Yes. All you will need to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, even so there is a one-page form you need to fill in simply to notify the trustee of how long you will be travelling, etc. This policy only truly exists so high flyers don’t skip the country. Sometimes the trustee will demand your passport, but don’t stress over it because you can ask for it back when you would like to travel. The big aspect of this is making certain that you actually ask– because if you ignore this then you can actually get in a great deal of trouble. Call us if you want to learn more about travel on 1300 818 575.
In most cases the answer is yes! In fact, in many cases these days we can really help you keep your home. At Bankruptcy Experts Gosford 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 lead you through your options.
The notion of losing the family home is likely the most typical hindrance to people declaring bankruptcy. We chat with people every day who have grappled for a long time under serious 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 like this, if you own a house that is actually worth $350,000 and you owe the bank $350,000 you actually have no equity in the house, correct? The trustee will only sell your home if there is normally enough equity in the home, if sold, to pay back a lot of your debts. So with this particular scenario, the trustee will then offer you some choices, one of which is to merely to keep on paying the mortgage and stay in your house while you are actually bankrupt.
So how can I find out the value of my home before I look at the process and pain of declaring bankruptcy? A simple way is simply to go onto www.realestate.com.au and look at the sold houses tab in the Gosford area and it will display all the most recent sales in your neighborhood. Another possibility, if you are uncertain 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 doing this will cost you somewhere between $300-700. Just another factor about house prices – If the trustee needs to sell off your house they do this fairly quickly. It is definitely not a 6-month sleek advertising campaign and rather 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 remember that it’s a sell right now price, not when the market improves.
Once you have figured out the market value of your house the next thing to consider is who owns the house.
Typically when our customers are declaring bankruptcy nearly all home loans are generally between a couple of people as joint tenants who both support the home loan. When only one individual is declaring bankruptcy then the equity is formulated this way.
Say your house is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the home is $50,000, right? Half of that complete equity is automatically assigned 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 come to anywhere between $12,000-20 ,000. In this particular case 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 offer the non-declaring bankruptcy party a number of options. One of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell your property 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 the house.
Just a side note: the bank who has delivered you the home loan will need the repayments to be continued of course. Whatever the trustee decides, if you don’t pay the bank the property loan they will ultimately ask you to leave. So, in plain English, keeping your home naturally implies keeping the mortgage as well.
There are many more options with your house when declaring bankruptcy, and we have really just detailed one option of potentially 20 alternatives you can opt for when it involves your house. We understand you will need to get this right. Gambling with the family house may be a devastating choice. If you intend to get the necessary advice about declaring bankruptcy or you simply just have to talk with someone call 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 is going to sit on your credit file for that time. However, just like any default it will show on your credit file for 7 years. You can have it removed if you get your bankruptcy annulled.
Bankruptcy is for 3 years and in that time you will most likely not get a loan. After the 3 years is up you may have the potential to get loans; you just won’t get the very best rate. Your credit file will be wiped clean 4 years after you have been discharged as a bankrupt then you will have an fitting 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. Certainly, this is conditional and we can let you know if your car is safe. Call Bankruptcy Experts Gosford on 1300 818 575.
How is this worked out? Well it is calculated based upon a threshold market value for your car. The threshold is the max retail market value your car could be worth, which is $7,350. You will find all kinds of flawed information about this on the internet, but here are the facts. That $7,350 represents not the full value; it represents equity. So, essentially, if you have a car worth $35,000 you are paying back or leasing and the amount you could 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 retain the car despite the fact that you are bankrupt so long as you maintain the payments.
Get some guidance on this one. If you are thinking about declaring bankruptcy and just need some advice as soon as possible call 1300 818 575. Basically, you will have about 2 to 3 payments grace when it relates to car loans. The bottom line is uncomplicated: whether you are declaring bankruptcy or not, if you miss out on three or even more repayments on your loan they will take back the car. Don’t think because you are declaring bankruptcy you are instantly going to lose your car because in most cases we help people retain them.
The creditors, or the people you owe money to, are informed in writing at about the same time you receive your bankruptcy file number.
No. The declaring bankruptcy process is simply a paperwork exercise. The only thing that actually occurs is that you will possibly be sent a letter by snail mail or emailed a letter warning you that you are bankrupt. At Bankruptcy Experts Gosford we make certain that this entire process is that simple, so if you have questions about this phone 1300 818 575.
Absolutely. This approach will take around two weeks and will thoroughly eliminate the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that make it possible for a bankrupt individual to get their bankruptcy annulled with a Section 73 proposal.
The repercussions of creditor’s claims can typically lead to bankruptcy, irrespective of if it was the individual’s decision to enter bankruptcy, or if it was simply filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the individual who goes through bankruptcy.
We have been supporting people declaring bankruptcy in the Gosford area for several years so phone us today on 1300 818 575 in order to get some understanding on this issue. We exercise the most suitable possible strategy for you to get back up and running, eliminating enduring effects and hindrances of past financial circumstances to give you the best potential outcome. Having experience and skills in Section 73 proposals, we can combine this with our proven strategies and approaches to bring you through bankruptcy unharmed, ready to start over.
To start with, having your bankruptcy annulled is just about reversing it 100%. So if you are actually thinking about having your bankruptcy annulled there are a handful of things you will have to know.
Firstly, how does the annulment work? A straightforward way to comprehend it is this – let’s say someone owes you $50,000 and they haven’t paid you one cent back for years. Then to make things worse you discover 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 offering to them to clear up your debt with them. Most certainly you are more than happy to take it, because it is far better than nothing. The only condition they ask for 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. Obviously you don’t care about their credit file; you are just thrilled they are offering you some money after all of these years.
In bankruptcy terms this method is usually referred to as a Section 73 proposal, and it is simply an approach where ‘everybody wins.’
Basically, the trustee reaches out to your creditors, presents your offer, which is drastically less than the initial debt owed, on the condition they clear your credit file clean.
This process takes a few weeks. The proposal may be done whenever you like in the 3 years you are bankrupt. However, you need 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 receive 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 simply just been bankrupt three weeks it will definitely be harder 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 help to put a section 73 proposal to your trustee or simply need more details 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 need to have you discharged from them first off before you experience the pain of declaring bankruptcy, but it’s no worry. If you are locked into one of these and 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% remove, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, lastly, money owed to an insurance provider as a result of a car accident in an without insurance while you were driving.
Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Essentially, there are a lot of things to list so if you have a certain debt you are worried about 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 limitation over that. If you owe a couple million dollars, that is really managed no differently than $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 things like credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out completely. If a debtor defaults on a secured debt, the creditor can retrieve and sell the chattels/assets/property to pay for the debt.
We have helped countless people go through the process of declaring bankruptcy over many years and we have never had anybody’s application declined. That is actually why our company provide a 100% money back guarantee.
There is a simple method we use here before declaring bankruptcy and all you have 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 capable to get you a copy for a modest fee.
Vehicle accidents may be problematic, so to keep it simple call us on 1300 818 575 to get the best advice on your predicament. 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 price of the repairs is not eliminated with the declaring bankruptcy process. Having said that, it depends on who admitted liability or who was actually at fault. If you go to court and the court confirms you were actually not at fault then you shall be fine.
Yes! We can help you do this, even though it is actually achievable 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 Gosford are specialists at helping 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 record wiped clean. There is a way of doing this correctly; just contact us first.
Generally, if you owe money to a lender they can get a court order and even bankrupt you. They must follow a process, but it is actually possible. What you should avoid at all costs ideally is somebody else bankrupting you, as it’s always best to voluntarily apply for bankruptcy. Unless you enjoy going to court and frustrating phone calls, of course.
You bet. Even so, this is a complicated process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled improperly, it might be disastrous. For a free consultation call Bankruptcy Experts Gosford 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 essentially you are not obligated to advise them of your bankruptcy; we take care of that for you.
Commonly, it takes approximately 2 weeks.
Yes. Typically a lender will go after the other person that signed the loan documents with you for the sum total of the remaining money owing on the loan.
Don’t stress! If you missed a debt and remember it afterwards, just contact your trustee with the name of the creditor, address, date the debt was incurred, amount of debt and also any account or reference number/s supplied by the lender. Your trustee will add the creditor to your bankruptcy and send out a notice to the creditor.
No. We take care of the entire process for you.
Ordinarily this is not actually a problem, so if you are a gambler, don’t stress. What the trustee will not 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 might just 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 contact us on 1300 818 575.
Yes. This is generally achievable. It needs some emails back and forth but it can be done.
Yes. If a person originally living in another country is now residing in Australia then declares bankruptcy and they have a debt incurred in that foreign country, you just note that liability on the forms.
Most of the time the creditor overseas will wipe out the debt. It is entirely possible and lawful for them, however, to refuse your application, and if you return to that country you may go through their bankruptcy rules.
There are certainly a few ways the trustee can find out, and the most effective and easiest way is for you to let them find out when we do the documents. There is also a government web page which has significant assets listed also. You ought to get some advice about assets; so look out.
This is complicated and you will certainly want the best advice, so if you need extra information about inheritances give us a call on 1300 818 575.
No. The income thresholds are the same for everybody so regardless of how you make your income you will have to earn about $50,000 annually before your income will be affected by bankruptcy.
You can keep money from tax returns only if you did not have any tax debts. So if you owed money to the Tax Office when you declared bankruptcy at that point they will get your tax return. The reason for this is 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 whole tax return back.
If you are required to pay child support, this money will be subtracted from your net income, so what you have the ability to keep after you pay your tax then child support is looked at as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, however it’s not a great idea. You are permitted 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 declaring bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and cars may be able to be saved. Just give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Gosford.