Yes. All you have to do is apply to your bankruptcy trustee for permission to go. You’ll get it, that being said there is a one-page sheet you have to submit just to advise the trustee of how long you are going to be travelling, etc. This policy only really exists so high flyers don’t skip the country. In certain cases the trustee will ask for your passport, but don’t fret about it because you can ask for it back when you intend to travel. The big aspect of this is making sure that you in fact ask– because if you ignore this then you can actually get in a great deal of trouble. Call us if you wish to learn more about travel on 1300 818 575.
Often the answer is yes! In fact, in many cases nowadays we can really help you keep your home. At Bankruptcy Experts Dubbo we are experts at helping people keep their homes. It’s actually pretty tricky, so if you are worried about losing your home call us on 1300 818 575 and we will walk you through your choices.
The idea of losing the family house is quite possibly the most common deterrent to people declaring bankruptcy. We talk with people daily who have grappled for several years under considerable financial strain 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 this way, if you own a home that is actually worth $350,000 and you owe the bank $350,000 you in reality have no equity in your house, correct? The trustee will only sell your home if there is definitely enough equity in the home, if sold, to pay off a range of your debts. So in this specific situation, the trustee will then offer you some solutions, one of which is to just simply to continue paying the mortgage and remain in your home while you are simply bankrupt.
So how can I find out the value of my home before I go through the process and pain of declaring bankruptcy? A basic way is generally to go onto www.realestate.com.au and look at the sold properties tab in the Dubbo area and then it will display all the recent sales in your location. Another option, if you are uncertain or are very concerned, is to have a registered valuer do a valuation on your home, not a real estate agent ( except if they are registered valuers, obviously). Be warned this will cost you anywhere between $300-700. Just one more thing about house prices – If the trustee has to sell your house they do so reasonably swiftly. It is usually not a 6-month glossy marketing program and rather it’s normally by auction and they simply meet the market on the day and that’s it. So when thinking of the value keep in mind that it’s a sell now price, not when the market improves.
Once you have calculated the market value of your house the next thing to look at is who owns your home.
Normally when our clients are declaring bankruptcy nearly all home loans are generally between a couple of people as joint tenants who both add to the home loan. If only one party is declaring bankruptcy then the equity is worked out this way.
Say your house is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the house is $50,000, right? Half of that total 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 has to take care of all of the selling costs including advertising etc.,
which, depending upon where you live, can cost 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 give the non-declaring bankruptcy party a few choices. One of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell your home and you will have it taken away as an asset from the bankrupt’s estate.” Or, in short, work out a deal to pay the $10,000 and you can keep your house.
Just a side note: the financial institution who has granted you the home loan will need the mortgage payments to be continued of course. Regardless of what the trustee determines, if you don’t pay the bank the property loan they will eventually ask you to leave. So, in plain English, keeping your home naturally implies retaining the mortgage too.
There are many more choices with your house when declaring bankruptcy, and we have really just outlined one choice of probably 20 alternatives you can decide on when it involves your home. We understand you will want to get this right. Trying one’s luck with the family home might be a devastating choice. If you intend to get the right advice about declaring bankruptcy or you merely want 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, 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 be present on your credit file for 7 years. You can have it taken off 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 up you will have the potential 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 fitting credit history ever again and you will get the most competitive deal on loans.
In most cases, no. Bankrupts hardly ever lose their cars just because they’ve filed for bankruptcy. Naturally, this is conditional and we can let you know if your car is safe. Call Bankruptcy Experts Dubbo on 1300 818 575.
How is this figured out? Well it is determined based upon a threshold market value for your car. The threshold is the max retail value your car could be worth, which is $7,350. You will find all kinds of wrong information about this on the internet, but here are really the facts. That $7,350 represents not the full value; it represents equity. So, basically, if you have a car worth $35,000 you are paying back or leasing and the amount you can sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that offered you the loan for the car will be pleased for you to manage to keep the car even though you are bankrupt just as long as you maintain the payments.
Get some guidance on this. If you are thinking about declaring bankruptcy and simply just need some advice today call 1300 818 575. Basically, you will receive about two to three repayments grace when it comes to car loans. The bottom line is basic: whether you are declaring bankruptcy or otherwise, if you miss out on three or more repayments on your loan they will repossess the car. Don’t assume because you are declaring bankruptcy you are instantly going to lose your car because in many cases we help people keep them.
The creditors, or the people you owe money to, are notified in writing at approximately the same time you receive your bankruptcy file number.
No. The filing for bankruptcy process is basically a paperwork exercise. The only thing that actually happens is that you will either be sent a letter by mail or emailed a notice advising you that you are bankrupt. At Bankruptcy Experts Dubbo we make sure that this whole process is that uncomplicated, so if you have queries about this phone 1300 818 575.
Of course. This process will take around two weeks and will completely get rid of the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that enable a bankrupt individual to get their bankruptcy annulled through a Section 73 proposal.
The repercussions of creditor’s claims can commonly lead to bankruptcy, notwithstanding if it was the individual’s decision to enter bankruptcy, or if it was filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the individual who undergoes bankruptcy.
We have been assisting people declaring bankruptcy in the Dubbo area for several years so phone us today on 1300 818 575 in order to get some insight on this issue. We exercise probably the most suitable possible strategy for you to get back up and running, dealing with lingering effects and hindrances of past financial circumstances to give you the best potential outcome. Having experience and skills specialising in Section 73 proposals, we can combine this with our proven strategies and approaches to bring you through bankruptcy unharmed, ready to begin again.
To begin with, having your personal bankruptcy annulled is pretty much reversing it 100%. So if you are really contemplating having your bankruptcy annulled there are a couple of things you need 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 have not paid you 1 cent back for many years. Then to make matters worse you discover that they are declaring bankruptcy. You would kiss that money goodbye, right? Years go by and they come to you with an offer to pay you $5,000 that their grandparents are giving to them to settle your debt with them. Without a doubt you are thrilled to take it, because it is much better than nothing. The only condition they request 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. Of course you don’t care about their credit file; you are just pleased they are giving you some money after all of these years.
In bankruptcy terms this technique is usually referred to as a Section 73 proposal, and it is really an approach where ‘everybody wins.’
Basically, the trustee contacts your creditors, shows your offer, which is considerably less than the starting debt owed, on the condition they clear your credit file clean.
This process takes a few weeks. The proposal can be done whenever you like 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 carry this out, you want to ensure the odds are on your side. As an example, 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 only been bankrupt three weeks it will be more challenging to get an annulment since they may get some cash from you over the 3 years if you earn over the threshold sum of money.
If you want to get assistance to put a section 73 proposal to your trustee or simply need more details about the ideal time of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can help you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them to start with before you experience the pain of declaring bankruptcy, but it’s not a problem. If you are locked into one of these and just can’t get on top give us call at 1300 818 575.
There certainly are very few debts that declaring bankruptcy won’t 100% eliminate, 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 get rid of things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. In truth, there are a lot of factors to list so if you have a particular debt you are bothered with just call for a free consultation 1300 818 575.
You can’t declare bankruptcy for an amount under $5,000; however, there is no limitation above that. If you owe a couple million dollars, that is generally managed no differently than $20,000.
An unsecured creditor is a creditor who does not actually have a hold over the chattels/assets/property acquired with the credit provided to you. These sorts of debts also include 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.
Our staff have helped lots of people go through the process of declaring bankruptcy over several years and we have never had anybody’s application rejected. That is actually the reason that we provide a 100% money back guarantee.
There is a essential method we use here before declaring bankruptcy and all you have to do is acquire a copy of your credit history as it will have your credit history on there. Companies like www.veda.com.au will have the capacity to get you a copy for a small fee.
Car accidents may be challenging, so to keep it uncomplicated call us on 1300 818 575 to get the best advice on your circumstance. Declaring bankruptcy may not be the right option. However, as a general rule, if you were driving a motor vehicle that was not actually insured then the price of the repair works is not eliminated with the declaring bankruptcy process. Having said that, it depends on who accepted liability or who was simply 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 really help you do this, though it’s possible there are consequences and plenty of regulations around this process, so phone us and we will direct you through the procedure on 1300 818 575. Bankruptcy Experts Dubbo are specialists at helping businesses get back on their feet.
Yes. There certainly is an approach to follow, but if you win lotto or inherit some cash you can use it in order to get your record wiped clean. There is a way of doing this correctly; just contact us first.
Normally, if you owe money to a lender they could get a court order and bankrupt you. They need to follow a process, but it is actually possible. What you need to avoid at all costs if possible is somebody else bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you appreciate going to court and irritating phone calls, naturally.
Of course. Even so, this is certainly a difficult process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled inappropriately, it can be disastrous. For a free consultation call Bankruptcy Experts Dubbo 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 ultimately you are not actually obliged to advise them of your bankruptcy; we deal with that for you.
Typically, it takes around 2 weeks.
Yes. Typically a lender will chase the other person who signed the loan files with you for the sum total of the overdue money owing on the loan.
Don’t stress! If you omitted a debt and remember it later on, just get in touch with your trustee with the name of the creditor, address, date the debt was incurred, amount of debt as well as any account or reference number/s provided from lender. Your trustee will include the creditor to your bankruptcy and send a notification to the creditor.
No. We handle the whole procedure for you.
As a rule this is not a problem, so if you are a gambler, don’t worry. What the trustee doesn’t appreciate is inconsistency here. Put simply, 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 does not add up and looks suspicious.
Yes. We understand that you are busy. If you have a phone we can help you; simply call us on 1300 818 575.
Yes. This is generally possible. It needs some emails back and forth but it can be done.
Yes. In the event that a person originally living in a different country is now living in Australia then declares bankruptcy and they have a debt incurred in that foreign country, you just note that debt on the paperwork.
In most cases the creditor overseas will wipe out the debt. It is potential and lawful for them, however, to refuse your application, and if you go back to that country you may be subject to their bankruptcy rules.
There are certainly a few ways the trustee can learn, and the most effective and easiest way is for you to let them find out when we do the paperwork. There is also a government website which has major assets listed also. You should certainly get some advice about assets; so look out.
This is complicated and you are going to 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 each person so no matter how you make your income you have to earn about $50,000 each year before your income will be impacted 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 went bankrupt at that point they will take your tax return. The good reason for this is because your income tax return is considered as net income, so if you are actually below the threshold amount you can earn while bankrupt and provided you really did not 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 deducted from your net income, so what you have the ability to keep after you pay your tax then child support is considered net income. Which is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, however it’s not a smart idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them away from you, as they are regarded as an asset.
You can keep just about 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. Simply call us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Dubbo.