Bankruptcy Tweed Coast
How We Can Help You
Bankruptcy Tweed Coast can serve to help you with anything which you want to understand about going bankrupt. Everyone’s scenarios are unique and call for a skillful remedy. We have placed the six most frequently asked questions on this page so you may receive a simple and effortless answer. Should you need additional facts advance through our website or simply call us on 1300 818 575.
The thought of losing the family property is the top reason people hold off going bankrupt and push the concern to the back of their thoughts. The inquiry that almost everyone needs to determine when thinking about going bankrupt is if they can keep their family home? The answer is YES in many cases.
In order to try to keep it straightforward its certainly about the equity you have in the property, or rather what amount your house is worth beyond the home loan sum. Supposing that your residence has little to no equity within it, then it is likely you can keep your residence so long as you keep paying off the home loan, rates etc. Naturally there is so much more to this story and you may have additional inquiries, so do not hesitate to call us on 1300 818 575, to get the correct guidance you want regarding your residential property.
The next most often asked about concern is if you can have your motor vehicle if you are insolvent? The answer to this in some cases is YES! Simply put if your automobile is presently on finance and you can continue to keep up the monthly payments its most likely you are going to be able to retain your car.
If you own your car straight-out and have no finance then you can easily possess a car as much as the wholesale worth of $7,500..
In the event that either of these two instances do not apply to your car then contact us on 1300 818 575.
Will I lose my business if I declare bankruptcy? The reply for the most parts is NO! You can retain your business organization and apply for personal bankruptcy. This is possibly the most challenging element of any kind of insolvency. The bottom line is the government does not wish you to become without gainful employment and insolvent so as a result you can continue as a self employed individual as a sole trader once you are insolvent. You can no longer be the director of a company for the 3 years you are bankrupt. If you have your own small business and need to declare personal bankruptcy then phone us on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in most cases you do not need to return the debt unless you earn over specific amounts of earnings. For instance if you make under $1,050.00 each week in the hand or after tax (net) for the 3 years you are insolvent then you would never pay a cent to the financial debt. If you pay child support or have dependent children then you can certainly make more. There is a table on the bankruptcy page of this site with greater detailed information if you want to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is essentially destroyed for the 3 years you are bankrupt. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this indicates there are a number of lenders that may help you get a home loan or a vehicle loan etc. To obtain a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy period.
How Much will it Cost
Of course this is not really an easy question to answer, as every single case we manage is unique. Having said that, in some cases we may help you declare personal bankruptcy at no charge. That’s right. If we can assist you do this for FREE then we will guide you. In some cases that are easy it will cost $395. There are many more challenging circumstances where the price is higher. If you need to get an idea on what your scenario will require simply give us a ring on 1300 818 575.