How We Can Assist You
Bankruptcy Gosford can really help you with everything that you need to understand about declaring bankruptcy. Everyone’s circumstances are different and require a skilled answer. We have put the six most frequently asked questions on this page so you can surely get a prompt and straightforward response. Should you need to get more details continue through our website or simply call us on 1300 818 575.
The idea of losing the family home is the leading reason people stall declaring bankruptcy and push the matter to the back of their minds. The inquiry that almost everyone should understand when looking at bankruptcy is if they could retain their family residence? The answer is YES in many cases.
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In order to make it uncomplicated its truly regarding the equity you have in the property, or in other words just how much your home is worth over and above the mortgage amount. Supposing that your house has very little to no equity in it, at that point it is very likely you can keep your residential property provided that you keep paying the home mortgage, rates etc.
Typically there is a lot more to this story and you may have some other concerns, so feel free to get in touch with us on 1300 818 575, to get the exact information you need to get regarding your home.
The second frequently asked concern is if you can have your vehicle if you are insolvent? The answer to this in most cases is YES! Simply put if your car is at present on finance and you could continue to maintain the monthly payments its highly likely you will certainly have the chance to keep your car.
If you own your car outright and have no financing then you can possess a car as much as the wholesale worth of $7,500.
In case both of these two scenarios don’t relate to your motor vehicle then call us on 1300 818 575.
Could I lose my business organisation in the event that I declare bankruptcy? The reply for the most parts is NO! You can easily keep your business and declare personal bankruptcy. This is potentially the most complicated component of any bankruptcy. The bottom line is the government does not wish you to become without gainful employment and insolvent so as a result you can proceed as a self employed individual as a sole trader once you are insolvent. You may not be the director of a company for the 3 years you are bankrupt. If you have your very own small business and need to declare bankruptcy then contact us on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans a lot of the time you do not have to repay the debt except if you earn over specific amounts of earnings. For example if you make under $1,050.00 every week in the hand or after tax (net) for the 3 years you are insolvent then you will never pay a cent towards the personal debt. If you pay child support or have dependent children then you can certainly make more. There is a table on the bankruptcy page of this website with greater detailed information should you wish to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is essentially ruined for the 3 years you are bankrupt. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this means there are a number of lenders that may help you get a home mortgage or a loan etc. To obtain a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy duration.
How Much will it Cost
Obviously this is not an easy question to answer, as each case we take on is unique. Having said that, sometimes we may help you declare bankruptcy at no charge. That’s right. If we can help you do it for FREE then we will certainly assist you. In some cases that are basic it will cost $395. There are many more complex cases where the cost is higher. If you need to get an idea on what your scenario will be priced at simply give us a call on 1300 818 575.