Yes. All you need to do is apply to your bankruptcy trustee for permission to go. You’ll get it, nonetheless there is a one-page application you have to complete basically to update the trustee of how long you will be travelling, etc. This rule only truly exists so high flyers don’t skip the country. In some cases the trustee will ask for your passport, but don’t fret about it because you can ask for it back when you intend to travel. The big part of this is ensuring that you actually ask– because if you overlook 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.
In some cases the answer is yes! In fact, in many cases these days we can help you keep your home. At Bankruptcy Experts Ipswich we are actually specialists at helping people keep their homes. It’s actually very tricky, so if you are concerned about losing your home call us on 1300 818 575 and we will guide you through your choices.
The idea of losing the family house is undoubtedly one of the most typical hindrance to people declaring bankruptcy. We chat with people daily who have wrestled for quite a while under considerable financial pressure so they don’t lose their home.
So how is it possible when declaring bankruptcy to keep your house? Easy, really; it’s a concern of equity. Let’s put it this way, if you own a property that’s worth $350,000 and you owe the bank $350,000 you in reality 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 repay a lot of your debts. So in this particular scenario, the trustee will then offer you some options, one of which is to merely to continue paying the mortgage and live in the house while you are simply bankrupt.
So how can I find out the value of my home before I undergo the process and pain of declaring bankruptcy? A general way is generally to go onto www.realestate.com.au and look at the sold properties tab in the Ipswich area and then it will show you all the most recent sales in your location. Another option, if you are not sure or are very uncertain, is to have a registered valuer do a valuation on your home, not a real estate agent ( except if they are registered valuers, of course). Be warned this will cost you somewhere between $300-700. Just another detail about house prices – If the trustee needs to sell your house they do so moderately swiftly. It is definitely not a 6-month shiny advertising effort and instead it’s typically by auction and they merely meet the market on the day and that’s it. So when considering the value remember 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 consider is who owns your home.
Usually when our clients are declaring bankruptcy many home loans are generally between 2 individuals as joint tenants who both support the home loan. When only one person is declaring bankruptcy then the equity is formulated in this manner.
Say your home is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the house is $50,000, right? Fifty percent of that total equity is by default allocated to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of that $25,000 the declaring bankruptcy party needs to cover all of the selling costs including advertising etc.,
which, depending upon precisely where you live, can cost anywhere between $12,000-20 ,000. With this particular situation 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 few alternatives. Just one of which is common is for the bank to say, “Pay us the $10,000 and we will not sell your property and you are going to have it eliminated as an asset from the bankrupt’s estate.” Or, simply put, work out a deal to pay the $10,000 and you can keep the house.
Just a side note: the financial institution who has granted you the home loan will need the payments to be continued naturally. Regardless of what the trustee chooses, if you do not pay the financial institution the property loan these guys will ultimately ask you to leave. So, in plain English, keeping your home of course implies retaining the mortgage too.
There are many more choices with your house when declaring bankruptcy, and we have actually just laid out one choice of possibly 20 options you can decide on when it comes to your property. We understand you will need to get this right. Trying one’s luck with the family house can be a devastating choice. If you intend to get the ideal advice about filing for bankruptcy or you just want to talk to 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 up 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 will most likely not get a loan. After the 3 years is done you will have the capacity to get loans; you just won’t get the very best rate. Your credit file will be erased clean 4 years after you have been discharged as a bankrupt then you will have an optimal credit history again and you will get the most competitive deal on loans.
Normally, 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 your car is safe. Call Bankruptcy Experts Ipswich on 1300 818 575.
How is this worked out? Well it is determined based upon a threshold price for your car. The threshold is the maximum retail market value your car could be worth, which is $7,350. You will find all kinds of erroneous information about this online, 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 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 offered you the loan for the car will be pleased for you to maintain the car despite the fact that you are bankrupt as long as you maintain the payments.
Get some help with this. If you are thinking about declaring bankruptcy and simply just need some advice without delay call 1300 818 575. Basically, you will receive about 2 to 3 repayments grace when it concerns car loans. The bottom line is straightforward: whether you are declaring bankruptcy or not, if you miss out on three or more repayments on your loan they will repossess the car. Don’t think because you are declaring bankruptcy you are instantly going to lose your car because a lot of the time we help people keep them.
The creditors, or the people you owe money to, are alerted in writing at about the same time you receive your bankruptcy file number.
No. The filing for bankruptcy process is pretty much a paperwork exercise. The only thing that actually happens is that you will possibly be sent a letter by snail mail or emailed a letter advising you that you are actually bankrupt. At Bankruptcy Experts Ipswich we make certain that this whole procedure is that uncomplicated, so if you have questions about this phone 1300 818 575.
Absolutely. This approach will take about two weeks and will entirely get rid of the bankruptcy from your credit history. There are arrangements within the Bankruptcy Act that help a bankrupt individual to get their bankruptcy annulled by means of a Section 73 proposal.
The effects of creditor’s claims can typically lead to bankruptcy, no matter if it was the individual’s choice to enter bankruptcy, or if it was simply filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the individual who goes through bankruptcy.
We have been helping people declaring bankruptcy in the Ipswich area for many years so call us today on 1300 818 575 in order to get some knowledge on this issue. We exercise the most suitable possible strategy for you in order to get back up and running, doing away with left over effects and hindrances of past financial circumstances to give you the best potential outcome. Having experience and skills specialising in Section 73 proposals, we can combine this with our proven strategies and approaches to bring you through bankruptcy unscathed, ready to begin again.
To begin with, having your personal bankruptcy annulled is basically reversing it 100%. So if you are actually considering having your insolvency annulled there are a handful of things you will have to know.
Firstly, how does the annulment work? A straightforward way to understand it is this – let’s say someone owes you $50,000 and they have not paid you 1 cent back for years. Then to make matters worse you learn that they are declaring bankruptcy. You would kiss that money goodbye, right? Years pass and they come to you with an deal to pay you $5,000 that their grandparents are offering to them to resolve your debt with them. Undoubtedly you are thrilled 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 agree to do that then there will be no $5,000. Needless to say you do not care about their credit file; you are just thrilled they are offering you some money after all of these years.
In bankruptcy terms this method is usually called a Section 73 proposal, and it’s an approach where ‘everybody wins.’
Essentially, the trustee reaches out to your creditors, shows your offer, which is significantly less than the initial 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 need to consider the time of your proposal; you don’t want to do it the day you are declaring 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 acquire 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 basically been bankrupt three weeks it will definitely be harder 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 support to put a section 73 proposal to your trustee or just need more details about the timing of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can help you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them first off before you suffer through the pain of declaring bankruptcy, but it is really no worry. If you are locked into one of these and just simply can’t get on top give us call at 1300 818 575.
Certainly there 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, finally, money owed to an insurance provider following a car accident in an without being insured 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. Honestly, there are a bunch of factors to list so if you have a particular debt you are bothered with just call for a free consult 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 simply managed no differently compared to $20,000.
An unsecured creditor is a lender who does not actually have a hold over the chattels/assets/property obtained with the credit afforded to you. These kinds of debts include credit card debts.
A secured creditor has a hold over the chattels/assets/property up until the debt is paid out completely. If a debtor defaults on a secured debt, the creditor can reclaim and sell the chattels/assets/property to pay down the unpaid debt.
Our people have helped thousands of people go through the process of declaring bankruptcy over many years and we have never had anybody’s application rejected. That is actually why we provide 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 will have your credit history on there. Companies like www.veda.com.au will be able to get you a copy for a modest fee.
Vehicle accidents may be difficult, so to keep it straightforward call us on 1300 818 575 in order to get the proper advice on your circumstance. Declaring bankruptcy may not be the right option. However, as a standard rule, if you were driving a car that was not insured then the expense of the repairs is not removed with the declaring bankruptcy process. Having said that, it depends upon who accepted liability or who was usually at fault. If you head to court and the court proves you were not at fault then you shall be fine.
Yes! We can really help you do this, though it is actually possible there are effects and lots of regulations around this process, so call us and we will steer you through the procedure on 1300 818 575. Bankruptcy Experts Ipswich are experts at supporting businesses get back on their feet.
Yes. There is an approach to follow, but if you win lotto or inherit some cash you can use it to get your slate wiped clean. There is actually a way of carrying this out properly; just call us first.
Generally, if you owe money to a lender they could get a court order and bankrupt you. They have to follow a process, but it is actually possible. What you need to 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 frustrating phone calls, naturally.
Of course. Even so, this is actually a difficult process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled badly, it could be disastrous. For a free consultation call Bankruptcy Experts Ipswich 1300 818 575.
No, we do that for you. Actually, we work as a buffer or a midway point in between you and your creditors. So in the end you are not actually obligated to advise them of your bankruptcy; we take care of that for you.
Generally, it takes about 2 weeks.
Yes. Generally a lender will chase the other person who signed the loan papers with you for the sum total of the overdue money owing on the loan.
Don’t panic! If you overlooked a debt and remember it afterwards, just call your trustee with the name of the creditor, address, date the debt was incurred, amount of debt and any account or reference number/s supplied by the lender. Your trustee will include the creditor to your bankruptcy and deliver a notification to the creditor.
No. We take care of the whole process for you.
As a rule this is not a issue, so if you are actually a gambler, don’t stress. What the trustee doesn’t appreciate 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 just have some explaining to do, of course, because it just doesn’t add up and looks suspicious.
Yes. We acknowledge that you are busy. If you have a phone we can help you; simply call us on 1300 818 575.
Yes. This is workable. It involves some emails back and forth but it can be done.
Yes. If a person actually living in another country is now residing in Australia then files for bankruptcy and they have a liability incurred in that foreign country, you just list that liability on the forms.
Most of the time the creditor overseas will erase the debt. It is potential and legal for them, however, to deny your application, and if you go back to that country you may be subject to their bankruptcy laws.
There are generally a few ways the trustee can discover, and one of the most effective and simplest way is for you to let them find out when we do the documents. There is also a government web page that has primary assets listed also. You should get some guidance about assets; so look out.
This is complicated and you are going to want the best assistance, so if you need extra 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 will have to earn about $50,000 each year before your income will be altered by bankruptcy.
You can keep money from tax returns simply if you did not have any tax debts. So if you owed money to the Tax Office when you went bankrupt then they will get your tax return. The 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 various other debts then you will get your whole tax return back.
If you are mandated to pay child support, this money will be subtracted 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 smart idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them off you, as they are viewed as an asset.
You can keep almost everything when declaring bankruptcy except big things like houses, cars, shares and inheritances. Even items like houses and vehicles may be able to be saved. Just give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Ipswich.