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

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

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

We offer straight-forward bankruptcy help. At Bankruptcy Joondalup we know that the very thought of bankruptcy is terrifying, and if it becomes a reality it is positively alarming. We know that you are likely feeling very overwhelmed, trapped or even like you have zero alternatives left, and so we would like to help lead you through the process.

However here’s the important thing – you’ve already endured the toughest part of the process – you have taken that initial step towards placing your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is to figure out if bankruptcy is simply right for you. There’s a few details you should know before making that decision so we recommend that you continue searching across this site, it’s full of great information, or you can simply grab the phone and phone us on 1300 818 575.

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

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You Can Be 100 % Debt Free!

Can you picture a future without bankers’ hounding phone calls and looking forward to the mail again? Generally there are a few things you really should know before you make that tough choice. First of all, the faster you act then the more options you are going to have.

5 issues you have to answer long before you declare yourself bankrupt.

There are 5 crucial questions you must have an response 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 focus on these big 5 questions specifically and give you peace of mind that you are doing the right thing.

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Get your FREE copy of the Big 5

* We promise not to pester you with emails and phone calls when you apply for our free e-book. Really, we vow to only get in touch with you once to see if we will be able to help you even more and that’s it.

Insolvency Options

Is Going bankrupt my one and only option?

No! There certainly are many options available to you. Below is a chart detailing the benefits and problems of the different debt solutions offered. This diagram is definitely by no means an exhaustive resource, but it will enable you to make a well-informed choice.

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Bankruptcy Joondalup,Bankrupt Joondalup,Insolvency Joondalup

What exactly is a Personal Insolvency Agreement?

This is an adaptable arrangement involving you and your lenders. It is handled through a trustee who supervises the amount of money you have to pay out and when you have to pay. Once those circumstances have actually been met you are generally then free to begin again with a new beginning.

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What is a Debt Agreement?

A debt agreement makes it possible for a debtor to enter into an plan with their lenders to pay off their money troubles without being made bankrupt.

You cannot take part in a Debt Agreement if you have actually been bankrupt, or if you are currently already in a debt agreement. Also keep in mind that there are additionally income restrictions, as well as restrictions on property value and unsecured debt value. If you wish to know more feel free to call us on 1300 818 575.

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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 plenty of expensive commercials on the TV in the Joondalup area inviting you to go for one of these alternatives is that there is huge amounts of cash in it for the firms that provide them. You will see (if you haven’t already) that every single company has the tendency to give (biased) advice 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 pretty common across the industry, so make sure you don’t get deceived. 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!

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Should I think about Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the most ideal strategy. Usually the trouble with them is that all it is really doing is wrapping 5-15 different debts into one sizable debt. If you are battling to pay all your various loans now, then why do you think it will be magically simpler to have one substantial bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it even worse you usually have to pay up front for the ‘ luxury’ 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 file for bankruptcy can I manage to keep my house?

In many cases the answer is yes. If this is a major concern for you then the most efficient way to get the answer is to contact us here at Bankruptcy Experts Joondalup on 1300 818 575 and as soon as 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 often think it’s an inescapable effect of bankruptcy and for this reason they pressure themselves to the verge of madness to not give up the family house.

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Bankruptcy Joondalup,Bankrupt Joondalup,Insolvency Joondalup

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

Why would the bank want bankrupt customers? Wouldn’t they really want to sell your home and not take the risk? Take note – the bank that has generously offered you the cash for your house is making good money every month in interest from you, month in and month out. So long as you maintain up to date with your mortgage payments then the bank prefers you in there at all costs. Having said that it is usually not the bank’s call – if a trustee thinks that there is suitable equity in your house the trustee will force you and the bank to sell your house.

What things would result in losing the house?

Equity! If you are up to date with your repayments then the most considerable issue is equity. A trustee has a obligation to collect as much money in order to help pay your debts once you go bankrupt. Equity is the key here. Supposing that you have $300,000 equity on your property 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 pay your debt therefore they are going to sell your house to repay the debt and give you whatever money is left from the sale.

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Bankruptcy Joondalup,Bankrupt Joondalup,Insolvency Joondalup

How is equity worked out?

Most people are not confident about exactly what equity is, or how it is determined– but it is definitely important to work out because if you understand, it can mean the difference between keeping and losing your house. There are a few factors you ought to understand here. First and foremost, your gut reaction or belief about the real worth of the property is possibly far too generous. The majority of people believe their house is worth more than it really is.

Secondly, when you file for bankruptcy the trustee may ask how you determined your value for the house. In some cases they will ask for more detail about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A simple tactic would certainly be to search then click on the ‘Sold’ tab on that site and look for the latest house sales in your community or neighbourhood. This may help you get some concept of the reality of the marketplace right now. Keep in mind, the valuation is based on a quick sale not a skillful real estate agent’s advertising campaign. So If you actually want a good idea, I would advise getting a valuer and telling them to give you 2 values for your home, one as a typical sale, and the other as a ‘quick sale’. This will give you a far better awareness for your home’s worth. Knowing this step is vital, so get some advice before proceeding, call us on 1300 818 575.

What if my Partners name is on the mortgage?

Usually when a couple purchase a home one income isn’t enough to qualify for the loan, so the bank/lender will have both partners register for the loan. When the house is purchased both names are on the mortgage from the bank and the title deed of the house as joint tenants.

Let’s say Mick and Susie bought a house 4 years ago for $400,000 with no deposit so their mortgage was also $400,000. Mick is a plumber and needs to go bankrupt but Susie has a good job teaching and doesn’t have to go bankrupt.

However, the house has not risen in price in the 4 years they have owned it and they also have merely 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 file for bankruptcy and just as long as they continue paying the mortgage, rates etc. they can continue to keep the house for the 3 years Mick is bankrupt. This step will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is plenty to think about when it concerns houses and bankruptcy so if you have questions don’t hesitate to call us about your house on 1300 818 575.

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Bankruptcy Joondalup,Bankrupt Joondalup,Insolvency Joondalup

Suppose my home has a lot of equity? What can I do?

If your house has a lot of equity and you are still drowning in debt, there are still some alternatives readily available to you– it might be complicated, but the crucial step is to talk to an expert 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 devastating! Before you take your next step get some advice. Our company provides a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my job be informed?

Commonly there is no reason for your company to be advised of your bankruptcy. In circumstances 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 on your own, it doesn’t go through your boss.

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Bankruptcy Joondalup,Bankrupt Joondalup,Insolvency Joondalup

Who will find out about my bankruptcy?

There are four categories of people that will discover that you are bankrupt.

  1. People that you tell
  2. Your creditors or individuals you owe money to
  3. Individuals 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 look for a loan.
  4. You will be listed on the National Insolvency Index on the web somewhere. But this is not too big a problem because it is hard to locate and people have to pay to see if a person is bankrupt on it.

At Bankruptcy Experts Joondalup, we are completely mindful that there is nonetheless a stigma connected to bankruptcy. We recognize this worry and we can help to ensure that if you declare yourself bankrupt that you don’t have to go to court, get your name in the papers 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 common person to get out of debt and on with their lives. For more detailed information 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 issue with some professions isn’t that you just can’t do the job any longer, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make things troublesome for you.

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What we would certainly recommend is that you do your very own research here. It will help make a big difference if you investigate this process prior to filing for bankruptcy considering that may help you decide. Check if your job is on the diagram below. If it is, we suggest speaking to them personally and explaining your problem. A few organisations won’t have a problem with your bankruptcy so long as it wasn’t accompanied by shady or suspicious practices. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Joondalup on 1300 818 575.

Bankruptcy Income Thresholds

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

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

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

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Bankruptcy Joondalup,Bankrupt Joondalup,Insolvency Joondalup

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 focus now. Since March 2016 there have been modifications to the Income Threshold amounts. This signifies that there are modifications 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 commonly calculated annually.

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

The income threshold numbers are also per person and are established by the Government each and every March and September to enable the movement in the cost of living.

What can my partner make if I go bankrupt?

There is no limit to what your spouse/partner can earn. There are a few ramifications that need to be considered in some scenarios, but in most cases your partner is a totally different legal entity and will not be impacted financially when you file for 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 unsure just contact us on 1300 818 575.

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Bankruptcy Joondalup,Bankrupt Joondalup,Insolvency Joondalup

Who is considered a dependent?

This might be any person, of any age, that resides with you and earns no more than $3,343 per year. If, in the case you have a young child or children that you give child support for and they do not live with you full-time, then you can not declare these children as dependents.

What if my spouse or partner and I both 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.

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Self Employment & Bankruptcy

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Will I lose my small business if I go bankrupt?

The simple answer is no, you do not have to but you do need to get the right guidance. Company insolvency laws are very involved and you should tread carefully if you wish to continue to be self-employed.

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

What if I have both Business and Personal Debts?

If you are a business owner and you have a combo of personal and business debts then it’s possible to have most, or even all, of the debts erased with bankruptcy. Do not forget this is a challenging process and needs special attention. The reality is, personal bankruptcy will not automatically suggest business bankruptcy also.

No matter if you manage your business as a Sole Trader, Partnership, Company or Trust we can help guide you through your options. Don’t hesitate to call us on 1300 818 575 for a no commitment FREE consultation.

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Bankruptcy Joondalup,Bankrupt Joondalup,Insolvency Joondalup

Should I put my company into liquidation?

Among the main reasons you might wish to think about liquidation as opposed to bankruptcy is due to the fact that if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, businesses that become insolvent have a few options, for instance, liquidation, voluntary administration etc. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my business?

There are rules for business owners that are bankrupt. Such as, as a bankrupt company owner you may be in your own business as a sole trader only. For a number of small business owners, bankruptcy can have an effect on their ability to operate the business due to the licensing problems. For instance, a builder with a builder’s license can not really continue to use that license for the 3 years she or he is simply bankrupt.

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

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Bankruptcy Joondalup,Bankrupt Joondalup,Insolvency Joondalup

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

It could be. There are factors to consider when and if you declare bankruptcy as a small business owner. You can not run up heaps of debt in your company, then go bankrupt and after that open the doors the next day like nothing has happened. There are laws in place to prevent these ‘Phoenix companies’ rising 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 Joondalup today on 1300 818 575.

Our Clients

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