Yes. All you will need to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, but there is a one-page application you have to submit basically to advise the trustee of how long you are going to be taking a trip, etc. This policy only really exists so high flyers don’t skip the country. In certain cases the trustee will demand your passport, but don’t fret about it because you can ask for it back when you intend to travel. The big aspect of this is seeing to it that you actually ask– because if you forget this then you can actually get in a lot of trouble. Call us if you wish to learn more regarding travel on 1300 818 575.
In many cases the answer is yes! In fact, in many cases nowadays we can help you keep your home. At Bankruptcy Experts Tweed Coast we are actually professionals at helping people keep their houses. It’s actually pretty tricky, so if you are concerned about losing your home call us on 1300 818 575 and we will lead you through your options.
The thought of losing the family home is undoubtedly one of the most typical obstacle to people declaring bankruptcy. We talk with people every day who have fought for a long time under serious financial stress 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 home that is actually 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 house if there is usually enough equity in the home, if sold, to repay a lot of your debts. So in this specific situation, the trustee will then offer you some options, one of which is to merely to keep on paying the mortgage and remain in your house while you are bankrupt.
So how can I learn the value of my home before I undergo the process and pain of declaring bankruptcy? A simple way is usually to go onto www.realestate.com.au and take a look at the sold houses tab in the Tweed Coast area and then it will show you all the most recent sales in your region. Another option, if you are not sure or are very apprehensive, is to have a registered valuer do a valuation on your home, not a real estate agent ( except if they are registered valuers, obviously). Be warned doing this will cost you anywhere between $300-700. Just one more thing about house prices – If the trustee needs to sell off your house they do this moderately swiftly. It is certainly not a 6-month glossy marketing project and rather it’s typically by auction and they merely meet the market on the day and that is probably it. So when thinking about the value remember that it’s a sell right now price, not when the market improves.
Once you have calculated the market value of your house the next thing to look into is who owns the house.
Typically when our clients are declaring bankruptcy the majority of home loans are actually between a couple of individuals as joint tenants who both support the home loan. When only one individual is declaring bankruptcy then the equity is calculated like this.
Say your house is worth $400,000 and the current market value is $350,000. Then the balance of equity in the home is $50,000, right? One-half of that complete equity is by default allocated to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of this $25,000 the declaring bankruptcy party must take care of 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 case say the selling 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 provide the non-declaring bankruptcy party a number of options. One of which is common is for the bank to say, “Pay us the $10,000 and we will not sell your house and you will have it removed as an asset from the bankrupt’s estate.” Or, simply put, negotiate to pay the $10,000 and you can keep the house.
Just a side note: the financial institution who has provided you the property loan will need the repayments to be continued of course. Regardless of what the trustee decides, if you don’t pay the bank the property loan they will at some point ask you to leave. So, in plain English, keeping your home definitely implies keeping the mortgage as well.
There are many more alternatives with your house when declaring bankruptcy, and we have just laid out one option of potentially 20 options you can pick when it involves your house. We are aware that you will want to get this right. Trying one’s luck with the family household can be a devastating choice. If you intend to get the ideal advice about filing for bankruptcy or you simply have to talk with someone contact us on 1300 818 575.
Bankruptcy takes 3 years and will sit on your credit file for that time. However, as with any default it will be present on your credit file for 7 years. You can have it wiped out if you get your bankruptcy annulled.
Bankruptcy is for 3 years and during that time you will 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 wiped clean 4 years after you have been discharged as a bankrupt then you will have an preferred credit history ever again and you will get the most competitive deal on loans.
Often, no. Bankrupts hardly ever lose their cars because they’ve filed for bankruptcy. Obviously, this is uncertain and we can let you know if yours is safe. Call Bankruptcy Experts Tweed Coast on 1300 818 575.
How is this figured out? Well it is calculated based upon a threshold market value for your car. The threshold is the maximum wholesale value your car could be worth, which is $7,350. You will find all kinds of flawed information about this online, but here are really the facts. That $7,350 represents not the total value; it represents equity. So, in other words, if you have a car worth $35,000 you are paying off or leasing and the amount you could possibly sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that provided you the loan for the car will be pleased for you to maintain the car despite the fact that you are bankrupt just as long as you maintain the payments.
Get some help with this one. If you are considering declaring bankruptcy and simply just need some advice without delay call 1300 818 575. Basically, you will have about two to three payments grace when it relates to car loans. The bottom line is uncomplicated: whether you are declaring bankruptcy or not, if you miss out on three or even more repayments on your loan they will retake the car. Don’t think because you are declaring bankruptcy you are instantly going to lose your car because most of the time we help people keep them.
The creditors, or the people you owe money to, are advised in writing at about the same time you receive your bankruptcy file number.
No. The declaring bankruptcy process is simply a paperwork exercise. The only thing that actually happens is that you will quite possibly be sent a letter by mail or emailed a notice warning you that you are actually bankrupt. At Bankruptcy Experts Tweed Coast we make sure that this entire process is that simple, so if you have queries about this phone 1300 818 575.
Of course. This approach will take around two weeks and will completely eliminate the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that help a bankrupt individual to have their bankruptcy annulled by means of a Section 73 proposal.
The effects of creditor’s claims can often result in bankruptcy, irrespective of if it was the person’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 person who experiences bankruptcy.
We have been taking care of people declaring bankruptcy in the Tweed Coast area for several years so phone us today on 1300 818 575 to get some knowledge on this matter. We exercise probably the most suitable possible strategy for you in order to get back up and running, getting rid of left over effects and hindrances of past financial circumstances to give you the best conceivable outcome. Having experience and skills specialising in Section 73 proposals, we can integrate this with our proven techniques and approaches to bring you through bankruptcy unscathed, ready to begin again.
To begin with, having your personal bankruptcy annulled is virtually reversing it 100%. So if you are thinking about having your insolvency annulled there are a handful of things you need to know.
Firstly, how does the annulment work? A quick way to comprehend it is this – let’s say someone owes you $50,000 and they haven’t paid you one cent back for many years. Then to make matters worse you learn that they are declaring bankruptcy. You would most likely kiss that money goodbye, right? Years pass and they come to you with an offer to pay you $5,000 that their grandparents are providing to them to settle your debt with them. Certainly you are happy to take it, because it is much better than nothing. The only condition they request in return is that you agree to have the bankruptcy cleaned from their record, and if you don’t consent to do that then there will be no $5,000. Needless to say you do not care about their credit file; you are just happy they are offering you some money after all these years.
In bankruptcy terms this strategy is usually referred to as 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 process takes a few weeks. The proposal may be done whenever you like in the 3 years you are bankrupt. However, you must consider the timing of your proposal; you don’t want to do it the day you are filing for bankruptcy because it does cost money to carry this out, you want to ensure the odds are on your side. For instance, 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 be more challenging 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 need support to put a section 73 proposal to your trustee or simply 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 all of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them first before you suffer through the pain of declaring bankruptcy, but it is really no problem. If you are locked into one of these and just aren’t able to get on top give us call at 1300 818 575.
Generally 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 company following a car accident in an without being insured while you were driving.
Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. In reality, there are a lot of things to list so if you have a certain debt you are bothered with just call for a free assessment 1300 818 575.
You can’t declare bankruptcy for an amount under $5,000; however, there is no limitation over that. If you owe a couple million dollars, that’s managed no differently compared to $20,000.
You cant file for bankruptcy for an amount under $5,000; however, there is no limit above that. If you owe a couple million dollars, that’s managed no differently than $20,000.
An unsecured creditor is a lender who does not really have a hold over the chattels/assets/property obtained with the credit provided to you. These debts include things like credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out completely. If a debtor defaults on a secured debt, the creditor has the right to repossess and sell the chattels/assets/property to pay for the unpaid debt.
Our team have helped countless people go through the process of declaring bankruptcy over many years and we have certainly never had anybody’s application denied. That is actually the reason that we offer a 100% money back guarantee.
There is a basic method we use here prior to declaring bankruptcy and all you will have 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 capable to get you a copy for a small fee.
Car accidents may be tricky, so to keep it straightforward call us on 1300 818 575 in order to get the best 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 actually insured then the price of the repair works is not removed with the filing for bankruptcy process. Having said that, it depends upon who admitted liability or who was usually at fault. If you go to court and the court proves you were not at fault then you should really be fine.
Yes! We can help you carry this out, even 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 Tweed Coast are experts at helping businesses get back on their feet.
Yes. There is an strategy to follow, but if you win lotto or inherit some cash you can use it in order to get your record wiped clean. There is actually a way of carrying this out correctly; just contact us first.
Usually, if you owe money to a lender they can get a court order and even bankrupt you. They will need to follow a process, but it is possible. What you have to avoid at all costs ideally is someone else bankrupting you, as it’s always best to voluntarily file for bankruptcy. Unless you enjoy attending court and bothersome phone calls, of course.
You bet. Even so, this is certainly a complicated process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled inappropriately, it might be disastrous. For a free consultation call Bankruptcy Experts Tweed Coast 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 obliged to alert them of your bankruptcy; we take care of that for you.
Commonly, it takes around 2 weeks.
Yes. Generally a lender will chase the other person who signed the loan files with you for the sum total of the remaining money owing on the loan.
Don’t panic! If you omitted a debt and remember it later, 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 offered from lender. Your trustee will include the creditor to your bankruptcy and give a notification to the creditor.
No. We take care of the entire procedure for you.
Commonly this is not really a problem, so if you are actually a gambler, don’t worry. What the trustee won’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 may have some explaining to do, of course, because it just won’t add up and looks suspicious.
Yes. We understand that you are busy. If you have a phone we can help you; simply call us on 1300 818 575.
Yes. This is actually quite possible. It involves some emails back and forth but it can be done.
Yes. If a person originally living in a different country is now residing in Australia then files for bankruptcy and they have a debt incurred from that foreign country, you just list that unpaid debt on the paperwork.
In most cases the creditor overseas will erase the debt. It is entirely possible and lawful for them, however, to decline your application, and if you return to that country you may go through their bankruptcy rules.
There are generally a few ways the trustee can find out, and one of the most effective and easiest way is for you to let them find out when we do the paperwork. There is also a government site that has primary assets listed also. You should get some guidance about assets; take care.
This is complicated and you will want the right support, so if you need extra information about inheritances give us a call on 1300 818 575.
No. The income thresholds are the same for every person so no matter how you get your income you will have to earn about $50,000 every year before your income will be affected 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 declared bankruptcy at that point they will take your tax return. The main reason for this is because your income tax return is considered as net income, so if you are below the threshold amount you can earn while bankrupt and provided you didn’t have those additional debts then you will get your whole tax return back.
If you are required to pay child support, this money will be removed from your net income, so what you have the ability to keep after you pay your tax and then child support is thought of as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.
You can keep practically 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 contact us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Tweed Coast.
Yes, however it’s not a smart idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them away from you, as they are regarded as an asset.