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

Are your personal or business money troubles getting out of control?

Our company provides straight-forward bankruptcy information. At Bankruptcy Brisbane we accept that the very thought of bankruptcy is terrifying, and if it becomes a reality it is totally frightening. We know that you are likely feeling very overwhelmed, trapped or maybe like you have absolutely no choices left, and so we want to help lead you through the process.

But here’s the thing – you’ve actually endured the most difficult aspect of the process – you have actually taken that initial step towards putting your personal and/or business debts behind you and getting along with your life; you’ve found us.

The next step is truly to determine if bankruptcy is right for you. There’s a few details you have to know even before making that decision so we recommend that you continue browsing around this site, it has lots of great information, or you can simply grab the phone and give us a ring on 1300 818 575.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Are your personal or business debts getting out of control?

At Bankruptcy Brisbane 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 Brisbane,Bankrupt Brisbane,Insolvency Brisbane

You Can Be 100 % Debt Free!

Can you imagine a future without creditors’ hounding phone calls and even looking forward to the mail again? There really are a number of things you should certainly know before you make that complex choice. First of all, the quicker you act then the more choices you will have.

5 problems you should answer before you declare yourself bankrupt.

There are 5 fundamental questions you have to have an solution 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 part of this page. This e-book is going to address these big 5 questions specifically and offer you peace of mind that you are doing the best thing.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Get your FREE copy of the Big 5










* We vow not to pester you with emails and phone calls when you apply for our free e-book. Really, we promise to only call you just once to see if we will be able to help you further and that’s it.

Insolvency Options

Is Going bankrupt my only choice?

No! There certainly are a few options available to you. Here is a graph detailing the perks and issues of the various debt choices available. This chart is certainly by no means an full-scale resource, but it will help you to make a well-informed decision.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane
Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

What is a Personal Insolvency Agreement?

This is an adaptable agreement among you and your creditors. It is controlled through a trustee who administers the amount of money you need to pay out and when you have to pay. Once those circumstances have actually been met you are then free to start out again with a new beginning.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

What is a Debt Agreement?

A debt agreement makes it possible for a debtor to take part in an arrangement with their lenders to repay their finances without being made bankrupt.

You can’t enter into a Debt Agreement if you have actually been bankrupt, or if you are 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 please call us on 1300 818 575.

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Why do some business say Debt Agreements or Personal Insolvency Agreements

The reason you find plenty of expensive commercials on the TV in the Brisbane area inviting you to go for one of these alternatives is that there is lots of cash in it for the companies that administer them. You will notice, if you havent already, that every company has the tendency to give (biased) advice

according to the product that they offer. For instance, Debt Agreement Companies ridicule bankruptcy companies and so it goes with much of the financial services industry.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Should I look into a Debt Consolidation Loan?

There are sometimes the very rare conditions where a debt consolidation loan is the most beneficial idea. Usually the issue with them is that all it is really doing is wrapping 5-15 various debts into one large debt. If you are fighting to pay all your different loans now, then why do you believe it will be magically easier to get one huge bill? 9 times out of 10 it is just not going to make it easier. Just to make everything even worse you normally need to pay up front for the ‘ luxury’ of this option. If you want to get some clarification or more information on this, then 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 many cases the answer is yes. If this is a major issue for you then the most efficient way to get the solution is to contact us here at Bankruptcy Experts Brisbane on 1300 818 575 and once we have an understanding about your circumstances we can offer you a clear picture over the phone. Practically every one is sentimentally connected to their home; it’s where the kids have grown up, it’s where you enjoy life on a day to day basis. People usually think it’s an inescapable repercussion of bankruptcy and as a result they press themselves to the verge of madness to not give up the family home.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane
Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Will the bank let me keep my house even if I’m a bankrupt?

Why would the bank like bankrupt customers? Wouldn’t they really want to sell your house and not take the chance? Take note – the bank that has kindly lent you the money for your house is making good money each month in interest from you, month in and month out. Provided that you maintain up to date with your mortgage payments then the bank prefers you in there at all costs. Nevertheless it is normally not the bank’s call – if a trustee decides that there is sufficient equity in your house the trustee will force you and the bank to sell your home.

What things would contribute to losing the house?

Equity! If you are up to date with your payments then the most critical problem is equity. A trustee has a job to collect as much money in order to help pay your debts once you go bankrupt. Equity is the key here. Supposing that you have $300,000 equity in your house and you have $100,000 worth of debt and no other way to settle the debt then the trustee sees your equity as a solution to pay your debt and so they will sell your home to pay off the debt and give you whatever money is left from the sale.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane
Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

How is equity determined?

Many people are not clear about what equity is, or how it is determined– but it is truly important to work out considering that if you get it, it can mean the big difference between keeping and losing your house. There are a few things you should understand here. First of all, your gut reaction or expectation about the real worth of the home is possibly far too generous. Many people feel their home is worth a lot more than it truly is.

Secondly, when you file for bankruptcy the trustee may wonder how you established your price for the home. In some cases they will request more detail about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. A basic method would be to search www.realestate.com.au then select the ‘Sold’ tab on that site and search for current house sales in your street or neighbourhood. This will help you have some idea of the reality of the marketplace right now. Bear in mind, the appraisal is based on a quick sale not a skillful real estate agent’s advertising campaign. So If you actually want a good idea, I would certainly suggest getting a valuer and asking them to give you 2 prices for your home, one as a typical sale, and the other as a ‘quick sale’. This will give you a far better awareness for your home’s worth. Knowing this step is critical, so get some advice before going forward, call us on 1300 818 575.

What if my Partners name is on the Mortgage?

Often when a couple purchase a home one income just isn’t enough to apply 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 property as joint tenants.

Let’s say Mick and Susie got a home 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is an electrician and needs to go bankrupt but Susie has a good job teaching high school and doesn’t need to go bankrupt.

Sadly, the house has not risen in price in the 4 years they have used it and they also have only just managed to pay interest on the loan in that time so basically they still have a $400,000 mortgage on a house worth $400,000.
Mick can then file for bankruptcy and just as long as they 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 as well. There is plenty to think about when it comes to houses and bankruptcy so if you have questions don’t wait to call us about your house on 1300 818 575
.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane
Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

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

If your house has a lot of equity and you are nevertheless drowning in debt, there are still several choices readily available to you– it might be complicated, but the vital step is to talk to a professional to try and get ahead of it. In truth, this applies to vehicles 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 whatever assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be devastating! Before you take your next step get some advice. We offer a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my company be advised?

Often there is actually no good reason for your company to be advised of your bankruptcy. In instances where you earn over the threshold amounts of income while you are bankrupt and you are required to make an income payment, you organise those payments yourself, it doesn’t go via your company.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane
Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

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. Individuals that see your credit file while youre bankrupt. The only way this will happen is if you sign a privacy form for them to access your credit history. You only ever do this when you apply for a loan.
  4. You will be listed on the National Insolvency Index on the internet somewhere. Its hard to find and people need to pay to see if someone is bankrupt on it.

At Bankruptcy Experts Brisbane, we are fully mindful that there is nonetheless a stigma linked to bankruptcy. We are aware of this concern and we can help to guarantee that if you declare yourself bankrupt that you don’t have to go to court, get your name in the papers or be publicly made out to be a criminal or some sort 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 facts about bankruptcy and your job, download ‘The Big 5’ e-book.

Will I lose my job if I file for bankruptcy?

The answer to the question is – yes, but only in some cases. The trouble with some occupations isn’t that you aren’t able to 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 things problematic for you.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

What we would certainly suggest is that you do your own research here. It will make a big difference if you check out this process prior to declaring bankruptcy because 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 case. A few organisations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by shady or suspicious actions. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Brisbane on 1300 818 575.

Bankruptcy Income Thresholds

Just how much can I make when I’m bankrupt?

There are actually no restrictions on the amount of you can earn, but if you get over a certain amount, some of the extra can be taken by the trustee to repay your creditors. This means that you cannot be deciding not to pay your debts and still pull in a 6 figure salary– it just wouldn’t be fair to the people you owe money to. So just how much can you earn before you start paying back money to your creditors via your trustee?

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane
Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Bankruptcy and Income

First of all, it is important to know that changes are relating to the world of bankruptcy. If you need to know what is happening then pay attention now. Since March 2016 there have been modifications to the Income Threshold amounts. This shows that there are modifications to just how much money you can keep when bankrupt. This is your net income after tax and child support (if applicable) are subtracted. If you’re in a business when bankrupt then, obviously, it’s also net (after tax) of business spending, which is typically calculated annually.

Your net income may be governed to take into account things like salary sacrifice and substantial superannuation payments etc. Your net income might also enable more unusual costs acquired as a result of being employed. Such as, if you are subjected to an unusually high amount of travel charges to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee must ascertain your real net income, depending on the bankruptcy rules.

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

What can my partner earn if I go bankrupt?

There is no limit to what your spouse/partner can earn. There are a few implications that need to be considered in some circumstances, but in most cases your partner is a completely separate legal entity and will not be impacted financially when you file for bankruptcy. Just as a word of warning – this could change if you have joint loans together, so be careful about the implications of that. If you are not sure just give us a call on 1300 818 575.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane
Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Who is considered a dependent?

This might be anybody, of any age, that lives with you and earns beneath $3,343 per year. If, in the case you have a child or children that you pay child support for and they don’t live with you full time, then you can not declare these particular children as dependents.

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

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

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Self Employment & Bankruptcy

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Will I lose my small business if I go bankrupt?

The straightforward answer is no, you do not have to but you do need to get the suitable guidance. Business insolvency laws are very entailed and you need to tread diligently if you wish to continue to be self-employed.

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

Suppose I have both Business and Personal Debts?

If you are a businessmen and you have a mix of individual and business debts then it is actually possible to have most, if not all, of the debts wiped out with bankruptcy. Don’t forget this is an intricate process and requires special attention. The fact is, personal bankruptcy will not automatically signify company bankruptcy as well.

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

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane
Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Should I place my company 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 have to go bankrupt. In Australia, companies that become insolvent have a few choices, such as liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my business?

There are limitations for small business owners that are bankrupt. As an example, as a bankrupt company owner you may be in your very own business as a sole trader only. For several business owners, bankruptcy can impact their ability to operate the business because of the licensing concerns. For instance, a builder with a builder’s license can not 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 need to know more about this please feel free to call us for a no responsibility, free consultation on 1300 818 575
.

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane
Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

Isn’t it illegal to run a verysimilar business after bankruptcy?

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

Bankruptcy Brisbane,Bankrupt Brisbane,Insolvency Brisbane

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