How Our People Can Support You
Bankruptcy Gympie can really help you with everything that you want to understand about going bankrupt. Everyone’s circumstances are different and need a competent approach. We have set the six most frequently asked questions on this page so you are able to receive a quick and painless response. If you need to get further facts advance through our website or simply call us on 1300 818 575.
The concern of losing the family property is certainly the primary reason people hesitate declaring bankruptcy and push the thought to the back of their minds. The question that everyone needs to know when taking into consideration insolvency is if they could keep their family home or apartment? The answer is YES in many cases.
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So as to try to keep it easy its certainly about the equity you have in the home, or to puts it simply how much your house is worth over and above the home mortgage sum. Should your property has hardly any to no equity in it, then it is very likely you can maintain your house provided you manage to keep paying the property loan, rates etc.
Normally there is even more to this tale and you may have some other queries, so feel free to call us on 1300 818 575, to receive the correct recommendations you require about your property.
The second frequently asked concern is if you can have your car if you are insolvent? The answer to this in some cases is YES! Put simply if your vehicle is at present on finance and you could continue to maintain the monthly payments its very likely you will manage to retain your vehicle.
If you own your car outright and have no finance then you can easily own a car up to the wholesale worth of $7,500.
If both of these two scenarios do not apply to your car then phone us on 1300 818 575.
Might I lose my business organisation if I declare bankruptcy? The answer for the most parts is NO! You can easily maintain your business organization and declare insolvency. This is often times the most challenging element of any type of insolvency. The bottom line is the government does not want you to become jobless and insolvent so therefore you can carry on as a self employed individual as a sole trader once you are bankrupt. You can not be the director of a company for the 3 years you are bankrupt. If you have your own small business and need to apply for insolvency 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 every week in the hand or after tax (net) for the 3 years you are insolvent then you will never pay a cent to the debt. If you pay child support or have dependent children then you can earn more. There is a table on the bankruptcy page of this site with greater detail 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 insolvent. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this means there are a number of financial institutions that will likely help you get a home mortgage or an auto loan etc. To obtain a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy time frame.
How Much will it Cost
Obviously this is not an easy one to answer, as each case we manage is different. Having said that, sometimes we will help you declare insolvency at no charge. That’s right. If we can assist you do it for FREE then we can assist you. In some cases that are straightforward it will cost $395. There are much more complex situations where the price is higher. If you need to get an idea about what your circumstance will amount to simply phone us on 1300 818 575..