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?

Our company provides straight-forward bankruptcy information. At Bankruptcy Cassowary Coast we recognize that the very thought of bankruptcy is terrifying, and if it becomes a reality it is extremely alarming. We understand that you are certainly feeling very overwhelmed, ambushed or maybe like you have no options left, and so we would like to help steer you through the process.

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

The next step is undoubtedly to work out if bankruptcy is right for you. There’s a few points you will need to know even before making that decision so we recommend that you continue browsing around this site, it has plenty of great information, or you can just get the phone and give us a ring on 1300 818 575.

Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

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

Our company provides straight-forward bankruptcy information. At Bankruptcy Cassowary Coast we recognize that the very thought of bankruptcy is terrifying, and if it becomes a reality it is extremely alarming. We understand that you are certainly feeling very overwhelmed, ambushed or maybe like you have no options left, and so we would like to help steer you through the process.

But here's the important thing - you've actually endured the toughest part of the process - you have taken that initial step towards putting your personal and/or business debts behind you and moving on with your life; you've found us.

The next step is undoubtedly to work out if bankruptcy is right for you. There's a few points you will need to know even before making that decision so we recommend that you continue browsing around this site, it has plenty of great information, or you can just get the phone and give us a ring on 1300 818 575.

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You Can Be 100 % Debt Free!

Can you picture a future without financial institutions’ harassing phone calls as well as looking forward to the mail once more? There certainly are a number of things you should know before you make that difficult choice. Firstly, the faster you act then the more choices you are going to have.

5 Problems you have to answer even before you declare yourself bankrupt.

There are 5 fundamental questions you will need to have a solution to before you declare bankruptcy. If you would like to know what they are, feel free to download our free e-book on the right hand part of the web page. This e-book will deal with these big 5 questions specifically and offer you peace of mind that you are doing the correct thing.

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Get your FREE copy of the Big 5










* We pledge not to barrage you with e-mails and phone calls when you sign up for our free e-book. In fact, we vow to only call you one time to see if we can help you even more and that’s it.

Your Insolvency Options

Is declaring bankruptcy my only real option?

No! Generally there are many options readily available to you. Below is a chart illustrating the advantages and downsides of the various debt choices offered. This chart is certainly by no means a comprehensive resource, but it will allow you to make a well-informed choice.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

Exactly what is a Personal Insolvency Agreement?

This is an adaptable arrangement amongst you and your creditors. It is managed through a trustee who supervises how much you have to pay out and when you have to pay. Once those conditions have actually been met you are 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 take part in an agreement with their creditors to pay off their loans without being made bankrupt.

You cannot participate in a Debt Agreement if you have 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 please get in touch with 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 reason you find loads of expensive commercials on the TV in the Cassowary Coast area inviting you to go for one of these alternatives is that there is tons of cash in it for the services that administer them. You will notice (if you haven’t already) that every single company has the tendency to give (biased) recommendations depending on 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 rather common across the industry, so ensure 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 contemplate a Debt Consolidation Loan?

There are sometimes the very rare conditions where a debt consolidation loan is the most beneficial strategy. Usually the problem with them is that all it is really doing is bundling 5-15 various debts into one sizable debt. If you are battling to pay off all your different loans now, then why do you believe it will be amazingly easier to have one enormous bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it more upsetting you usually will need to pay up front for the ‘ luxury’ of this option. If you wish 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 keep my house?

In many cases the answer is yes. If this is a significant concern for you then the most efficient way to get the solution is to call us here at Bankruptcy Experts Cassowary Coast on 1300 818 575 and once we have an understanding about your circumstances we can offer you a clear picture over the phone. Practically everybody is on an emotional level connected to their home; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People frequently think it’s an inescapable effect of bankruptcy and subsequently they press themselves to the edge of madness to not lose the family home.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

Will the bank allow me to keep my house even if I’m a bankrupt?

Why would the bank want bankrupt customers? Wouldn’t they need to sell your property and not take the chance? Remember – the bank that has kindly lent you the cash for your house is making good money each month in interest from you, month in and month out. As long as you manage to keep up to date with your mortgage payments then the bank prefers you in there at all costs. Having said that it’s not the bank’s call – if a trustee thinks that there is enough equity in your house the trustee will make you and the bank to sell off your home.

What things would contribute to losing the house?

Equity! If you are up to date with your payments then the most substantial problem is equity. A trustee has a duty to gather up as much money to help pay off your bills once you go bankrupt. Equity is the ticket here. Supposing that you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to settle the debt then the trustee sees your equity as a way to repay your debt and so 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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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

How is equity decided

Most people are not quite certain about just what equity is, as well as how it is determined– but it is really vital to figure out considering that if you get it, it can mean the huge difference between keeping and losing your home. There are a few things you will need to understand here. To start with, your gut instinct or expectation about the real worth of the home is possibly far too generous. The majority of people believe their home is worth much more than it actually is.

Secondly, when you apply for bankruptcy the trustee may ask about how you formed your price for the home. In some cases they will want more information about your valuation, maybe a rates notice or a real estate agency’s valuation or a registered valuation. A straightforward approach would certainly be to look on www.realestate.com.au then click the ‘Sold’ tab on that site and look for current house sales in your community or neighbourhood. This will help you get some concept of the reality of the market right now. Bear in mind, the appraisal is based on a quick sale not a slick real estate agent’s marketing campaign. So If you truly want a good idea, I would encourage getting a valuer and telling them to give you 2 prices 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. Understanding this step is vital, so get some advice before going forward, call us on 1300 818 575.

What happens if my Partner’s name is on the Mortgage?

Regularly when a couple purchase a home one income isn’t enough to apply for the loan, so the bank/lender will have each partners sign up for the loan. When your 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 got 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 need to go bankrupt.

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

Mick can then file for bankruptcy and provided that 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 declare bankruptcy also. There is lots to consider 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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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

What if My House 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 a few options available to you– it could be complicated, but the vital step is to speak with a professional to try and get ahead of it. In fact, this concerns 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 just about any assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be disastrous! Before you take your next step get some advice. We offer a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my company be given notice?

Typically there is simply no good reason for your employer to be advised of your bankruptcy. In instances where you earn over the threshold amounts of income while you are bankrupt and you are required to make an income contribution, you organise those payments on your own, it doesn’t go through your boss.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

Who will find out about my bankruptcy?

There are four categories of people that will learn that you are bankrupt. 1. People that you tell. 2. Your creditors or people you owe money to. 3. Individuals that see your credit file when you’re bankrupt. However, the only way this will happen is if you sign a privacy document for them to access your credit history. You only ever do this when you look for a loan. 4. You will be shown 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 someone is bankrupt on it.

At Bankruptcy Experts Cassowary Coast, we are completely aware that there is still a stigma linked to bankruptcy. We realise this concern 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 sort 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 declare bankruptcy?

The answer to the question is – yes, but only in some cases. The trouble with some jobs isn’t that you just can’t do the job any more, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make it troublesome for you.

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What we would definitely suggest is that you do your very own research here. It will make a big difference if you investigate this process before filing for bankruptcy considering that may help you decide. Check if your job is on the chart below. If it is, we recommend speaking with them personally and explaining your issue. A few organisations won’t have a problem with your bankruptcy so 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 Cassowary Coast on 1300 818 575.

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

There are in fact no limitations on how much you can earn, however if you earn over a certain amount, some of the excess can be taken by the trustee to pay off your creditors. This means that you cannot be refusing 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.
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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

Bankruptcy and Income

First of all, it is important to know that changes are involving the world of bankruptcy. If you should know what is happening then focus 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 deducted. If you’re in a business when bankrupt then, of course, it’s also net (after tax) of business spending, which is generally calculated annually.

Your net income may be regulated to take into consideration things like salary sacrifice and substantial superannuation payments etc. Your net income might also include more unusual costs incurred as a result of being employed. For example, if you are subjected to an unusually high amount of travel costs to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee needs 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 every March and September to enable the movement in the cost of living.

Exactly what can my partner make if I go bankrupt?

There really is no limit to exactly what your spouse/partner can earn. There are a few implications that should be thought about in some scenarios, but most of the time your partner is an entirely separate legal entity and will not be influenced 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 unsure just contact us on 1300 818 575.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

Who is considered a dependent?

This might be anybody, of any age, that lives with you and earns no more than $3,343 per year. If, in the case you have a young child or children that you pay child support for and they do not live with you full-time, then you can not declare these particular 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. A practical way to understand it is the same income rules apply for everyone individually.

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Self Employment & Bankruptcy

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Can I forfeit my small business if I go bankrupt?

The basic answer is no, you don’t have to but you do need to get the appropriate guidance. Company insolvency laws are very entailed and you should tread cautiously 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. Even so, that does not inevitably mean you can’t run your very own business and employ staff etc.

Suppose I have both Business and Personal Debts?

If you are a business owner and you have a mix of individual and business debts then it is actually possible to have most, or even all, of the debts wiped out with bankruptcy. Keep in mind this is a challenging process and needs special attention. The truth is, personal bankruptcy doesn’t automatically imply company bankruptcy as well.

Whether you administer your business as a Sole Trader, Partnership, Company or Trust we can really help guide you with your options. Feel free to call us on 1300 818 575 for a no obligation FREE consultation.

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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

Should I place my business into liquidation?

Among the main reasons you might wish to consider liquidation as opposed to bankruptcy is due to the fact that if you liquidate your company, it doesn’t inevitably mean you have 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 impact will bankruptcy have on my business?

There are rules for business owners that are bankrupt. For instance, as a bankrupt company owner you may be in your own business as a sole trader only. For several small business owners, bankruptcy can impact their ability to manage the business due to the licensing concerns. For example, a builder with a builder’s license can not continue to use that license for the 3 years she or he is actually bankrupt.

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There are actually some other implications for business owners whilst bankrupt that need to be considered. If you have 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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Insolvency Cassowary Coast,Bankrupt Cassowary Coast,Bankruptcy Cassowary Coast

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

It could be. There are considerations 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 then open the doors the next day like nothing at all has happened. There are laws in effect to stop 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 correct advice by calling Bankruptcy Experts Cassowary Coast today on 1300 818 575.

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