Yes. All you must do is apply to your bankruptcy trustee for permission to go. You’ll get it, having said that there is a one-page document you will need to complete just to update the trustee of how long you are going to be taking a trip, etc. This rule only really exists so high flyers don’t skip the country. At times the trustee will request your passport, but don’t stress over it considering that you can ask for it back when you wish to travel. The big part of this is making certain that you in fact ask– because if you ignore this then you can actually get in a bunch of trouble. Call us if you wish to learn more about travel on 1300 818 575.
In many cases the answer is yes! In fact, in many cases these days we can really help you keep your home. At Bankruptcy Experts Gympie we are experts 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 walk you through your choices.
The idea of losing the family house is quite possibly the most typical hindrance to people declaring bankruptcy. We chat with people everyday who have grappled for years under serious financial strain 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’s worth $350,000 and you owe the bank $350,000 you in reality have no equity in your house, correct? The trustee will only sell your home if there is generally enough equity in the home, if sold, to repay a lot of your debts. So in this particular scenario, the trustee will then offer you some options, one of which is to just simply to continue paying the mortgage and stay in your house while you are simply bankrupt.
So how can I learn the value of my home before I go through the process and pain of declaring bankruptcy? A basic way is generally to go onto www.realestate.com.au and take a look at the sold properties tab in the Gympie area and then it will show you all the previous sales in your neighborhood. Another option, if you are not exactly sure or are very worried, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, of course). Be warned doing this will cost you somewhere between $300-700. Just one more thing about house prices – If the trustee needs to sell off your house they do this reasonably promptly. It is certainly not a 6-month shiny advertising effort and instead it’s generally by auction and they just meet the market on the day and that is usually it. So when considering the value remember that it’s a sell right now price, not when the market improves.
Once you have figured out the market value of your home the next thing to look into is who owns your home.
Typically when our clients are declaring bankruptcy the majority of home loans are between a couple of individuals as joint tenants who both contribute to the home loan. In the event that only one party is declaring bankruptcy then the equity is formulated in this manner.
Say your home is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the home is $50,000, right? One-half of that overall equity is immediately allocated to the party 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 exactly where you live, can set you back anywhere between $12,000-20 ,000. With this particular instance say the sales expenses are going to be $15,000 then the remaining left over following the sale is $10,000. So in this case the trustee will give the non-declaring bankruptcy party a few options. One of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell your home and you will have it taken away 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 given you the property loan will need the payments to be continued naturally. No matter what the trustee chooses, if you do not pay the financial institution the property loan these guys will eventually ask you to leave. So, in plain English, keeping your home certainly implies continuing the mortgage also.
There are many more alternatives with your house when declaring bankruptcy, and we have just described one choice of probably 20 options you can pick when it involves your property. We understand you will need to get this right. Taking a chance with the family home might be a devastating choice. If you intend to get the right advice about filing for bankruptcy or you simply just need to talk with someone contact us on 1300 818 575.
Your travel would be prohibited by the trustee due to legal action. For example, if your declaring bankruptcy is a part of a criminal investigation or fraudulent activities, its possible the trustee will restrict your travel.
Bankruptcy lasts 3 years and will remain on your credit file for that time. However, just like any default it will appear on your credit file for 7 years. You can have it cleared away if you get your bankruptcy annulled.
Bankruptcy is for 3 years and during that time you will most likely not get a loan. After the 3 years is done you may have the power 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 absolved as a bankrupt then you will have an fitting credit history in the future and you will get the most competitive deal on loans.
Often, no. Bankrupts hardly ever lose their cars just because they’ve filed for bankruptcy. Certainly, this is conditional and we can let you know if your property is safe. Call Bankruptcy Experts Gympie on 1300 818 575.
How is this worked out? Well it is determined based upon a threshold market value for your car. The threshold is the max retail value your car could be worth, which is $7,350. You will find all types of erroneous information about this on the internet, but here are really the facts. That $7,350 represents not the full value; it represents equity. So, basically, if you have a car worth $35,000 you are paying back or leasing and the amount you can sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that offered you the loan for the car will be pleased for you to keep the car despite the fact that you are bankrupt as long as you maintain the payments.
Get some advice on this. If you are considering declaring bankruptcy and just need some advice today call 1300 818 575. Basically, you will get about 2 to 3 payments grace when it relates to car loans. The bottom line is simple: whether you are declaring bankruptcy or not, if you overlook three or more repayments on your loan they will take back the car. Don’t assume because you are declaring bankruptcy you are automatically going to lose your car because a lot of the time we help people retain them.
The creditors, or the people you owe money to, are alerted in writing at roughly the same time you receive your bankruptcy file number.
No. The filing for bankruptcy process is primarily a paperwork exercise. All that actually occurs is that you will possibly be sent a letter by mail or emailed a notice advising you that you are simply bankrupt. At Bankruptcy Experts Gympie we ensure that this entire process is that easy, so if you have queries about this phone 1300 818 575.
Yes. This approach will take around two weeks and will thoroughly eliminate the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that help a bankrupt individual to have their bankruptcy annulled with a Section 73 proposal.
The repercussions of creditor’s claims can commonly result in bankruptcy, no matter if it was the individual’s decision to enter bankruptcy, or if it was filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the person who goes through bankruptcy.
We have been helping people declaring bankruptcy in the Gympie area for many years so call us today on 1300 818 575 to get some knowledge on this matter. We exercise probably the most suitable possible strategy for you to get back up and running, eliminating enduring effects and hindrances of past financial circumstances to give you the best conceivable outcome. Having experience and skills in Section 73 proposals, we can combine this with our proven techniques and approaches to bring you through bankruptcy unscathed, ready to begin again.
Initially, having your personal bankruptcy annulled is essentially reversing it 100%. So if you are really considering having your insolvency annulled there are a couple of things you have to know.
Firstly, just how does the annulment work? A basic way to understand it is this – let’s say someone owes you $50,000 and they have not paid you one cent back for many years. Then to make matters worse you find out 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 work out your debt with them. Certainly you are delighted to take it, because it is far 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. Of course you do not care about their credit file; you are just pleased they are offering you some money after all of these years.
In bankruptcy terms this method is usually called a Section 73 proposal, and it is really an approach where ‘everybody wins.’
Essentially, the trustee contacts your creditors, presents your offer, which is much less than the starting debt owed, on the condition they clear your credit file clean.
This procedure takes a few weeks. The proposal may be done at any time in the 3 years you are bankrupt. However, you will have to consider the time of your proposal; you don’t want to do it the day you are declaring bankruptcy because it does cost money to carry this out, you want to ensure the odds are on your side. As an example, 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 get 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 merely been bankrupt three weeks it will definitely be more complicated 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 want to get help to put a section 73 proposal to your trustee or just need more details about the timing of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can assist you cancel all of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them to start with before you endure the pain of declaring bankruptcy, but it’s no problem. If you are locked into one of these and just simply cannot 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 provider because of a car accident in an without insurance while you were driving.
Besides that, it will get rid of things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Actually, there are a bunch of things to list so if you have a particular debt you are worried about just call for a free assessment 1300 818 575.
You can’t declare bankruptcy for an amount under $5,000; however, there is no restriction over that. If you owe a few million dollars, that is actually managed no differently than $20,000.
An unsecured creditor is a creditor that does not really have a hold over the chattels/assets/property acquired with the credit provided to you. These types of debts normally include credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out in full. If a debtor defaults on a secured debt, the creditor can retrieve and sell the chattels/assets/property to pay for the unpaid debt.
Our team have helped countless people undergo the process of declaring bankruptcy over several years and we have certainly never had anybody’s application rejected. That is actually the reason that we offer a 100% money back guarantee.
There is a basic method we use here before declaring bankruptcy and all you will have to do is acquire a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will have the ability to get you a copy for a small fee.
Vehicle accidents may be difficult, so to keep it straightforward call us on 1300 818 575 to get the proper advice on your situation. Declaring bankruptcy may not be the best option. However, as a general rule, if you were driving a motor vehicle that was not insured then the price of the repairs is not removed with the declaring bankruptcy process. Having said that, it depends upon who admitted liability or who was at fault. If you go to court and the court confirms you were not at fault then you really should be fine.
Yes! We can really help you do this, even though it’s achievable there are consequences and plenty of regulations around this process, so phone us and we will direct you through the process on 1300 818 575. Bankruptcy Experts Gympie are professionals at supporting companies get back on their feet.
Yes. There actually is an strategy to follow, but if you win lotto or inherit some cash you can use it to get your record wiped clean. There is really a way of doing this correctly; just contact us first.
Normally, if you owe money to a lender they could get a court order and even bankrupt you. They will have to follow a process, but it is actually possible. What you have to avoid at all costs if possible is someone else bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you appreciate attending court and annoying phone calls, naturally.
Of course. Even so, this is actually a difficult process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled incorrectly, it might be disastrous. For a free consultation call Bankruptcy Experts Gympie 1300 818 575.
No, we do that for you. Actually, we function as a buffer or a midway point between you and your creditors. So in the end you are not actually obligated to alert them of your bankruptcy; we deal with that for you.
Normally, 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 overdue money owing on the loan.
Don’t panic! If you overlooked a debt and remember it afterwards, just get in touch with your trustee with the name of the creditor, address, date the debt was incurred, amount of debt as well as any account or reference number/s provided by the lender. Your trustee will add the creditor to your bankruptcy and deliver a notice to the creditor.
No. We handle the entire process for you.
In most cases this is not a dilemma, 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 might have some explaining to do, of course, because it just won’t add up and looks suspicious.
Yes. We acknowledge that you are busy. If you have a phone we can help you; simply give us a call on 1300 818 575.
Yes. This is generally possible. It requires some emails back and forth but it can be done.
Yes. In the event that a person originally living in a different country is now residing in Australia then files for bankruptcy and they have a unpaid debt incurred from that foreign country, you just specify that unpaid debt on the documentation.
Most of the time the creditor overseas will wipe out the debt. It is potential and lawful for them, however, to deny your application, and if you go back to that country you may go through their bankruptcy rules.
There are certainly a few ways the trustee can discover, and the most effective and simplest way is for you to let them know when we do the documents. There is also a government website which has major assets listed also. You ought to get some guidance about assets; so look out.
This is complicated and you will want the right advice, so if you need extra information about inheritances call us on 1300 818 575.
No. The income thresholds are the same for each person so regardless of how you gain your income you have to earn about $50,000 each year before your income will be impacted by bankruptcy.
You can keep money from tax returns only if you did not have any tax debts. So if you owed money to the Tax Office when you declared bankruptcy then they will take your tax return. The explanation for this is because your income tax return is viewed as net income, so if you are actually below the threshold amount you can earn while bankrupt and provided you didn’t have those various other debts then you will get your whole tax return back.
If you are mandated to pay child support, this money will be taken off from your net income, so what you have the ability to keep after you pay your tax and then child support is thought about as net income. Which is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, but it’s not a good idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them from you, as they are regarded as an asset.
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. Simply contact us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Gympie.