Yes. All you have to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, even so there is a one-page application you will need to complete just to notify the trustee of how long you will be taking a trip, etc. This rule only really exists so high flyers don’t skip the country. Occasionally the trustee will request your passport, but don’t worry about it considering that you can ask for it back when you intend to travel. The big part of this is making certain 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 understand more regarding travel on 1300 818 575.
In a lot of cases the answer is yes! In fact, in many cases these days we can really help you keep your home. At Bankruptcy Experts Joondalup we are really specialists at helping people keep their homes. It’s actually really tricky, so if you are worried about losing your home call us on 1300 818 575 and we will walk you through your options.
The thought of losing the family house is very likely the most common hindrance to people declaring bankruptcy. We chat with people on a daily basis who have grappled for several years under considerable financial stress so they don’t lose their home.
So how is it achievable when declaring bankruptcy to keep your house? Easy, really; it’s a matter of equity. Let’s put it this way, if you own a property that’s worth $350,000 and you owe the bank $350,000 you in reality have no equity in your home, correct? The trustee will only sell your home if there is undoubtedly enough equity in the home, if sold, to pay off a lot of your debts. So in this particular scenario, the trustee will then offer you some choices, one of which is to just simply to keep on paying the mortgage and remain in your house while you are simply bankrupt.
So how can I discover the value of my home before I look at the process and pain of declaring bankruptcy? A standard way is generally to go onto www.realestate.com.au and look at the sold properties tab in the Joondalup area and then it will display all the latest sales in your location. Another possibility, if you are not exactly sure or are very anxious, is to have a registered valuer do a valuation on your home, not a real estate agent ( except if they are registered valuers, of course). Be warned this will cost you anywhere between $300-700. Just another thing about house prices – If the trustee needs to sell off your house they do this moderately swiftly. It is definitely not a 6-month sleek marketing campaign and instead it’s typically by auction and they just meet the market on the day and that is usually it. So when thinking of 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 your home.
Normally when our clients are declaring bankruptcy most home loans are actually between two individuals as joint tenants who both add to the home loan. When only one person is declaring bankruptcy then the equity is calculated like this.
Say your house is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the house is $50,000, right? Half of that total equity is by default allocated to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of that $25,000 the declaring bankruptcy party needs to pay for all of the selling costs including advertising etc.,
which, depending upon where you live, can cost anywhere between $12,000-20 ,000. With this particular situation say the selling 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 provide the non-declaring bankruptcy party a few choices. Just one of which is common is for the bank to say, “Pay us the $10,000 and we will not sell the house and you will have it taken away as an asset from the bankrupt’s estate.” Or, simply put, arrange to pay the $10,000 and you can keep your house.
Just a side note: the financial institution who has granted you the property loan will need the mortgage payments to be continued naturally. Regardless of what the trustee determines, if you do not pay the bank the property loan they will in the end ask you to leave. So, in plain English, keeping your home without a doubt implies retaining the mortgage as well.
There are many more options with your house when declaring bankruptcy, and we have really just detailed one choice of probably 20 options you can choose when it involves your house. We understand you will want to get this right. Gambling with the family home can be a devastating choice. If you intend to get the necessary advice about filing for bankruptcy or you merely want to speak 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 takes 3 years and will sit on your credit file for that time. However, as with any default it will show up 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 in that time you definitely will not get a loan. After the 3 years is done you will have the potential to get loans; you just won’t get the very best rate. Your credit file will be erased clean 4 years after you have been cleared as a bankrupt then you will have an preferred credit history again and you will get the most competitive deal on loans.
Typically, no. Bankrupts hardly ever lose their cars simply because they’ve filed for bankruptcy. Naturally, this is conditional and we can let you know if your property is safe. Call Bankruptcy Experts Joondalup on 1300 818 575.
How is this worked out? Well it is calculated based upon a threshold value for your car. The threshold is the maximum wholesale market value your car could be worth, which is $7,350. You will find all types of flawed information about this on the internet, but here are the facts. That $7,350 represents not the total value; it represents equity. So, essentially, if you have a car worth $35,000 you are repaying 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 gave you the loan for the car will be pleased for you to manage to keep the car despite the fact that you are bankrupt just as long as you maintain the payments.
Get some guidance with this. If you are thinking about declaring bankruptcy and just need some advice without delay call 1300 818 575. Basically, you will receive about two to three payments grace when it comes to car loans. The bottom line is simple: whether you are declaring bankruptcy or otherwise, if you overlook three or more repayments on your loan they will retake the car. Don’t think because you are declaring bankruptcy you are immediately going to lose your car because in many cases we help people retain them.
The creditors, or the people you owe money to, are notified in writing at around the same time you receive your bankruptcy file number.
No. The declaring bankruptcy process is primarily a paperwork exercise. All that actually occurs is that you will quite possibly be sent a letter by mail or emailed a notice warning you that you are bankrupt. At Bankruptcy Experts Joondalup we ensure that this entire process is that straightforward, so if you have queries about this phone 1300 818 575.
Of course. This approach will take about two weeks and will completely eliminate the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that allow a bankrupt individual to have their bankruptcy annulled using a Section 73 proposal.
The repercussions of creditor’s claims can typically result in bankruptcy, no matter if it was the person’s choice to enter bankruptcy, or if it was filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the person who experiences bankruptcy.
We have been helping people declaring bankruptcy in the Joondalup area for a number of years so call us today on 1300 818 575 to get some insight on this matter. We exercise probably the most suitable possible strategy for you in order to get back up and running, doing away with remaining effects and hindrances of past financial circumstances to give you the best potential outcome. Having experience and skills in Section 73 proposals, we can integrate this with our proven strategies and methods to bring you through bankruptcy unharmed, ready to start over.
Initially, having your bankruptcy annulled is essentially reversing it 100%. So if you are considering having your bankruptcy annulled there are a couple of things you need to know.
Firstly, just how does the annulment work? A straightforward 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 learn that they are declaring bankruptcy. You would most likely kiss that money goodbye, right? Years go by 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. Most certainly you are more than happy to take it, because it is much better than nothing. The only condition they request in return is that you consent to have the bankruptcy cleansed from their record, and if you don’t consent to do that then there will be no $5,000. Of course you don’t care about their credit file; you are just happy they are giving you some money after all these years.
In bankruptcy terms this technique is usually described 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 much less than the original debt owed, on the condition they clear your credit file clean.
This approach takes a few weeks. The proposal may be done any time in the 3 years you are bankrupt. However, you must consider the time 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 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 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 certainly be more tricky to get an annulment because they may get some cash from you over the 3 years if you earn over the threshold sum of money.
If you need advice to put a section 73 proposal to your trustee or simply just need more information 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 need to have you discharged from them first before you experience the pain of declaring bankruptcy, but it is really no problem. If you are locked into one of these and simply can’t get on top give us call at 1300 818 575.
There actually are very few debts that declaring bankruptcy won’t 100% eliminate, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, ultimately, money owed to an insurance company due to 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. In reality, there are a bunch of factors to list so if you have a specific debt you are worried about just call for a free consult 1300 818 575.
You can’t file for bankruptcy for an amount under $5,000; however, there is no restriction above that. If you owe a few million dollars, that’s managed no differently compared to $20,000.
An unsecured creditor is a lender that does not really have a hold over the chattels/assets/property acquired with the credit afforded to you. These kinds of debts include things like 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 get back and sell the chattels/assets/property to pay for the unpaid debt.
Our staff have helped thousands of people undergo the process of declaring bankruptcy over several years and we have never had anybody’s application rejected. That is actually the reason why our company provide a 100% money back guarantee.
There is a basic method we use here prior to declaring bankruptcy and all you need 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 have the capacity to get you a copy for a modest fee.
Vehicle accidents may be challenging, so to keep it straightforward call us on 1300 818 575 in order to get the right advice on your situation. Declaring bankruptcy may not be the best option. However, as a standard rule, if you were driving a motor vehicle 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 on who admitted liability or who was simply at fault. If you go to court and the court proves you were not at fault then you shall be fine.
Yes! We can help you do this, even though it’s possible there are effects and plenty of regulations around this process, so call us and we will direct you through the process on 1300 818 575. Bankruptcy Experts Joondalup are experts at assisting businesses get back on their feet.
Yes. Currently there is an approach to follow, but if you win lotto or inherit some cash you can use it to get your slate wiped clean. There is really a way of carrying this out correctly; just call us first.
Generally, if you owe money to a lender they can get a court order and even bankrupt you. They will have to follow a process, but it is possible. What you should avoid at all costs ideally is other people bankrupting you, as it’s always best to voluntarily apply for bankruptcy. Unless you enjoy attending court and frustrating phone calls, of course.
Yes. However, this is actually a tough process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled improperly, it can be disastrous. For a free consultation call Bankruptcy Experts Joondalup 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 ultimately you are not obliged to alert them of your bankruptcy; we look after that for you.
Commonly, it takes about 2 weeks.
Yes. Generally a lender will go after the other person that signed the loan files with you for the sum total of the overdue money owing on the loan.
Don’t stress! If you overlooked a debt and remember it later on, just get in touch with your trustee with the name of the creditor, address, date the debt was incurred, amount of debt along with 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 take care of the whole process for you.
Normally this is not actually a problem, so if you are actually a gambler, don’t worry. What the trustee won’t like 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 does not add up and looks suspicious.
Yes. We understand that you are busy. If you have a phone we can support you; simply contact us on 1300 818 575.
Yes. This is generally 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 living in Australia then declares bankruptcy and they have a liability incurred in that foreign country, you just list that unpaid debt on the forms.
Most of the time the creditor internationally will erase the debt. It is entirely possible and legal for them, however, to deny your application, and if you return to that country you may go through their bankruptcy rules.
There are actually a few ways the trustee can discover, and one of the most effective and easiest way is for you to let them find out when we do the documents. There is also a government site that has major assets listed also. You should get some guidance about assets; so look out.
This is complicated and you will certainly want the best guidance, so if you need extra info about inheritances give us a call on 1300 818 575.
No. The income thresholds are the same for everyone so regardless of how you earn your income you will have to earn about $50,000 every year before your income will be altered by bankruptcy.
You can keep money from tax returns just if you did not have any tax debts. So if you owed money to the Tax Office when you went bankrupt at that point they will take your tax return. The main reason for this is simply 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 additional debts then you will get your entire tax return back.
If you are required to pay child support, this money will be deducted from your net income, so what you have the ability to keep after you pay your tax and after that child support is looked at as net income. Which is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, however it’s not a good idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them from you, as they are deemed an asset.
You can keep almost everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even items like houses and cars may be able to be saved. Simply give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Joondalup.