Yes. All you will have to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, having said that there is a one-page form you will need to submit just to notify the trustee of how long you will be taking a trip, etc. This policy only honestly exists so high flyers don’t skip the country. In some cases the trustee will ask for your passport, but don’t worry about it because you can ask for it back when you wish to travel. The big part of this is making sure that you actually ask– because if you ignore this then you can actually get in a bunch of trouble. Call us if you wish to understand more about travel on 1300 818 575.
Often the answer is yes! In fact, in many cases these days we can really help you keep your home. At Bankruptcy Experts Shepparton we are actually professionals at helping people keep their homes. It’s actually rather tricky, so if you are worried about losing your home call us on 1300 818 575 and we will lead you through your choices.
The thought of losing the family house is probably the most typical hindrance to people declaring bankruptcy. We chat with people on a daily basis who have battled for several years under substantial financial stress 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 this way, if you own a house that’s worth $350,000 and you owe the bank $350,000 you essentially have no equity in the house, correct? The trustee will only sell your house if there is undoubtedly enough equity in the home, if sold, to pay off a number of your debts. So with this particular scenario, the trustee will then offer you some choices, one of which is to just simply to go on paying the mortgage and live in your home while you are simply bankrupt.
So how can I learn the value of my home before I look at the process and pain of declaring bankruptcy? A standard way is generally to go onto www.realestate.com.au and look at the sold properties tab in the Shepparton area and then it will display all the latest sales in your neighborhood. Another possibility, 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 ( except if they are registered valuers, obviously). Be warned doing this will cost you anywhere between $300-700. Just one more detail about house prices – If the trustee has to sell off your house they do so reasonably promptly. It is certainly not a 6-month shiny advertising campaign and instead it’s typically by auction and they just meet the market on the day and that is usually it. So when thinking of the value keep in mind that it’s a sell right now price, not when the market improves.
Once you have worked out the market value of your house the next thing to look at is who owns your home.
Normally when our clients are declaring bankruptcy many home loans are generally between two individuals as joint tenants who both add to the home loan. Granted that only one individual is declaring bankruptcy then the equity is worked out like this.
Say your home is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the property is $50,000, right? Half of that overall equity is automatically allocated to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of this $25,000 the declaring bankruptcy party has to take care of all of the selling costs including advertising etc.,
which, depending upon exactly where you live, can cost anywhere between $12,000-20 ,000. In this particular instance 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 a number of alternatives. Just one of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell your house and you can 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 your home.
Just a side note: the financial institution who has granted you the property loan will need the mortgage payments to be continued naturally. Whatever the trustee decides, if you do not pay the bank the property loan they will in the end ask you to leave. So, in plain English, keeping your home of course implies retaining the mortgage also.
There are many more options with your house when declaring bankruptcy, and we have actually just described one choice of possibly 20 options you can choose when it comes to your property. We are aware that you will need to get this right. Taking a chance with the family household might be a devastating choice. If you intend to get the ideal advice about declaring bankruptcy or you simply have to talk with someone contact us on 1300 818 575.
Your travel would be prohibited by the trustee due to legal action. For example, if your declaring bankruptcy is a part of a criminal investigation or fraudulent activities, its possible the trustee will restrict your travel.
Bankruptcy lasts 3 years and will sit on your credit file for that time. However, just like any default it will show on your credit file for 7 years. You can have it cleared away if you get your bankruptcy annulled.
Bankruptcy is for 3 years and in that time you definitely will not get a loan. After the 3 years is done you are going to have the potential 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 discharged as a bankrupt then you will have an ideal credit history once more and you will get the most competitive deal on loans.
In most cases, no. Bankrupts hardly ever lose their cars because they’ve filed for bankruptcy. Certainly, this is uncertain and we can let you know if your car is safe. Call Bankruptcy Experts Shepparton on 1300 818 575.
How is this calculated? Well it is calculated based upon a threshold value for your car. The threshold is the maximum wholesale market value your car could be worth, which is $7,350. You will find all types 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, simply put, if you have a car worth $35,000 you are paying off 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 provided you the loan for the car will be pleased for you to retain the car even though you are bankrupt as long as you keep up the payments.
Get some advice on this. If you are thinking about declaring bankruptcy and just need some advice right away call 1300 818 575. Basically, you will have about two to three repayments grace when it relates to car loans. The bottom line is simple: whether you are declaring bankruptcy or not, if you miss out on three or more repayments on your loan they will take back the car. Don’t presume because you are declaring bankruptcy you are instantly going to lose your car because most of the time we help people retain them.
The creditors, or the people you owe money to, are notified in writing at about the same time you receive your bankruptcy file number.
No. The declaring bankruptcy procedure is primarily a paperwork exercise. All that actually happens is that you will either be sent a letter by mail or emailed a notice informing you that you are actually bankrupt. At Bankruptcy Experts Shepparton we make sure that this entire procedure is that simple, so if you have concerns about this phone 1300 818 575.
Yes. This approach will take around two weeks and will entirely eliminate the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that make it possible for a bankrupt individual to have their bankruptcy annulled with a Section 73 proposal.
The effects of creditor’s claims can commonly result in bankruptcy, regardless of if it was the person’s choice to enter bankruptcy, or if it was filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the person who experiences bankruptcy.
We have been taking care of people declaring bankruptcy in the Shepparton area for several years so call us today on 1300 818 575 to get some information on this matter. We exercise probably the most suitable possible strategy for you to get back up and running, doing away with remaining effects and hindrances of past financial circumstances to give you the best possible outcome. Having experience and skills specialising in Section 73 proposals, we can integrate this with our proven techniques and methods to bring you through bankruptcy unscathed, ready to begin again.
Initially, having your bankruptcy annulled is practically reversing it 100%. So if you are really contemplating having your bankruptcy annulled there are a few things you have to know.
Firstly, how does the annulment work? A easy way to comprehend it is this – let’s say someone owes you $50,000 and they haven’t paid you one cent back for years. Then to make things worse you learn that they are declaring bankruptcy. You would most likely 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 work out your debt with them. Most certainly you are happy to take it, because it is much better than nothing. The only condition they ask for in return is that you agree to have the bankruptcy cleaned from their record, and if you don’t consent to do that then there will be no $5,000. Needless to say you do not care about their credit file; you are just pleased they are giving you some money after all these years.
In bankruptcy terms this method is usually referred to as a Section 73 proposal, and it is generally an approach where ‘everybody wins.’
Essentially, the trustee reaches out to your creditors, shows your offer, which is considerably less than the starting debt owed, on the condition they clear your credit file clean.
This procedure takes a few weeks. The proposal may be done whenever you like in the 3 years you are bankrupt. However, you will have to consider the timing of your proposal; you don’t want to do it the day you are filing for bankruptcy because it does cost money to carry this out, you want to ensure the odds are on your side. For instance, 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 be given 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 simply just been bankrupt three weeks it will certainly be more challenging to get an annulment since they may get some cash from you over the 3 years if you earn over the threshold sum of money.
If you want to get advice to put a section 73 proposal to your trustee or simply need more information about the ideal time of when to put an offer forward, just phone us on 1300 818 575.
Personal Insolvency Agreement or in a Debt Consolidation Loan Contract?
Yes! We can help you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them to start with before you go through the pain of declaring bankruptcy, but it is really no worry. If you are locked into one of these and simply aren’t able to get on top give us call at 1300 818 575.
There really 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, ultimately, money owed to an insurance company 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. In reality, there are a lot of factors to list so if you have a certain debt you are worried about just call for a free consultation 1300 818 575.
You can’t file for bankruptcy for an amount under $5,000; however, there is no limitation above that. If you owe a few million dollars, that is actually managed no differently than $20,000.
An unsecured creditor is a lender who does not really have a hold over the chattels/assets/property obtained with the credit afforded to you. These types of debts normally include credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out in full. If a debtor defaults on a secured debt, the creditor can get back and sell the chattels/assets/property to pay down the unpaid debt.
We have helped thousands of people go through the process of declaring bankruptcy over many years and we have never had anyone’s application rejected. That’s why we offer a 100% money back guarantee.
There is a simple method we use here before declaring bankruptcy and all you will have to do is acquire a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will have the capacity to get you a copy for a small fee.
Vehicle accidents may be problematic, so to keep it straightforward call us on 1300 818 575 to get the correct advice on your predicament. Declaring bankruptcy may not be the right option. However, as a general rule, if you were driving a car that was not actually insured then the price of the repair works is not removed with the declaring bankruptcy process. Having said that, it depends on who admitted liability or who was simply at fault. If you go to court and the court proves you were actually not at fault then you should really be fine.
Yes! We can help you carry this out, though it’s possible there are effects and lots of regulations around this process, so call us and we will guide you through the process on 1300 818 575. Bankruptcy Experts Shepparton are specialists at helping businesses 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 to get your slate wiped clean. There is a way of doing this correctly; just contact us first.
Typically, if you owe money to a lender they can get a court order and then bankrupt you. They will have to follow a process, but it is actually possible. What you should avoid at all costs if possible is somebody else bankrupting you, as it’s always best to voluntarily apply for bankruptcy. Unless you appreciate going to court and annoying phone calls, naturally.
Of course. However, this is actually a complicated process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled incorrectly, it could be disastrous. For a free consultation call Bankruptcy Experts Shepparton 1300 818 575.
No, we do that for you. Actually, we serve as a buffer or a midway point between you and your creditors. So ultimately you are not obligated to notify them of your bankruptcy; we take care of that for you.
Usually, it takes about 2 weeks.
Yes. Typically a lender will chase the other person that signed the loan files with you for the sum total of the overdue money owing on the loan.
Don’t worry! If you missed a debt and remember it later, just get in touch with your trustee with the name of the creditor, address, date the debt was acquired, amount of debt as well as any account or reference number/s provided by the lender. Your trustee will include the creditor to your bankruptcy and send out a notification to the creditor.
No. We deal with the entire procedure for you.
Typically this is not actually a dilemma, so if you are actually a gambler, don’t worry. What the trustee won’t like 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 might have some explaining to do, of course, because it just won’t add up and looks suspicious.
Yes. We understand that you are busy. If you have a phone we can support you; simply call us on 1300 818 575.
Yes. This is generally achievable. It needs some emails back and forth but it can be done.
Yes. If a person originally living in another country is now residing in Australia then files for bankruptcy and they have a unpaid debt incurred from that foreign country, you just list that liability on the forms.
Most of the time the creditor internationally will erase the debt. It is entirely possible and legal for them, however, to refuse your application, and if you return to that country you may be subject to their bankruptcy rules.
There are a few ways the trustee can learn, and the most effective and simplest way is for you to let them know when we do the paperwork. There is also a government website which has major assets listed also. You ought to get some advice about assets; be careful.
This is complicated and you will want the right guidance, so if you need more information about inheritances give us a call on 1300 818 575.
No. The income thresholds are the same for everyone so no matter how you earn your income you have to earn about $50,000 each year before your income will be affected by bankruptcy.
Yes, if you owe the tax office money. Put simply, if none of your debts is tax debt, then no, the tax office will keep the cash you owe them.
No, if you don’t owe the tax office money when declaring bankruptcy then you should be OK. Your income tax return is viewed as net income, so if you are below the threshold amount you can earn while bankrupt then you will get your entire tax return back.
If you are required 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 then child support is considered net income. That is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, but it’s not a good idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them off you, as they are regarded as an asset.
You can keep practically everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and cars may be able to be saved. Simply just call us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Shepparton.