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

Are your personal or business bills getting out of control?

Are your personal or business bills getting out of control?

We provide straight-forward bankruptcy tips and advice. At Bankruptcy Gympie we know that the very thought of bankruptcy is distressing, and if it becomes a reality it is downright frightening. We know that you’re feeling very overwhelmed, ambushed or maybe like you have absolutely no possibilities left, therefore we really want to help steer you through the process.

But here’s the thing – you’ve already gone through the most difficult aspect of the process – you have taken that primary 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 simply to find out if bankruptcy is actually right for you. There’s a few things you will need to know even before making that choice so we recommend that you continue browsing across this site, it’s full of great information, or you can just grab the phone and give us a call on 1300 818 575.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Are your personal or business bills getting out of control?

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Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

You Can Be 100 % Debt Free!

Can you imagine a future without lenders’ distressing phone calls as well as looking forward to the mail again? Generally there are a number of things you need to know before you make that difficult choice. Firstly, the quicker you act then the more options you will have.

5 Questions you ought to answer before you declare yourself bankrupt.

There are 5 critical problems you have to have an solution to before you declare bankruptcy. If you want to know what exactly they are, feel free to download our free e-book on the right hand side of the page. This e-book will concentrate on these big 5 questions specifically and give you peace of mind that you are doing the correct thing.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Get your FREE copy of the Big 5










* We promise not to hound you with emails and phone calls when you apply for our free e-book. In fact, we vow to only call you just once to see if we will be able to help you further and that’s it.

Insolvency Options

Is declaring bankruptcy my only choice?

No! There are a variety of options readily available to you. Listed here is a chart explaining the perks and disadvantages of the various debt choices available. This graph is by no means an extensive resource, but it will help you to make a well-informed choice.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie
Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Exactly what is a Personal Insolvency Agreement?

This is an adaptable agreement among you and your creditors. It is controlled through a trustee who governs the amount of money you need to pay out and when you have to pay. Once those circumstances have been met you are generally then free to start out again with a new beginning.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

What is a Debt Agreement?

A debt agreement permits a debtor to enter into an plan with their creditors to settle their debts without being made bankrupt.

You can’t enter into a Debt Agreement if you have been bankrupt, or if you are already in a debt agreement. Also keep in mind that there are also income restrictions, as well as restrictions on property value and unsecured debt value. If you want to know more feel free to call us on 1300 818 575.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

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 reason you find loads of expensive commercials on the TV in the Gympie area inviting you to go for some of these alternatives is that there is lots of cash in it for the firms that provide them. You will see (if you haven’t already) that each and every company has the tendency to give (biased) recommendations according to the product that they supply. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to increase their own business. It is rather common across the industry, so make sure 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 Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Should I consider a Debt Consolidation Loan?

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

Bankruptcy and the Family Home

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

Often the answer is yes. If this is a major problem for you then the best way in order to get the solution is to contact us here at Bankruptcy Experts Gympie on 1300 818 575 and once we have an understanding about your situation we can provide you a clear picture over the telephone. Practically everyone is sentimentally connected to their house; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People commonly think it’s an unescapable repercussion of bankruptcy and for this reason they pressure themselves to the brink of madness to not give up the family house.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie
Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Will the bank let me keep my house even when I’m a bankrupt?

Why might the bank want bankrupt customers? Wouldn’t they want to sell your home and not take the chance? Take note – the bank that has generously offered you the cash for your house is making good money monthly in interest from you, month in and month out. So long as you manage to keep up to date with your repayments then the bank prefers you in there at all costs. Nonetheless it is generally not the bank’s call – if a trustee determines that there is ample equity in your house the trustee will make you and the bank to sell off your home.

What aspects would contribute to losing your house?

Equity! If you are up to date with your repayments then the most considerable issue is equity. A trustee has a duty to get as much money to help cover your bills once you go bankrupt. Equity is the key here. Supposing that you have $300,000 equity in your house and you have $100,000 worth of debt and no other way to cover the debt then the trustee sees your equity as a solution to repay
your debt therefore they are going to sell your home to pay off the debt and give you whatever money is left from the sale.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie
Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

How is equity decided?

Most people are not quite clear about what equity is, as well as how it is measured– but it is absolutely crucial to determine given that if you get it, it can mean the big difference between keeping and losing your home. There are a few factors you should understand here. Firstly, your gut instinct or suspicion about the real value of the home is perhaps far too generous. Most people think their house is worth a lot more than it actually is.

Secondly, when you apply for personal bankruptcy the trustee may wonder how you formed your value for the home. Sometimes they will request more information about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. An uncomplicated strategy would be to look on www.realestate.com.au then click the ‘Sold’ tab on that site and search for the latest house sales in your street or neighbourhood. This will help you get some concept of the reality of the marketplace right now. Bear in mind, the appraisal 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 undoubtedly encourage getting a valuer and asking 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. Recognizing this step is vital, so get some advice before proceeding, call us on 1300 818 575.

What if my partner’s name is on the mortgage?

Often when a couple buy a home one income isn’t really enough to get the loan, so the bank/lender will have each partners sign up 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 purchased a house 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 high school and doesn’t have to go bankrupt.

Sadly, the house has not risen in price in the 4 years they have owned it and they also have only just managed to pay interest on the loan during that time so ultimately they still have a $400,000 mortgage on a house worth $400,000.

Mick can then declare bankruptcy and provided that they continue paying the mortgage, rates etc. they may continue to keep the home for the 3 years Mick is bankrupt. This decision will, in no way, affect Susie’s credit rating or force her to declare bankruptcy as well. There is lots to consider when it comes to homes and bankruptcy so if you have questions don’t hesitate to call us about your house on 1300 818 575.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie
Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Suppose my house has a lot of equity? what can I do?

If your home has plenty of equity and you are still drowning in debt, there are still a few alternatives available to you– it might be complicated, however the crucial step is to speak with a professional to try and get ahead of it. Actually, this applies to cars or other assets you may have as well. What you can not afford to do is assume that everything will be ok. It is the bankruptcy trustee’s job to sell whatever assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be catastrophic! Before you take your next step get some advice. We provide a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my company be informed?

Normally there is really no reason for your boss to be advised of your bankruptcy. In situations where you earn more than the threshold amounts of income while you are bankrupt and you are required to make an income payment, you organise those payments yourself, it doesn’t go through your company.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie
Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

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 individuals you owe money to
  3. People that see your credit file when you’re bankrupt. However, the only way this will take place is if you sign a privacy document for them to access your credit history. You only ever do this when you apply for a loan.
  4. You will be shown 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 someone is bankrupt on it.

At Bankruptcy Experts Gympie, we are completely conscious that there is still a stigma connected to bankruptcy. We are aware of this problem and we can help to make sure that if you declare yourself bankrupt that you don’t need to go to court, get your name in the newspapers or be publicly made out to be a criminal or some type of failure. We can help ensure that bankruptcy is fast and easy. In fact, the entire process will only take a few days. It makes it possible for the normal person to get away from debt and on with their lives. For more detailed facts about bankruptcy and your job, download ‘The Big 5’ e-book.

Will I lose my job if I file for bankruptcy?

The answer to the question is – yes, but only in some cases. The problem with some occupations isn’t that you aren’t able to 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 it problematic for you.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

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

Bankruptcy Income Thresholds

Just how much can I earn when I’m bankrupt?

There are in fact no restrictions on the amount of you can earn, however if you make over a certain amount, some of the excess can be taken by the trustee to repay your creditors. This means that you cannot be deciding not to pay your debts and still pull in a 6 figure salary– it simply just wouldn’t be fair to the many people you owe money to. So 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 Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie
Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Bankruptcy and Income

First of all, it is important to know that changes are involving the world of bankruptcy. If you must know what is happening then pay attention now. Since March 2016 there have been modifications 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 removed. If you’re in a business when bankrupt then, of course, it’s also net (after tax) of business spending, which is typically calculated annually.

Your net income may be controlled to take into account things like salary sacrifice and significant superannuation payments etc. Your net income might also allow for more unusual costs acquired as a result of being employed. As an example, if you are subjected to an uncommonly high amount of travel costs to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee has to ascertain your real net income, based on the bankruptcy rules.

The income threshold figures are also per person and are set up by the Government each and every March and September to enable 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 ramifications that should be considered in some scenarios, but in most cases your partner is an entirely distinct legal entity and will not be affected financially when you file for bankruptcy. Just as a word of caution – this could alter if you have joint loans together, so take care about the implications of that. If you are not sure just give us a call on 1300 818 575.

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie
Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Who is considered a dependent?

This could be anybody, of any age, that resides with you and earns less than $3,343 per year. If, in the case you have a child or children that you give child support for and they do not live with you full time, then you can not claim these particular children as dependents.

Suppose my spouse or partner and I both will need to go bankrupt?

If a couple have 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 Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Self Employment & Bankruptcy

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Can I lose my small business if I go bankrupt?

The basic answer is no, you do not have to but you do need to get the correct guidance. Company insolvency laws are very entailed and you need to tread diligently if you wish to continue to be self-employed.

You may already recognise that you can no longer be the director of a Pty Ltd Company if you are bankrupt. However, that does not inevitably mean you can’t run your very own business and choose staff etc.

What happens if I have both Business and Personal Debts?

If you are a company owner and you have a mix of individual and business debts then it is generally possible to have most, if not all, of the debts wiped out with bankruptcy. Just remember this is a challenging process and requires special attention. The reality is, personal bankruptcy does not automatically imply business bankruptcy as well.

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

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie
Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Should I put my company into liquidation?

Among the main reasons you may wish to consider liquidation as opposed to bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, small businesses that become insolvent have a few choices, such as liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my company?

There are rules for small business owners that are bankrupt. Such as, as a bankrupt company owner you could be in your own business as a sole trader only. For several small business owners, bankruptcy can affect their ability to take care of the business due to the licensing issues. For instance, a builder with a builder’s license can not continue to use that license for the 3 years he or she is simply bankrupt.

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

Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie
Bankruptcy Gympie,Bankruptcy Notice Gympie,Bankruptcy Help Gympie

Isn’t it against the law to run an identical business after bankruptcy?

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

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