Yes. All you will need to do is apply to your bankruptcy trustee for permission to go. You’ll get it, that being said there is a one-page document you will need to fill in basically to advise the trustee of how long you are going to be taking a trip, etc. This policy only actually exists so high flyers don’t skip the country. Occasionally the trustee will ask for your passport, but don’t stress over it considering that you can ask for it back when you intend to travel. The big part of this is ensuring that you actually ask– because if you ignore this then you can actually get in a bunch of trouble. Call us if you wish to learn more regarding travel on 1300 818 575.
In some cases the answer is yes! In fact, in many cases these days we can really help you keep your home. At Bankruptcy Experts Cassowary Coast we are truly specialists at helping people keep their homes. It’s actually rather tricky, so if you are troubled about losing your home call us on 1300 818 575 and we will guide you through your choices.
The notion of losing the family home is quite possibly the most common deterrent to people declaring bankruptcy. We chat with people on a daily basis who have grappled for several years under considerable financial strain so they don’t lose their home.
So how is it likely 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 property that is actually worth $350,000 and you owe the bank $350,000 you essentially have no equity in your house, correct? The trustee will only sell your house if there is undoubtedly enough equity in the home, if sold, to pay back a number of your debts. So with 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 home while you are simply bankrupt.
So how can I discover the value of my home before I experience the process and pain of declaring bankruptcy? A basic way is generally to go onto www.realestate.com.au and look at the sold houses tab in the Cassowary Coast area and then it will display all the previous sales in your area. Another option, if you are unsure or are very anxious, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, obviously). Be warned doing this will cost you somewhere between $300-700. Just another thing about house prices – If the trustee has to sell off your house they do so fairly promptly. It is definitely not a 6-month sleek advertising campaign and instead it’s generally by auction and they simply meet the market on the day and that is probably it. So when thinking about the value keep in mind that it’s a sell right now price, not when the market improves.
Once you have worked out the market value of your house the next thing to look into is who owns the house.
Usually when our customers are declaring bankruptcy many home loans are between a couple of people as joint tenants who both support the home loan. When only one person is declaring bankruptcy then the equity is formulated like this.
Say your home is worth $400,000 and the current market value is $350,000. Then the balance of equity in the property is $50,000, right? Fifty percent of that overall equity is automatically allocated to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of this $25,000 the declaring bankruptcy party needs to cover all of the selling costs including advertising etc.,
which, depending upon precisely where you live, can set you back anywhere between $12,000-20 ,000. With this particular case 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 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 your property and you can have it eliminated 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 home loan will need the mortgage payments to be continued naturally. Regardless of what the trustee decides, if you don’t pay the bank the property loan they will at some point ask you to leave. So, in plain English, keeping your home definitely implies continuing the mortgage as well.
There are many more options with your house when declaring bankruptcy, and we have actually just laid out one option of potentially 20 options you can select when it comes to your house. We know you will want to get this right. Gambling with the family home may be a devastating choice. If you intend to get the necessary advice about filing for bankruptcy or you simply want to talk with someone give us a call 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, it’s possible the trustee will restrict your travel.
Bankruptcy takes 3 years and is going to remain 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 cleared away if you get your bankruptcy annulled.
Bankruptcy is for 3 years and during that time you definitely will 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 erased clean 4 years after you have been dismissed as a bankrupt then you will have an optimal credit history again and you will get the most competitive deal on loans.
Often, no. Bankrupts hardly ever lose their cars because they’ve filed for bankruptcy. Of course, this is limited and we can let you know if your property is safe. Call Bankruptcy Experts Cassowary Coast on 1300 818 575.
How is this figured out? Well it is determined based upon a threshold value for your car. The threshold is the max wholesale value your car could be worth, which is $7,350. You will find all kinds of wrong information about this online, but here are really the simple facts. That $7,350 represents not the total value; it represents equity. So, in other words, 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 lent you the loan for the car will be pleased for you to keep the car even though you are bankrupt so long as you maintain the payments.
Get some guidance with this. If you are thinking about declaring bankruptcy and simply need some advice right away call 1300 818 575. Basically, you will get about two to three repayments grace when it involves car loans. The bottom line is straightforward: whether you are declaring bankruptcy or otherwise, if you overlook three or even more repayments on your loan they will retrieve the car. Don’t presume because you are declaring bankruptcy you are immediately going to lose your car because in most cases we help people keep 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 filing for bankruptcy process is fundamentally a paperwork exercise. All that actually occurs is that you will either be sent a letter by mail or emailed a letter informing you that you are actually bankrupt. At Bankruptcy Experts Cassowary Coast we make certain that this entire procedure is that easy, so if you have questions about this phone 1300 818 575.
Yes. This approach will take about two weeks and will thoroughly eliminate the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that permit a bankrupt individual to have their bankruptcy annulled with a Section 73 proposal.
The repercussions of creditor’s claims can typically lead to bankruptcy, regardless of if it was the individual’s decision to enter bankruptcy, or if it was filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the individual who undergoes bankruptcy.
We have been assisting people declaring bankruptcy in the Cassowary Coast area for several years so phone us today on 1300 818 575 to get some insight on this issue. We exercise probably the most suitable possible strategy for you in order to get back up and running, reducing left over 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 methods to bring you through bankruptcy unharmed, ready to begin again.
To start with, having your personal bankruptcy annulled is virtually reversing it 100%. So if you are actually contemplating having your insolvency annulled there are a couple of things you have 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 haven’t paid you 1 cent back for years. Then to make things worse you find out that they are declaring bankruptcy. You would kiss that money goodbye, right? Years pass and they come to you with an deal to pay you $5,000 that their grandparents are giving to them to work out your debt with them. Without a doubt you are delighted to take it, because it is much better than nothing. The only condition they ask for in return is that you agree to have the bankruptcy cleansed from their record, and if you don’t consent to do that then there will be no $5,000. Obviously you don’t care about their credit file; you are just thrilled they are giving you some money after all of these years.
In bankruptcy terms this approach is usually called a Section 73 proposal, and it is really an approach where ‘everybody wins.’
Basically, the trustee reaches out to your creditors, shows your offer, which is considerably less than the initial debt owed, on the condition they clear your credit file clean.
This method 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 right time of your proposal; you don’t want to do it the day you are declaring bankruptcy because it does cost money to do this, you want to ensure the odds are on your side. For instance, 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 greater than it will add up to.
similarly, If you have basically been bankrupt three weeks it will definitely be more difficult 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 want assistance to put a section 73 proposal to your trustee or just need more information about the timing of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can assist you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them first off before you go through the pain of declaring bankruptcy, but it’s not a problem. If you are locked into one of these and just simply can’t get on top give us call at 1300 818 575.
There really 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 due to a car accident in an without being insured 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. Truthfully, there are a lot of things to list so if you have a certain debt you are bothered with just call for a free consultation 1300 818 575.
You can’t file for bankruptcy for an amount under $5,000; however, there is no limit over that. If you owe a few million dollars, that is simply managed no differently compared to $20,000.
An unsecured creditor is a creditor that does not have a hold over the chattels/assets/property obtained with the credit provided to you. These sorts of debts include credit card debts.
A secured creditor has a hold over the chattels/assets/property up until the debt is paid out fully. 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 company have helped thousands of people go through the process of declaring bankruptcy over many years and we have certainly never had anyone’s application rejected. That’s exactly why we offer a 100% money back guarantee.
There is a essential method we use here before declaring bankruptcy and all you need to do is get a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will be able to get you a copy for a modest fee.
Car accidents may be tough, 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 right option. However, as a general rule, if you were driving a motor vehicle that was not insured then the cost of the repairs 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 ought to be fine.
Yes! We can help you carry this out, even though it’s possible there are consequences and plenty of regulations around this process, so call us and we will direct you through the process on 1300 818 575. Bankruptcy Experts Cassowary Coast are pros at helping companies get back on their feet.
Yes. There is an method to follow, but if you win lotto or inherit some cash you can use it to get your slate wiped clean. There is a way of carrying this out properly; just contact us first.
Normally, if you owe money to a lender they could get a court order and bankrupt you. They must follow a process, but it is possible. What you need to avoid at all costs if possible is other people bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you appreciate going to court and annoying phone calls, naturally.
Of course. However, this is a complicated process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled inappropriately, it could be disastrous. For a free consultation call Bankruptcy Experts Cassowary Coast 1300 818 575.
No, we do that for you. In fact, we work as a buffer or a midway point between you and your creditors. So in the end you are not obligated to alert them of your bankruptcy; we look after that for you.
Commonly, it takes around 2 weeks.
Yes. Typically a lender will chase the other person that signed the loan files with you for the sum total of the remaining money owing on the loan.
Don’t stress! If you neglected a debt and remember it later on, just contact your trustee with the name of the creditor, address, date the debt was acquired, 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 send out a notice to the creditor.
No. We deal with the whole process for you.
Normally this is not actually a dilemma, so if you are actually a gambler, don’t stress. What the trustee doesn’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 may have some explaining to do, of course, because it just won’t add up and looks suspicious.
Yes. We understand 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 actually possible. It involves some emails back and forth but it can be done.
Yes. If a person actually living in another country is now living in Australia then files for bankruptcy and they have a liability incurred in that foreign country, you just note that debt on the documentation.
In most cases the creditor internationally will erase the debt. It is entirely possible and lawful for them, however, to reject your application, and if you go back to that country you may go through their bankruptcy rules.
There are normally a few ways the trustee can learn, and the most effective and easiest way is for you to let them know when we do the documents. There is also a government website which has primary assets listed also. You ought to get some guidance about assets; be careful.
This is complicated and you will want the right advice, so if you need extra info about inheritances contact us on 1300 818 575.
No. The income thresholds are the same for everyone so regardless of how you gain your income you have to earn about $50,000 annually before your income will be influenced 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 get your tax return. The 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 mandated to pay child support, this money will be removed 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 great idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them away from you, as they are viewed 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 cars may be able to be saved. Just contact us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Cassowary Coast.