How Our Team Can Guide You
Bankruptcy Shepparton can serve to help you with anything that you wish to understand about going bankrupt. Everyone’s circumstances are unique and require a competent resolution. We have placed the six most commonly asked questions on this page so you can get a simple and painless answer. If you need additional information advance through our site or simply call us on 1300 818 575.
The prospect of losing the family home or apartment is the number one reason why people stall going bankrupt and push the concern to the back of their minds. The inquiry that almost everyone needs to comprehend when contemplating insolvency is if they can retain their family home? The answer is YES in many cases.
So as to keep it uncomplicated its certainly about the equity you have in the home, or rather what amount your house is worth beyond the home mortgage amount. Should your house has very little to no equity in it, then it is very likely you will maintain your residence just as long as you always keep paying off the mortgage loan, rates etc. Normally there is a lot more to this story and you will have various other concerns, so do not hesitate to get in touch with us on 1300 818 575, to get the correct help you require about your property.
The second most often asked inquiry is if you can retain your motor vehicle if you are insolvent? The answer to this in some cases is YES! Put simply if your car is presently on finance and you could continuously keep up the charges its likely you are going to be able to retain your motor vehicle.
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If you own your car straight-out and have no loan then you can easily own a vehicle up to the wholesale worth of $7,500.
If both of these two circumstances do not relate to your vehicle then phone us on 1300 818 575.
Will I lose my firm in the event that I declare bankruptcy? The reply for the most parts is NO! You can easily keep your business organization and apply for bankruptcy. This is possibly the most challenging aspect of any bankruptcy. The bottom line is the government does not wish you to become without a job and insolvent so therefore you can continue as a self employed individual as a sole trader once you are insolvent. You can not be the director of a company for the 3 years you are bankrupt. If you have your own small business and have to apply for insolvency then contact us on 1300 818 575.
Bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in most cases you do not need to return the debt unless you earn over specific amounts of earnings. For example if you earn under $1,050.00 each week in the hand or after tax (net) for the 3 years you are bankrupt then you will never pay a cent towards the debt. If you pay child support or have dependent children then you can earn more. There is a table on the bankruptcy page of this site with significantly greater information if you want to know more.
My Credit File
Is my credit rating damaged 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, this indicates there are a number of lenders that may help you get a home mortgage or a vehicle 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 will it Cost
Obviously this is certainly not an easy question to answer, as every single case we undertake is different. Having said that, sometimes we may help you declare insolvency at no charge. That’s right. If we can guide you make it happen for FREE then we will certainly guide you. Sometimes that are uncomplicated it will cost $395. There are many more challenging situations where the price is more. If you need to get an idea about what your scenario will require just phone us on 1300 818 575.