Personal Bankruptcy

Will I Lose My Home

 

When thinking about bankruptcy, one of the first things individuals consider is the possibility of losing the family home. Where will you live if you don’t have the house anymore? The reality is, in most cases, you can keep your family home.
Everything comes down to the equity you have in the house, or rather, how much your house is worth above the mortgaged amount. If you have little to no equity in the home, you may still have the ability to keep the house, so long as you can keep repaying the mortgage and other expenses such as council rates, etc.
Of course, there are plenty of elements connected with keeping your home, so feel free to call us on 1300 339 604 to get the exact advice that you need.

Can I Keep My Car?

 

If you really need your car, whether it is for work or family commitments, will you still be able to keep it if you go bankrupt? The answer in many cases is YES! If your car is currently financed and you can stay up to date with the repayments, it’s quite likely that you can keep your car.
You can own a vehicle up to the wholesale value of $8,000. If you’re in a slightly different situation or want to understand specifically about your own scenario, give us a call on 1300 339 604

Can I Travel Overseas

 

The simple answer is if you remain compliant and get the right assistance for the 3 years you are bankrupt then the as is Yes! There is plenty of rubbish on the internet telling you that you cannot travel overseas or leave Australia while you are bankrupt but it is simply not true. All you need to do once you are bankrupt is request permission to travel pay the trustee $150 and you are on your way. You will get permission no problem, there is a very basic one-page form you need to fill to inform the trustee of how long you will be traveling etc. This travel restriction has been put in place so high-flyers don’t skip the country. In some cases the trustee will request your passport, don’t worry about it you can request it back when you need to travel.

Will My Income Be Affected

 

Unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans, with bankruptcy you typically don’t need to repay the debt. This is unless you earn over a certain amount of income. As an example if you earn under $1,135.00 per week after tax (net) for the 3 years you are bankrupt, you will never pay a cent towards the debt. This amount increases if you have dependent children or pay child support.

Further information on income amounts can be found on the going bankrupt page of this site or call us on 1300 339 604.

My Credit File

 

Many individuals think that making an application for bankruptcy means you will have a damaged credit rating forever. Fact is, you won’t! The initial 3 years you are bankrupt are the most challenging. After these first 3 years, you are then referred to as a “discharged bankrupt”.

There are lending institutions who will assist discharged bankrupts to obtain loans secured loans like Home Loans and Car Loans. However, after 5 years (or 2 years after you are a discharged bankrupt) you will then go back to a perfect credit rating.

Will I Lose My Business

 

Many individuals think that making an application for bankruptcy means you will have a damaged credit rating forever. Fact is, you won’t! The initial 3 years you are bankrupt are the most challenging. After these first 3 years, you are then referred to as a “discharged bankrupt”.

There are lending institutions who will assist discharged bankrupts to obtain loans secured loans like Home Loans and Car Loans. However, after 5 years (or 2 years after you are a discharged bankrupt) you will then go back to a perfect credit rating.

How Much Will It Cost

 

Each case we handle is different, so there isn’t a basic answer to this question. However, if there’s a way that we can help you to go bankrupt at no cost, then we will help you free of charge. That’s right! If there’s a way we can help you free of charge, we will do it for FREE! Many simple cases will cost very little, whilst more complicated scenarios will have higher charges. If you would like to get an idea of how much it will cost you, simply give us a call on 1300 339 604.

How Long Will It Take

 

Every case is different, it can be as quick as 14 days, we can process your application in just a few days and then we wait for your submission to be approved. However we always want to make sure you are well prepared to file for bankruptcy first, there is no point rushing your application if its going to create a nightmare for you over the next 3 years. If you need your application done asap simply give us a call on 1300 339 604.

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