Free Bankruptcy Assistance
Fast, Confidential and no Obligation
Free Bankruptcy Assistance
Fast, Confidential and no Obligation

Are your personal or business money getting out of control?

We offer straight-forward bankruptcy assistance. At Bankruptcy Shepparton we know that the very thought of bankruptcy is distressing, and if it becomes a reality it is absolutely intimidating. We understand that you’re feeling very overwhelmed, ambushed or perhaps like you have zero possibilities left, therefore we would like to help walk you through the process.

But here’s the important thing – you’ve actually gone through the toughest aspect of the process – you have actually taken that primary step towards putting your personal and/or business debts behind you and going on with your life; you’ve found us.

The next step is undoubtedly to figure out if bankruptcy is right for you. There’s a few factors you have to know well before making that choice so we recommend that you continue searching around this site, it’s full of great information, or you can simply grab the phone and contact us on 1300 818 575.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Are your personal or business debts getting out of control?

At Bankruptcy Adelaide we understand that the very thought of bankruptcy is scary, and having it become a reality is downright frightening. That’s why we only offer straight-forward bankruptcy advice. We know that you’re probably feeling very overwhelmed, trapped or even like you have no options left.
But here’s the thing…you’ve already gone through the hardest part of the process…you have taken that first 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 to figure out if bankruptcy is right for you. There’s a few things you need to know before making that decision so you can continue browsing around this site, it’s full of great information, or you can simply pick up the phone and give us a call on 1300 818 575.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

You Can Be 100 % Debt Free!

Can you imagine a future free from creditors’ attacking phone calls and looking forward to the post once more? Certainly there are a couple of things you should know before you make that tough choice. First of all, the sooner you take steps then the more options you are going to have.

5 Questions you must answer before you declare yourself bankrupt.

There are 5 critical problems you should have an answer 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 side of the page. This e-book will deal with these big 5 questions specifically and offer you peace of mind that you are doing the best thing.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Get your FREE copy of the Big 5

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

* We vow not to bombard you with e-mails and phone calls when you register for our free e-book. Really, we vow to only get in touch with you just once to see if we can help you even more and that’s it.

Your Insolvency Options

Is declaring bankruptcy my one and only option?

No! There are a number of options available to you. Here is a graph detailing the benefits and downsides of the different debt solutions available. This chart is certainly by no means an comprehensive resource, but it will make it possible for you to make a well-informed decision.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

What exactly is a Personal Insolvency Agreement?

This is an adaptable agreement among you and your creditors. It is regulated through a trustee who administers what you need to pay and when you have to pay. Once those circumstances have been met you are then free to begin again with a clean slate.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

What is a Debt Agreement?

A debt agreement allows a debtor to enter into an agreement with their lenders to settle their money troubles without being made bankrupt.

You cannot take part in a Debt Agreement if you have actually been bankrupt, or if you are currently already in a debt agreement. Also keep in mind that there are also income restrictions, as well as restrictions on property value and unsecured debt value. If you want to know more feel free to contact us on 1300 818 575.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

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 lots of expensive commercials on the TV in the Shepparton area inviting you to go for one of these alternatives is that there is huge amounts of cash in it for the services that administer them. You will notice (if you haven’t already) that every business has the tendency to give (biased) advice depending on the product that they provide. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to drive up their own business. It is rather common across the industry, so ensure 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 Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Should I contemplate a Debt Consolidation Loan?

There are sometimes the very occasional conditions where a debt consolidation loan is the most beneficial plan. Usually the matter with them is that all it is really doing is wrapping 5-15 different debts into one enormous debt. If you are battling to pay off all your different loans now, then why do you presume it will be magically simpler to get one massive bill? 9 times out of 10 it is just not going to make it easier. Just to make it all worse you generally will need to pay up front for the ‘pleasure’ of this option. If you wish 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 apply for bankruptcy can I manage to keep my house?

In a lot of cases the answer is yes. If this is a considerable problem for you then the most efficient way to get the answer is to call us here at Bankruptcy Experts Shepparton on 1300 818 575 and once we have an understanding about your circumstances we can offer you a clear picture over the phone. Practically everyone is sentimentally connected to their house; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People frequently think it’s an inescapable effect of bankruptcy and consequently they press themselves to the verge of madness to not lose the family home.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Will the bank allow me to keep my house even though I’m a bankrupt?

Why might the bank want bankrupt customers? Wouldn’t they prefer to sell your home and not take the chance? Take note – the bank that has kindly offered you the cash for your house is making good money each month in interest from you, month in and month out. As long as you manage to keep up to date with your mortgage payments then the bank wants you in there at all costs. Having said that it is normally not the bank’s call – if a trustee decides that there is ample equity in your house the trustee will compel you and the bank to sell off your house.

What factors would contribute to losing your house?

Equity! If you are up to date with your repayments then the most important issue is equity. A trustee has a responsibility to get as much money to help cover your bills once you go bankrupt. Equity is the key here. If you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to pay the debt then the trustee sees your equity as a solution to pay back your debt therefore they are going to sell your home to settle the debt and give you whatever money remains from the sale.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

How is equity discovered?

Many people are not quite clear about what equity is, as well as how it is considered– but it is certainly crucial to determine because if you get it, it can mean the big difference between keeping and losing your home or apartment. There are a few factors you will need to know here. To begin with, your gut reaction or theory about the real worth of the property is undoubtedly far too generous. The majority of people presume their home is worth much more than it truly is.

Secondly, when you apply for insolvency the trustee may ask how you determined your price for the home. In some cases they will call for more information about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. An easy method would certainly be to search then select the ‘Sold’ tab on that website and search for the latest house sales in your community or neighbourhood. This will help you get some concept of the reality of the market right now. Bear in mind, the assessment is based on a quick sale not a slick real estate agent’s promotion and marketing campaign. So If you truly want a good idea, I would likely suggest getting a valuer and asking them to give you 2 values for the house, one as a typical 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 forward, call us on 1300 818 575.

What happens if my Partners name is on the Home Loan?

Regularly when a couple buy a home one income isn’t really enough to get approved for the loan, so the bank/lender will have both partners sign up for the loan. Once 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 bought a home 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 and doesn’t have to go bankrupt.

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

Mick can then file for bankruptcy and so long as they manage to keep paying the mortgage, rates etc. they can continue to keep the home for the 3 years Mick is bankrupt. This action will, in no way, affect Susie’s credit rating or force her to declare bankruptcy also. There is plenty to think about when it concerns houses and bankruptcy so if you have questions don’t wait to call us about your house on 1300 818 575.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Suppose My House has too much Equity what could I do?

If your home has plenty of equity and you are still drowning in debt, there are still several options readily available to you– it could be complicated, but the crucial step is to talk to an expert to try and get ahead of it. As a matter of fact, this relates to cars 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 just about any assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be catastrophic! 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 job be notified?

More often than not there is simply no good reason for your workplace 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 contribution, you organise those payments yourself, it doesn’t go through your workplace.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Who will know about my bankruptcy?

There are four groups of people that will learn that you are bankrupt.

  1. Individuals that you tell
  2. Your creditors or people you owe money to
  3. People that see your credit file when you’re bankrupt. However, the only way this will take place is if you sign a privacy form for them to gain access to your credit history. You only ever do this when you apply for a loan.
  4. You will be shown on the National Insolvency Index on the web somewhere. But this is not too big a problem because it is hard to locate and people have to pay to see if someone is bankrupt on it.

At Bankruptcy Experts Shepparton, we are fully conscious that there is nonetheless a stigma attached to bankruptcy. We realise this problem and we can help to ensure that if you declare yourself bankrupt that you don’t need to go to court, get your name in the newspapers or be publicly made out to be a criminal or some type of failure. We can help ensure that bankruptcy is swift and easy. In fact, the whole process will only take a few days. It makes it possible for the normal person to get away from debt and on with their lives. For more detailed information 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 can’t do the job any more, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make it problematic for you.

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What we would absolutely suggest is that you do your very own research here. It will make a big difference if you check out this process prior to declaring bankruptcy considering that may really help you decide. Check if your job is on the diagram below. If it is, we recommend talking with them personally and explaining your circumstance. A few organisations won’t have a problem with your bankruptcy as long as it wasn’t accompanied by shady or suspicious behaviour. If you think your employment may be affected by your possible bankruptcy call us here at Bankruptcy Experts Shepparton on 1300 818 575.

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

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

Well it isn’t a straight forward process, so let’s try and take you through it.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Bankruptcy and Income

First of all, it is important to know that changes are relating to the world of bankruptcy. If you must know what is happening then focus now. Since March 2016 there have been alterations to the Income Threshold amounts. This suggests that there are changes to just how much money you are able to keep when bankrupt. This is your net income after tax and child support (if applicable) are taken off. If you’re in a business when bankrupt then, of course, it’s also net (after tax) of business spending, which is frequently calculated annually.

Your net income may be governed to consider things like salary sacrifice and significant superannuation payments etc. Your net income might also enable more unusual costs suffered as a result of being employed. Such as, if you are subjected to an unusually high amount of travel costs to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee needs to ascertain your real net income, according to the bankruptcy rules.

The income threshold numbers are also per person and are set by the Government every March and September to enable the movement in the cost of living.

Exactly, What can my spouse earn if I go bankrupt?

There really is no limit to what your spouse/partner can earn. There are a few implications that need to be considered in some scenarios, but in most cases your partner is an entirely independent legal entity and will not be influenced financially when you file for bankruptcy. Just as a word of warning – this could alter if you have joint loans together, so be careful about the implications of that. If you are uncertain just contact us on 1300 818 575.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Who is thought of as a dependent?

This might be anybody, 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 do not live with you full-time, then you can not claim these particular children as dependents.

What happens if my spouse or partner and I both need to go bankrupt?

If a couple have to both declare bankruptcy and you have no dependents then you can each earn $1,048.25 net. A practical way to understand it is the same income rules apply for each person individually.

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Self Employment & Bankruptcy

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Will I forfeit my small business if I go bankrupt?

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

You may actually recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. However, that doesn’t definitely mean you can’t run your very own business and recruit staff etc

What if I have both Business and Personal Debts?

If you are a business owner and you have a combo of individual and business debts then it is really possible to have most, or even all, of the debts erased with bankruptcy. Note this is a complicated process and needs special attention. The truth is, personal bankruptcy doesn’t automatically imply business bankruptcy also.

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

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Should I place my business into liquidation?

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

What impact will bankruptcy have on my company?

There are restrictions for small business owners that are bankrupt. For instance, as a bankrupt business owner you can be in your very own business as a sole trader only. For several business owners, bankruptcy can affect their ability to run the business due to the licensing problems. For example, a builder with a builder’s license can not actually continue to use that license for the 3 years he or she is bankrupt.

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

Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton
Bankruptcy Shepparton,Bankrupt Shepparton,Insolvency Shepparton

Isn’t it against the law to run a similar business after bankruptcy?

It could be. There are factors when and if you declare bankruptcy as a small business owner. You can not run up heaps of debt in your company, then go bankrupt and then open the doors the next day like absolutely nothing has taken place. There are laws in place to stop these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get too worried about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Experts Shepparton today on 1300 818 575.

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