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

Bankruptcy Tweed Coast

Are your personal or business monetary debts getting out of control?

We provide straight-forward bankruptcy tips and advice. At Bankruptcy Tweed Coast we know that the very thought of bankruptcy is terrifying, and if it becomes a reality it is absolutely nightmarish. We know that you are truly feeling very overwhelmed, trapped or maybe like you have absolutely no possibilities left, therefore we wish to help guide you through the process.

However, here’s the thing – you’ve actually endured the hardest part of the process – you have actually taken that first step towards setting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is truly to determine if bankruptcy is actually right for you. There is certainly a few factors you have to know before making that decision so we recommend that you continue searching around this site, it has lots of great information, or you can merely get the phone and contact us on 1300 818 575.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

You Can Be 100 % Debt Free!

Can you picture a future free from creditors harassing phone calls and looking forward to the mail again? There are a few things you should know before you make that very hard decision. Firstly, the sooner you act then the more options you will have.

5 questions you should answer long before you declare yourself bankrupt.

There are 5 fundamental problems you will need to have an response to before you declare bankruptcy. If you would like to know exactly what they are, feel free to download our free e-book on the right hand side of this page. This e-book is going to focus on these big 5 questions specifically and offer you peace of mind that you are doing the right thing.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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. In fact, we promise to only call you once to see if we are able to help you even more and that’s it.

Insolvency Options

Is Going bankrupt my one and only choice?

No! There are a few options readily available to you. Here is a graph explaining the advantages and disadvantages of the various debt choices offered. This graph is really by absolutely no means an comprehensive resource, but it will enable you to make a well-informed choice.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Exactly what is a Personal Insolvency Agreement?

This is adaptable agreement between you and your lenders. It is managed through a trustee who administers to just how much you have to pay and when etc. Once those conditions have been met you are then free to begin again with a clean slate.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

What is a Debt Agreement?

A debt agreement enables a debtor to enter into an arrangement with their creditors to satisfy their debts without being made bankrupt.

You cant enter into a Debt Agreement if you have been bankrupt, or you are currently already in a debt agreement. There are also income restrictions, property value and unsecured debt value restrictions, If you wish to know more please get in touch with us on 1300 818 575.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

How do you Choose?

Ultimately it is up to you, but don’t be fooled by certain companies because many of them have a strong bias! The main reason you find a lot of expensive commercials on the TV in the Tweed Coast area inviting you to go for some of these alternatives is that there is tons of cash in it for the agencies that administer them. You will notice (if you haven’t already) that every business has the tendency to give (biased) recommendations according to the product that they offer.

For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to drive up their own business. It is very common across the industry, so ensure you don’t get sucked in. And nor should this website be the only thing you read! We try to give unbiased advice, but please do your research across a range of sources to find what approach is going to be best for you!

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Should I Look at a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the most beneficial plan. Usually the issue with them is that all it is really doing is bundling 5-15 various debts into one sizable debt. If you are battling to pay all your different loans now, then why do you think it will be amazingly simpler to have one substantial bill? 9 times out of 10 it is just not going to make it easier. Just to make it all a whole lot worse you generally will need to pay up front for the ‘pleasure’ of this option. If you want to get some clarification or more information on this, then just simply contact us on 1300 818 575 or go and download ‘The Big 5’ e-Book.

Bankruptcy and the Family Home

If I file for bankruptcy can I manage to keep my house?

Often the answer is yes. If this is a major problem for you then the most efficient way in order to get the solution is to call us here at Bankruptcy Experts Tweed Coast on 1300 818 575 and when we have an understanding about your situation we can provide you a clear picture over the phone. Practically everyone is emotionally 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 commonly think it’s an inescapable consequence of bankruptcy and as a result they pressure themselves to the brink of madness to not give up the family house.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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

Why might the bank want bankrupt customers? Wouldn’t they really want to sell your property and not take the chance? Bear in mind – the bank that has kindly lent you the cash 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 payments then the bank wants you in there at all costs. Having said that it is usually not the bank’s call – if a trustee decides that there is suitable equity in your house the trustee will oblige you and the bank to sell off your home.

What aspects would result to losing the house?

Equity! If you are up to date with your payments then the most considerable issue is equity. A trustee has a responsibility to gather as much money to help pay off your debts once you go bankrupt. Equity is the key here. If 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 manner to pay your debt and so they are going to sell your home to pay off the debt and give you whatever money is left from the sale.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

How is equity determined?

Many individuals are not certain about precisely what equity is, as well as how it is measured– but it is truly critical to determine because if you get it, it can mean the huge difference between keeping and losing your house. There are a few factors you have to understand here. Firstly, your gut reaction or presumption about the real worth of the home is most likely far too generous. Many people believe their house is worth a lot more than it actually is.

Secondly, when you apply for insolvency the trustee may question how you formed your value for the home. In some cases they will want more information about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. A straightforward strategy would certainly be to look on www.realestate.com.au then select the ‘Sold’ tab on that site and look for recent house sales in your street or area. This may help you have some concept of the reality of the market right now. Remember, the assessment is based upon a quick sale not a skillful real estate agent’s marketing campaign. So If you actually want a good idea, I would definitely recommend getting a valuer and telling them to give you 2 values for your home, one as a standard sale, and the other as a ‘quick sale’. This will give you a better awareness for your home’s worth. Understanding this step is critical, so get some advice before going forward, call us on 1300 818 575.

What if when my Partners name is on t

Usually when a couple buy a home one income will not be enough to get the loan, so the bank/lender will have each partners register for the loan. As soon as your house is purchased both names are on the mortgage from the bank and the title deed of the home as joint tenants.

Let’s say Mick and Susie bought a home 4 years ago for $400,000 with no deposit so their mortgage was also $400,000. Mick is an electrician and needs to go bankrupt but Susie has a good job teaching and doesn’t have to go bankrupt.
Sadly, the house has not improved in value in the 4 years they have owned it and they also have only just managed to pay interest on the loan in that time so effectively they still have a $400,000 mortgage on a house worth $400,000.

Mick can then declare bankruptcy and so long as they keep paying the mortgage, rates etc. they may 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 also. There is plenty to consider when it concerns homes and bankruptcy so if you have concerns don’t hesitate to call us about your house on 1300 818 575.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

What if My House has too much Equity what can I do?

If your house has plenty of equity and you are still drowning in debt, there are still some options available to you. In fact, this applies to vehicles or other assets you may have as well. What you cannot afford to do is assume that everything will be ok. It is the bankruptcy trustees job to sell whatever assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be disastrous! Before you take your next step get some advice. We offer a free, initial consultation; just call us today on 1300 818 575.

trustee’s job to sell just about any assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be disastrous! 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 workplace be advised?

notice workplace be given notice?
Typically there is really no good reason for your boss 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 contribution, you organise those payments on your own, it doesn’t go through your employer.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Who will know about my bankruptcy?

There are four groups of people that will learn that you are bankrupt.

  1. People that you tell
  2. Your creditors or people you owe money to
  3. People that see your credit file whilst you’re bankrupt. However, the only way this will take place is if you sign a privacy form for them to gain access to your credit history. You only ever do this when you request a loan.
  4. You will be listed on the National Insolvency Index online somewhere. But this is not too big a problem because it is hard to find and people have to pay to see if somebody is bankrupt on it.

At Bankruptcy Experts Tweed Coast, we are completely aware that there is nonetheless a stigma attached to bankruptcy. We understand this worry 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 newspapers or be publicly made out to be a criminal or some sort of failure. We can help ensure that bankruptcy is short and easy. In fact, the entire process will only take a few days. It makes it possible for the average person to get away from debt and on with their lives. For more detailed info about bankruptcy and your job, download ‘The Big 5’ e-book.

Might I lose my job if I declare bankruptcy?

The response to the question is – yes, but only in some cases. The problem with some occupations isn’t that you just can’t do the job any longer, it’s more an issue of specialist bodies or associations that view bankruptcy in a dim light and can make things problematic for you.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

What we would definitely propose is that you do your very own research here. It will make a big difference if you check out this process before declaring bankruptcy since that may really help you decide. Check if your job is on the diagram below. If it is, we suggest speaking with them personally and explaining your situation. A few organisations won’t have a problem with your bankruptcy as long as it wasn’t accompanied by shady or suspicious actions. If you think your employment may be affected by your possible bankruptcy call us here at Bankruptcy Experts Tweed Coast on 1300 818 575.

Bankruptcy Income Thresholds

What amount I earn when I’m bankrupt?

There are in fact no constraints on how much you can earn, however if you make over a certain amount, some of the extra can be taken by the trustee to repay your creditors. This means that you cannot be choosing not to pay your debts and still take home a 6 figure salary– it simply wouldn’t be fair to the individuals you owe money to. So just how much can you earn before you start repaying money to your creditors via your trustee?

Well it isn’t a straight forward process, so let’s try and take you through it.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Bankruptcy and Income

Changes are coming to the world of bankruptcy. If you need to know what is happening then pay attention now. Since March 2016 there have been changes to the Income Threshold amounts. This signifies that there are changes to just how much money you can keep when bankrupt. This is your net income after tax and child support (if applicable) are deducted. If youre in business when bankrupt then, of course, its also net (after tax) of business spending, which is commonly calculated annually.

Your net income may be regulated to take into account things like salary sacrifice and substantial superannuation payments etc. Your net income might also allow for more unusual costs incurred as a result of being employed. For example, if you are subjected to an unusually high amount of travel expenses to get to and from your job this can sometimes also be take into consideration.

Your bankruptcy trustee has to ascertain your real net income, according to the bankruptcy rules. The income threshold numbers are also per person and are set by the Government every March and September to allow for the movement in the cost of living.

What can my spouse make if I go bankrupt?

Generally there is no limit to exactly what your spouse/partner can earn. There are a few implications that need to be thought about in some scenarios, but in most cases your partner is a completely different legal entity and will not be affected financially when you declare bankruptcy. Just as a word of warning – this could change if you have joint loans together, so take care about the implications of that. If you are uncertain just call us on 1300 818 575.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Who is thought of as a dependent?

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

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

If a couple need 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 Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Self Employment & Bankruptcy

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Will I forfeit my small business if I go bankrupt?

The basic answer is no, you really don’t have to but you do need to get the appropriate guidance. Company insolvency laws are very involved and you need to tread carefully if you wish to continue to be self-employed.

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

What if I have both Business and Personal Debts?

If you are a small business and you have a blend of individual and business debts then it is really possible to have most, if not all, of the debts wiped out with bankruptcy. Keep in mind this is a challenging process and needs special attention. The reality is, personal bankruptcy doesn’t automatically imply company bankruptcy as well.

No matter if you run your business as a Sole Trader, Partnership, Company or Trust we can help guide you with your options. Feel free to contact us on 1300 818 575 for a no commitment FREE consultation.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

Should I put my company into liquidation?

Among the main reasons you might wish to consider liquidation instead of bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, companies that become insolvent have a few possibilities, just like liquidation, voluntary administration etc. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my company?

There are restrictions for small business owners that are bankrupt. As an example, as a bankrupt business owner you could be in your own business as a sole trader only. For several small business owners, bankruptcy can impact their ability to run the business due to the licensing problems. For example, a builder with a builder’s license can not really continue to use that license for the 3 years she or he is actually bankrupt.

There are actually some other implications for small business owners whilst bankrupt that have to be considered. In case you have to know more about this please feel free to call us for a no obligation, free consultation on 1300 818 575.

Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast
Bankruptcy Tweed Coast,Bankrupt Tweed Coast,Insolvency Tweed Coast

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

It could be. There are points to consider when and if you declare bankruptcy as a small business owner. You can not run up heaps of debt in your business, then go bankrupt and after that open the doors the next day like absolutely nothing has happened. There are laws in effect to prevent these ‘Phoenix companies’ rising up out of the ashes of an old company. Don’t get overly worried about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Experts Tweed Coast today on 1300 818 575.

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