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 provide straight-forward bankruptcy assistance. At Bankruptcy Gosford we realise that the very thought of bankruptcy is scary, and if it becomes a reality it is positively horrifying. We know that you are truly feeling very overwhelmed, trapped and even like you have absolutely no options left, and so we want to help advise you through the process.

But here’s the important thing – you’ve already gone through the most difficult part of the process – you have taken that first step towards setting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is truly to determine if bankruptcy is right for you. There is generally a few details you will need to know well before making that decision so we recommend that you continue browsing around this site, it’s full of great information, or you can merely get the phone and give us a ring on 1300 818 575.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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

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You Can Be 100 % Debt Free!

Can you imagine a future without creditors’ harassing phone calls and even looking forward to the mail once more? There are a few things you should certainly know before you make that hard decision. Firstly, the quicker you take action then the more choices you are going to have.

5 problems you should answer before you declare yourself bankrupt.

There are 5 critical questions you ought to have an answer to before you declare bankruptcy. If you wish to know what they are, feel free to download our free e-book on the right hand side of the web page. This e-book is going to deal with these big 5 questions specifically and offer you peace of mind that you are doing the best thing.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Get your FREE copy of the Big 5










* We vow not to hound you with emails and phone calls when you apply for our free e-book. Really, we promise to only call you one time to see if we will be able to help you further and that’s it.

Insolvency Options

Is declaring bankruptcy my only option?

No! There certainly are a variety of options readily available to you. Listed here is a chart illustrating the strengths and drawbacks of the different debt choices available. This chart is certainly by no means an exhaustive resource, but it will enable you to make a well-informed choice.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford
Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Exactly what is a Personal Insolvency Agreement?

This is an adaptable deal amongst you and your creditors. It is overseen through a trustee who supervises how much you will have to pay and when you have to pay. Once those conditions 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 enables a debtor to take part in an understanding with their lenders to pay off their money troubles without being made bankrupt.

You cannot take part 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 call us on 1300 818 575.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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 many expensive commercials on the TV in the Gosford area inviting you to go for some of these alternatives is that there is lots of cash in it for the firms that administer them. You will notice (if you haven’t already) that each and every business has the tendency to give (biased) advice 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 very common across the industry, so make sure you don’t get fooled. 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!

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Should I think about a Debt Consolidation Loan?

There are sometimes the very occasional conditions where a debt consolidation loan is the best strategy. Usually the issue with them is that all it is really doing is bundling 5-15 various debts into one large debt. If you are battling to pay all your various loans now, then why do you presume it will be magically easier to have one massive bill? 9 times out of 10 it is just not going to make it easier. Just to make it all worse you usually need to pay up front for the ‘pleasure’ of this option. If you wish to get some clarification or more information on this, then just 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?

Often the answer is yes. If this is a significant problem for you then the best way to get the solution is to contact us here at Bankruptcy Experts Gosford on 1300 818 575 and when we have an understanding about your circumstances we can provide you a clear picture over the phone. Practically everyone is sentimentally connected to their home; it’s where the kids have grown up, it’s where you enjoy life on a day to day basis. People normally think it’s an unavoidable effect of bankruptcy and as a result they press themselves to the brink of madness to not lose the family house.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford
Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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

Why might the bank want bankrupt customers? Wouldn’t they want to sell your property and not take the chance? Keep in mind – the bank that has kindly offered you the cash for your house is making good money monthly in interest from you, month in and month out. So long as you keep up to date with your mortgage payments then the bank wants you in there at all costs. On the other hand it is simply not the bank’s call – if a trustee decides that there is plenty of equity in your house the trustee will compel you and the bank to sell your home.

What things would contribute to losing your home?

Equity! If you are up to date with your monthly payments then the most notable problem is equity. A trustee has a obligation to collect as much money in order to help cover your bills once you go bankrupt. Equity is the key here. Supposing that you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to cover 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.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford
Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

How is equity worked out?

Many people are not certain about what equity is, or how it is worked out– but it is certainly crucial to determine given that if you get it, it can mean the difference between keeping and losing your house. There are a few things you ought to understand here. To begin with, your gut instinct or assumption about the real value of the property is most likely far too generous. Many people assume their home is worth more than it truly is.

Secondly, when you apply for insolvency the trustee may wonder how you determined your value for the house. In some cases they will call for more detail about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. An easy approach would certainly be to look on www.realestate.com.au then select the ‘Sold’ tab on that site and look for current house sales in your community or neighbourhood. This may help you have some concept of the reality of the market right now. Bear in mind, the valuation is based upon a quick sale not a slick real estate agent’s marketing campaign. So If you really want a good idea, I would encourage getting a valuer and asking them to give you 2 prices for your house, one as a typical sale, and the other as a ‘quick sale’. This will give you a better appreciation for your home’s worth. Understanding this step is crucial, so get some advice before going forward, call us on 1300 818 575.

What if my partner’s name is on the Home Loan?

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

Let’s say Mick and Susie purchased a house 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a plumber and needs to go bankrupt but Susie has a good job teaching primary school and doesn’t have to go bankrupt.

Unfortunately, the house has not improved 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 essentially they still have a $400,000 mortgage on a house worth $400,000.

Mick can then file for bankruptcy and as long as they manage to keep paying the mortgage, rates etc. they can continue to keep the house for the 3 years Mick is bankrupt. This decision will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is a lot to think about when it comes to houses and bankruptcy so if you have concerns don’t wait to call us about your house on 1300 818 575.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford
Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

What if my home has a lot of Equity? What could I do?

If your property has lots of equity and you are still drowning in debt, there are still a few alternatives readily available to you– it might be complicated, however the vital step is to talk to an expert to try and get ahead of it. In truth, this relates to vehicles 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 dire! 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 job be given notice?

More often than not there is really no reason for your job to be advised of your bankruptcy. In instances where you earn in excess of 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 via your employer.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford
Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Who will know about my bankruptcy?

There are 4 categories of people that will find out that you are bankrupt.

  1. Individuals that you tell
  2. Your creditors or people you owe money to
  3. Individuals that see your credit file while youre bankrupt. The only way this will happen is if you sign a privacy form for them to access your credit history. You only ever do this when you apply for a loan.
  4. You will be listed on the National Insolvency Index on the internet somewhere. Its hard to find and people need to pay to see if someone is bankrupt on it.

At Bankruptcy Experts Gosford, we are completely conscious that there is still a stigma attached to bankruptcy. We understand this problem and we can help to ensure that if you declare yourself bankrupt that you don’t need to go to court, get your name in the papers or be publicly made out to be a criminal or some kind of failure. We can help ensure that bankruptcy is fast and easy. In fact, the whole process will only take a few days. It makes it possible for the common person to get away from debt and on with their lives. For more detailed information about bankruptcy and your job, download ‘The Big 5’ e-book.

Could I lose my job if I file for bankruptcy?

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

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What we would absolutely suggest is that you do your very own research here. It will make a big difference if you investigate this process prior to filing for bankruptcy since 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 case. A few organisations won’t have a problem with your bankruptcy provided that 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 Gosford on 1300 818 575.

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

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

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford
Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you should know what is taking place then pay attention now. Since March 2016 there have been alterations 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 taken off. If you’re in a business when bankrupt then, obviously, it’s also net (after tax) of business spending, which is frequently calculated annually.

Your net income may be regulated to take into account things like salary sacrifice and sizable superannuation payments etc. Your net income might also include more unusual costs sustained as a result of being employed. For example, if you are subjected to an unusually high amount of travel expenses to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee needs to ascertain your real net income, according to the bankruptcy rules.

The income threshold numbers are also per person and are set 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 really 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 completely separate legal entity and will not be affected financially when you declare bankruptcy. Just as a word of warning – this could alter if you have joint loans together, so be careful about the implications of that. If you are uncertain just give us a call on 1300 818 575.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford
Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Who is considered a dependent?

This can be any person, of any age, that lives with you and earns less than $3,343 per year. If, in the case you have a child or children that you pay child support for and they dont live with you full-time, then you cannot claim these children as dependents.

Suppose 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.

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Self Employment & Bankruptcy

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Can I forfeit my small business if I go bankrupt?

The straightforward answer is no, you don’t have to but you do need to get the correct guidance. Business insolvency laws are very involved and you need to tread diligently 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. However, that does not inevitably mean you can’t run your very own business and hire staff etc.

What if I have both Business and Personal Debts?

If you are a businessmen and you have a combo of individual and business debts then it’s possible to have most, or even all, of the debts wiped out with bankruptcy. Keep in mind this is a complex process and requires special attention. The truth is, personal bankruptcy won’t automatically imply company bankruptcy also.

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

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford
Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

Should I place my company into liquidation?

Among the main reasons you may wish to think about liquidation liquidation instead of bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, businesses that become insolvent have a few alternatives, just like liquidation, voluntary administration etc. If you need to know more call us on 1300 818 575.

What impact will bankruptcy have on my company?

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

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

Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford
Bankruptcy Gosford,Bankruptcy Notice Gosford,Bankruptcy Help Gosford

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 company owner. You can not run up heaps of debt in your business, then go bankrupt then open the doors the next day like nothing at all has happened. There are laws in effect to avoid these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get overly stressed about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Gosford today on 1300 818 575.

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