How Our Team Can Support You
Bankruptcy Ipswich can support you with anything that you would like to learn about declaring bankruptcy. Everyone’s particulars are one-of-a-kind and call for a qualified strategy. We have set the six highest commonly asked questions on this page so you can surely get a prompt and uncomplicated response. In case you need further facts continue through our site or simply call us on 1300 818 575.
My Residential property
The prospect of losing the family home or apartment is the main reason that people postpone going bankrupt and push the matter to the back of their thoughts. The inquiry that everybody should understand when considering going bankrupt is if they could retain their family property? The answer is YES in a lot of cases.
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In order to make it straightforward its honestly regarding the equity you have in the home, or in other words just how much your home is worth over the home loan sum. If your house has very little to no equity in it, at that point it is likely you may maintain your residence provided that you keep paying off the home mortgage, rates etc.
Naturally there is a whole lot more to this story and you will likely have additional concerns, so feel free to contact us on 1300 818 575, to receive the exact help you need about your house.
The next most often asked about concern is if you can retain your car if you are bankrupt? The answer to this in many cases is YES! Put simply if your motor vehicle is at present on finance and you can easily continue to maintain the repayments its highly likely you will be able to keep your motor vehicle.
If you own your car straight-out and have no financing then you can easily own a car as much as the wholesale value of $7,500.
In case either of these two situations do not apply to your motor vehicle then contact us on 1300 818 575.
Will I lose my business organisation in the event that I declare bankruptcy? The reply for the most parts is NO! You can maintain your business and file for bankruptcy. This is perhaps the most complex element of any bankruptcy. The bottom line is the government does not want you to be without a job and bankrupt so therefore you can carry on 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 very own small business and need to declare personal bankruptcy then contact us on 1300 818 575.
Bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in many cases you don’t need to pay back the financial obligation except if you earn over certain amounts of income. As an 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 personal debt. If you pay child support or have dependent children then you are able to earn more. There is a table on the bankruptcy page of this website with better detail should you need to know more.
My Credit File
Is my credit rating damaged for life? Answer is NO! Your credit rating is basically damaged for the 3 years you are bankrupt. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this means there are a number of lenders that can help you get a mortgage or an auto loan etc. To have a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy time frame.
How Much will it Cost
Naturally this is not really an easy one to answer, as each case we take on is unique. Having said that, in some cases we will help you file for insolvency at no charge. That’s right. If we can support you do this for FREE then we can help you. In many cases that are basic it will cost $395. There are many more challenging circumstances where the price is more. If you need to get an idea on what your circumstance will require simply contact us on 1300 818 575.