Free Bankruptcy Assistance
Fast, Confidential and no Obligation
Free Bankruptcy Assistance
Fast, Confidential and no Obligation

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

Our company provides straight-forward bankruptcy help and advice. At Bankruptcy Dubbo we know that the very thought of bankruptcy is scary, and if it becomes a reality it is absolutely bewildering. We understand that you are certainly feeling very overwhelmed, trapped or maybe like you have no alternatives left, therefore we want to help instruct you through the process.

However here’s the important thing – you’ve pretty much gone through the hardest aspect of the process – you have actually taken that primary step towards setting your personal and/or business debts behind you and carrying on with your life; you’ve found us.

The next step is truly to work out if bankruptcy is actually right for you. There is generally a few details you need to know long before making that choice so we recommend that you continue browsing across this site, it’s full of great information, or you can simply get the phone and call us on 1300 818 575.

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

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You Can Be 100 % Debt Free!

Can you picture a future free from lenders’ hounding phone calls and looking forward to the post once more? There certainly are a few things you really should know before you make that complex decision. First of all, the quicker you act then the more options you are going to have.

5 issues you should answer well before you declare yourself bankrupt.

There are 5 crucial questions you should have an answer to before you declare bankruptcy. If you need to know exactly what they are, feel free to download our free e-book on the right hand side of this 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 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 register for our free e-book. In fact, we promise to only call you once to see if we will be able to help you even more and that’s it.

Your Insolvency Options

Is declaring bankruptcy my one and only option?

No! There are a number of options available to you. Below is a graph illustrating the benefits and issues of the different debt options available. This diagram is by no means an comprehensive resource, but it will make it possible for you to make a well-informed choice.

Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

What is a Personal Insolvency Agreement?

This is an adaptable arrangement amongst you and your lenders. It is supervised through a trustee who controls what you have to pay and when you have to pay. Once those conditions have actually been met you are generally then free to start out again with a new beginning.

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What is a Debt Agreement?

A debt agreement helps a debtor to take part in an understanding with their creditors to repay their financial debts without being made bankrupt.

You cannot become part of 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 also income restrictions, as well as restrictions on property value and unsecured debt value. If you want to know more please call 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 Dubbo area inviting you to go for some of these alternatives is that there is lots of cash in it for the firms that provide them. You will notice (if you haven’t already) that every single firm has the tendency to give (biased) suggestions according to the product that they provide. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to increase their own business. It is
pretty 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!

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Should I contemplate a Debt Consolidation Loan?

There are sometimes the very occasional conditions where a debt consolidation loan is the most beneficial strategy. Usually the trouble with them is that all it is really doing is packaging 5-15 different debts into one enormous debt. If you are fighting to pay all your different loans now, then why do you think it will be magically simpler to have one huge bill? 9 times out of 10 it is just not going to make it easier. Just to make it all worse you generally need to pay up front for the ‘ luxury’ of this option. If you want 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 apply for bankruptcy can I keep my house?

Often the answer is yes. If this is a major problem for you then the best way in order to get the answer is to contact us here at Bankruptcy Experts Dubbo on 1300 818 575 and when we have an understanding about your situation we can give you a clear picture over the phone. Practically every one is emotionally 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 commonly think it’s an inescapable repercussion of bankruptcy and as a result they press themselves to the verge of madness to not lose the family house.

Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

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

Why might the bank like bankrupt customers? Wouldn’t they like to sell your property and not take the chance? Bear in mind – the bank that has generously lent you the cash for your house is making good money each month in interest from you, month in and month out. Just as long as you maintain up to date with your payments then the bank prefers you in there at all costs. Nonetheless it’s not the bank’s call – if a trustee determines that there is plenty of equity in your house the trustee will compel you and the bank to sell your home.

What factors would result in osing your home?

Equity! If you are up to date with your monthly payments then the most considerable problem is equity. A trustee has a responsibility to gather as much money to help settle your bills once you go bankrupt. Equity is the ticket here. If you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to pay the debt then the trustee sees your equity as a manner to pay your debt therefore they will sell your house to pay off the debt and give you whatever money is left from the sale.

Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

How is equity determined?

Many people are not quite confident about just what equity is, as well as how it is worked out– but it is absolutely vital to work out considering that if you get it, it can mean the huge difference between keeping and losing your home or apartment. There are a few factors you need to know here. Firstly, your gut reaction or presumption about the true worth of the home is most likely far too generous. Many people presume their home is worth a lot more than it really is.

Secondly, when you declare personal bankruptcy the trustee may question how you formed your price for the home. In many cases they will ask for more information about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A straightforward tactic would be to search then click the ‘Sold’ tab on that website and look for latest house sales in your street or area. This will help you get some idea of the reality of the market right now. Remember, the appraisal is based on a quick sale not a slick real estate agent’s advertising campaign. So If you really want a good idea, I would certainly encourage getting a valuer and telling them to give you 2 prices for the house, one as a standard sale, and the other as a ‘quick sale’. This will give you a better appreciation for your home’s worth. Recognizing this step is critical, so get some advice before going forward, call us on 1300 818 575.

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

Typically when a couple purchase a home one income just isn’t enough to get approved for the loan, so the bank/lender will have both partners sign up for the loan. When the house is purchased both names are on the mortgage from the bank and the title deed of the home 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 a plumber and has to go bankrupt but Susie has a good job teaching and doesn’t need to go bankrupt.

Unfortunately, the house has not increased in value in the 4 years they have used 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.

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Mick can then declare bankruptcy and as long as they manage to keep paying the mortgage, rates etc. they may 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 homes and bankruptcy so if you have concerns don’t hesitate to phone us about your house on 1300 818 575.

Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

What if my home has too much Equity? What can I do?

If your house has plenty of equity and you are still drowning in debt, there are still some options available to you– it may be complicated, but the crucial step is to speak to a professional to try and get ahead of it. As a matter of fact, 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 just about any 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 provide a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my employer be told?

More often than not there is actually no reason for your workplace to be advised of your bankruptcy. In circumstances where you earn in excess of the threshold amounts of income while you are bankrupt and you are required to make an income payment, you organise those payments yourself, it doesn’t go via your workplace.

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Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

Who will know of my bankruptcy?

There are four categories of people that will discover that you are bankrupt. 1. People that you tell. 2. Your creditors or people you owe money to. 3. People that see your credit file while 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 apply for a loan. 4. You will be shown on the National Insolvency Index online somewhere. But this is not too big a problem because it is hard to locate and people need to pay to see if somebody is bankrupt on it.

At Bankruptcy Experts Dubbo, we are completely aware that there is nonetheless a stigma linked to bankruptcy. We are aware of 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 swift and easy. In fact, the entire process will only take a few days. It makes it possible for the normal 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 response to the question is – yes, but only in some cases. The problem with some occupations isn’t that you just can’t do the job any more, it’s more an issue of specialist bodies or associations that view bankruptcy in a dim light and can make it troublesome for you.

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What we would absolutely suggest is that you do your own research here. It will help make a big difference if you investigate this process before declaring bankruptcy because that may help you decide. Check if your job is on the diagram below. If it is, we recommend speaking to them personally and explaining your problem. 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 Dubbo on 1300 818 575.

Bankruptcy Income Thresholds

What can I make when I’m bankrupt?

There are actually no constraints on the amount of you can earn, but if you make over a certain amount, some of the excess can be taken by the trustee to satisfy your creditors. This means that you cannot be choosing not to pay your debts and still pull in a 6 figure salary– it simply just wouldn’t be fair to the people you owe money to. So how much can you make 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.
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you need to know what is happening then focus now. Since March 2016 there have been adjustments 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 removed. If you’re in a business when bankrupt then, by all means, it’s also net (after tax) of business spending, which is generally calculated annually.

Your net income may be moderated to take into consideration things like salary sacrifice and sizable superannuation payments etc. Your net income might also allow for more unusual costs acquired as a result of being employed. As an example, if you are subjected to an unusually high amount of travel expenses to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee must ascertain your real net income, depending 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?

Generally there is no limit to what your spouse/partner can earn. There are a few implications that have to be thought about in some circumstances, but most of the time your partner is a totally distinct legal entity and will not be impacted 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 unsure just contact us on 1300 818 575.

Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

Who is considered a dependent?

This could be anyone, of any age, that lives with you and earns less than $3,343 per year. If, in the case you have a young child or children that you pay child support for and they don’t live with you full time, then you can not claim these particular children as dependents.

What if my spouse or partner and I both need to go bankrupt?

If a couple need to both declare 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 each person individually.

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Self Employment & Bankruptcy

Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

Will I forfeit my small business if I go bankrupt?

The straightforward answer is no, you really don’t have to but you do need to get the suitable guidance. Business insolvency laws are very entailed and you need to tread carefully 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 doesn’t inevitably mean you can’t run your very own business and recruit staff etc.

Suppose I have both Business and Personal Debts?

If you are a businessmen and you have a mix of individual and business debts then it is actually possible to have most, or even all, of the debts erased with bankruptcy. Do not forget this is a challenging process and requires special attention. The fact is, personal bankruptcy won’t automatically indicate business bankruptcy also.

Whether you administer your business as a Sole Trader, Partnership, Company or Trust we can help guide you with your options. Don’t hesitate to contact us on 1300 818 575 for a no obligation FREE consultation.

Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

Should I put my busines into liquidation?

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

What effect will bankruptcy have on my company?

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

There are other implications for small business owners whilst bankrupt that need to be considered. In case you need to know more about this just feel free to call us for a no obligation, free consultation on 1300 818 575.

Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo
Bankruptcy Dubbo,Bankrupt Dubbo,Insolvency Dubbo

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

It could be. There are points to consider 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 and after that open the doors the next day like absolutely nothing has happened. There are laws in place to stop these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get too worried about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Experts Dubbo today on 1300 818 575.

Our Clients

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