 every week in the hand or after tax (net) for the 3 years you are insolvent then you would never pay a cent to the financial debt. If you pay child support or have dependent children then you can certainly earn more. There is a table on the bankruptcy page of this site with increased detail if you wish to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is essentially destroyed for the 3 years you are bankrupt. Then after the 3 years you will be considered a discharged bankrupt on your credit file, which indicates there are a lot of lenders that will help you get a home mortgage or a car 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 money will it Cost. Cost
Naturally this is certainly not an easy question to answer, as every case we handle is different. Having said that, sometimes we will help you file for insolvency at no charge. That’s right. If we can guide you do this for FREE then we will certainly assist you. In many cases that are uncomplicated it will cost $395. There are many more complicated scenarios where the price is higher. If you need to get an idea on what your circumstance will cost simply phone us on 1300 818 575.