Yes. All you must do is apply to your bankruptcy trustee for permission to go. You’ll get it, nonetheless there is a one-page form you have to submit just to update the trustee of how long you will be taking a trip, etc. This rule only really exists so high flyers don’t skip the country. Often the trustee will demand 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 ensuring that you actually ask– because if you forget this then you can actually get in a bunch of trouble. Call us if you wish to know more regarding travel on 1300 818 575.
In a lot of cases the answer is yes! In fact, in many cases these days we can really help you keep your home. At Bankruptcy Experts Brisbane we are truly professionals at helping people keep their houses. It’s actually quite tricky, so if you are concerned about losing your home call us on 1300 818 575 and we will walk you through your options.
The thought of losing the family home is very likely the most common deterrent to people declaring bankruptcy. We chat with people every day who have fought for several years under serious financial strain so they don’t lose their home.
So how is it achievable 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 property that is actually worth $350,000 and you owe the bank $350,000 you actually have no equity in the house, correct? The trustee will only sell your home if there is usually enough equity in the home, if sold, to pay back a lot of your debts. So with this particular situation, the trustee will then offer you some solutions, one of which is to just simply to keep on paying the mortgage and remain in your house while you are simply bankrupt.
So how can I discover the value of my home before I look at the process and pain of declaring bankruptcy? A basic way is simply to go onto www.realestate.com.au and take a look at the sold properties tab in the Brisbane area and it will display all the recent sales in your neighborhood. Another possibility, if you are unsure or are very fearful, 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 somewhere between $300-700. Just one more thing about house prices – If the trustee needs to sell your house they do this fairly swiftly. It’s not a 6-month shiny marketing program and rather it’s typically by auction and they simply meet the market on the day and that’s it. So when thinking of the value keep in mind that it’s a sell right away price, not when the market improves.
Once you have calculated the market value of your house the next thing to look at is who owns your home.
Typically when our clients are declaring bankruptcy nearly all home loans are between a couple of people as joint tenants who both add to the home loan. In the event that only one party is declaring bankruptcy then the equity is worked out in this manner.
Say your house is worth $400,000 and the current market value is $350,000. Then the balance of equity in the home is $50,000, right? One-half of that complete equity is immediately allocated to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of that $25,000 the declaring bankruptcy party has to pay for 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 case say the sales 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 give the non-declaring bankruptcy party a number of alternatives. One of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell your property and you can have it eliminated as an asset from the bankrupt’s estate.” Or, in other words, negotiate to pay the $10,000 and you can keep your home.
Just a side note: the financial institution who has given you the home loan will need the repayments to be continued naturally. Whatever the trustee chooses, if you do not pay the bank the property loan they will ultimately ask you to leave. So, in plain English, keeping your home obviously implies continuing the mortgage also.
There are many more choices with your house when declaring bankruptcy, and we have really just described one choice of probably 20 options you can opt for when it comes to your home. We understand you will want to get this right. Gambling with the family household may be a devastating choice. If you intend to get the necessary advice about declaring bankruptcy or you just need to speak 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 takes 3 years and is going to sit on your credit file for that time. However, just like any default it will turn up on your credit file for 7 years. You can have it removed if you get your bankruptcy annulled.
Bankruptcy is for 3 years and during that time you definitely will not get a loan. After the 3 years is up 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 fitting credit history once again and you will get the most competitive deal on loans.
Often, no. Bankrupts hardly ever lose their cars just because they’ve filed for bankruptcy. Of course, this is limited and we can let you know if yours is safe. Call Bankruptcy Experts Brisbane on 1300 818 575.
How is this figured out? Well it is calculated based upon a threshold value for your car. The threshold is the max wholesale value your car could be worth, which is $7,350. You will find all kinds of erroneous information about this on the internet, but here are the facts. That $7,350 represents not the total value; it represents equity. So, essentially, if you have a car worth $35,000 you are repaying or leasing and the amount you could possibly sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that gave you the loan for the car will be pleased for you to keep the car despite the fact that you are bankrupt just as long as you keep up the payments.
Get some help with this one. If you are thinking about declaring bankruptcy and just need some advice as soon as possible call 1300 818 575. Basically, you will have about 2 to 3 payments grace when it comes to car loans. The bottom line is straightforward: whether you are declaring bankruptcy or not, if you miss three or even more repayments on your loan they will take back the car. Don’t presume because you are declaring bankruptcy you are automatically going to lose your car because in most cases we help people keep them.
The creditors, or the people you owe money to, are advised in writing at around the same time you receive your bankruptcy file number.
No. The filing for bankruptcy process is essentially a paperwork exercise. All that actually happens is that you will quite possibly be sent a letter by snail mail or emailed a notice warning you that you are bankrupt. At Bankruptcy Experts Brisbane we make certain that this entire process is that simple, so if you have questions about this phone 1300 818 575.
Of course. This approach will take approximately two weeks and will completely get rid of the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that help a bankrupt individual to have their bankruptcy annulled using a Section 73 proposal.
The consequences of creditor’s claims can typically lead to bankruptcy, despite if it was the person’s decision to enter bankruptcy, or if it was filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the individual who undergoes bankruptcy.
We have been helping people declaring bankruptcy in the Brisbane area for several years so phone 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, eliminating remaining effects and hindrances of former financial circumstances to give you the best potential outcome. Having experience and skills in Section 73 proposals, we can integrate this with our proven techniques and methods to bring you through bankruptcy unscathed, ready to begin again.
To start with, having your bankruptcy annulled is just about reversing it 100%. So if you are really thinking about having your insolvency annulled there are a handful of things you have to know.
Firstly, exactly how does the annulment work? A quick way to comprehend it is this – let’s say someone owes you $50,000 and they haven’t paid you one cent back for many years. Then to make things worse you discover 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 work out your debt with them. Most certainly you are happy to take it, because it is better than nothing. The only condition they ask for in return is that you consent to have the bankruptcy cleansed from their record, and if you don’t consent to do that then there will be no $5,000. Obviously you do not care about their credit file; you are just delighted 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 possibly an approach where ‘everybody wins.’
Basically, the trustee contacts your creditors, presents your offer, which is substantially less than the original debt owed, on the condition they clear your credit file clean.
This approach takes a few weeks. The proposal can be done any time in the 3 years you are bankrupt. However, you must consider the time of your proposal; you don’t want to do it the day you are filing for bankruptcy because it does cost money to do this, you want to ensure the odds are on your side. As an 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 only been bankrupt three weeks it will definitely be more difficult 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 support to put a section 73 proposal to your trustee or just need more information about the timing of when to put an offer forward, just phone us on 1300 818 575.
Can I also go through the process of declaring bankruptcy if I’m already in a Debt Agreement or Personal Insolvency Agreement or even in a Debt Consolidation Loan Contract?
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 not a problem. If you are locked into one of these and simply aren’t able to get on top give us call at 1300 818 575.
Yes! We can assist you cancel all of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them first before you go through the pain of declaring bankruptcy, but its no problem. If you are locked into one of these and simply cant get on top give us call at 1300 818 575.
There really are very few debts that declaring bankruptcy won’t 100% get rid of, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, lastly, money owed to an insurance provider due to a car accident in an without insurance while you were driving.
Besides that, it will get rid of things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Truthfully, there are a bunch of things to list so if you have a certain debt you are bothered with 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 limit above that. If you owe a couple million dollars, that is actually managed no differently than $20,000.
An unsecured creditor is a lender who does not have a hold over the chattels/assets/property acquired with the credit afforded to you. These kinds of debts include things like credit card debts.
A secured creditor has a hold over the chattels/assets/property up until the debt is paid out fully. If a debtor defaults on a secured debt, the creditor has the right to repossess and sell the chattels/assets/property to pay for the unpaid debt.
Our company have helped thousands of people undergo the process of declaring bankruptcy over many years and we have never had anybody’s application denied. That’s the reason why we offer a 100% money back guarantee.
There is a basic method we use here before declaring bankruptcy and all you need to do is get 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 ability to get you a copy for a small fee.
Vehicle accidents may be tricky, so to keep it simple call us on 1300 818 575 in order to get the correct advice on your predicament. Declaring bankruptcy may not be the best option. However, as a general rule, if you were driving a motor vehicle that was not insured then the expense of the repairs is not eliminated with the filing for bankruptcy process. Having said that, it depends upon who accepted liability or who was usually at fault. If you go to court and the court proves you were not to blame then you shall be fine.
Yes! We can really help you do this, even though it’s possible there are actually effects and lots of regulations around this process, so call us and we will direct you through the process on 1300 818 575. Bankruptcy Experts Brisbane are specialists at supporting companies get back on their feet.
Yes. There is an strategy to follow, but if you win lotto or inherit some cash you can use it in order to get your slate wiped clean. There is really a way of carrying this out properly; just contact us first.
Typically, if you owe money to a lender they could get a court order and then bankrupt you. They must follow a process, but it is actually possible. What you need to avoid at all costs ideally is somebody else bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you appreciate going to court and frustrating phone calls, of course.
Yes. Even so, this is actually a tricky process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled improperly, it can be disastrous. For a free consultation call Bankruptcy Experts Brisbane 1300 818 575.
No, we do that for you. Actually, we serve as a buffer or a midway point in between you and your creditors. So ultimately you are not obliged to alert them of your bankruptcy; we look after that for you.
Usually, it takes about 2 weeks.
Yes. Generally a lender will go after the other person who signed the loan files with you for the sum total of the remaining money owing on the loan.
Don’t stress! If you neglected a debt and remember it later, just contact your trustee with the name of the creditor, address, date the debt was incurred, amount of debt as well as any account or reference number/s offered by the lender. Your trustee will add the creditor to your bankruptcy and give a notification to the creditor.
No. We take care of the entire process for you.
As a rule this is not a dilemma, so if you are actually a gambler, don’t worry. What the trustee will not 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 doesn’t add up and looks suspicious.
Yes. We understand that you are busy. If you have a phone we can guide you; simply give us a call on 1300 818 575.
Yes. This is usually quite possible. It involves some emails back and forth but it can be done.
Yes. In the event that a person originally living in another country is now living in Australia then files for bankruptcy and they have a unpaid debt incurred from that foreign country, you just list that debt on the forms.
Most of the time the creditor internationally will wipe out the debt. It is entirely possible and legal for them, however, to reject your application, and if you return to that country you may go through their bankruptcy laws.
There are normally a few ways the trustee can learn, and one of the most effective and simplest way is for you to let them know when we do the documents. There is also a government web page which has major assets listed also. You should get some advice about assets; be careful.
This is complicated and you will certainly want the best guidance, so if you need more info about inheritances give us a call on 1300 818 575.
No. The income thresholds are the same for every person so regardless of how you get your income you have to earn about $50,000 every year before your income will be altered by bankruptcy.
You can keep money from tax returns only if you did not have any tax debts. So if you owed money to the Tax Office when you declared bankruptcy then they will take your tax return. The main reason 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 really did not have those additional debts then you will get your whole tax return back.
If you are required to pay child support, this money will be deducted from your net income, so what you have the ability to keep after you pay your tax and after that child support is thought about as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, however it’s not a smart idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them off you, as they are viewed 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 vehicles may be able to be saved. Simply just contact us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Brisbane.