How Our People Can Help You
Bankruptcy Dubbo can assist you with everything which you want to learn about declaring bankruptcy. Everyone’s scenarios are different and need a competent resolution. We have set the six most frequently asked questions on this page so you are able to gain a fast and effortless response. In case you require even more particulars continue through our website or simply call us on 1300 818 575.
My Residential property
The thought of losing the family home is the main reason why people hesitate declaring bankruptcy and push the thought to the back of their thoughts. The question that everyone should know when looking at going bankrupt is if they could keep their family home? The answer is YES in a lot of cases.
So as to make it easy its honestly regarding the equity you have in the property, or to puts it simply what amount your house is worth over and above the home loan sum. If your house has hardly any to no equity within it, then it is very likely you can maintain your home as long as you keep paying off the mortgage, rates etc.
Typically there is a whole lot more to this tale and you will likely have different queries, so don’t hesitate to phone us on 1300 818 575, to receive the exact advice you really need regarding your residential property.
The second most often asked about question is if you can keep your vehicle if you are insolvent? The answer to this in a lot of cases is YES! Simply put if your motor vehicle is presently on finance and you can continuously maintain the charges its very likely you will certainly have the chance to retain your vehicle.
If you own your car straight-out and have no finance then you can easily own a car up to the wholesale value of $7,500.
In case both of these two situations don’t relate to your vehicle then phone us on 1300 818 575.
Could I lose my business in the event that I go bankrupt? The answer for the most parts is NO! You can easily keep your business organization and file for insolvency. This is often times the most intricate part of any type of insolvency. The bottom line is the government does not want you to become out of a job and insolvent so as a result you can carry on as a self employed individual as a sole trader once you are bankrupt. You may not be the director of a company for the 3 years you are bankrupt. If you have your own business and have to apply for insolvency then phone us on 1300 818 575.
Bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans a lot of the time you don’t need to repay the financial obligation unless you earn over certain amounts of income. For instance if you earn under $1,050.00 every week in the hand or after tax (net) for the 3 years you are bankrupt then you would never pay a cent to the financial obligation. 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 site with significantly greater information if you wish to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is basically 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 plenty of loan providers that can 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 time frame.
How Much will it Cost
Naturally this is not really an easy question to answer, as every single case we handle is unique. Having said that, sometimes we will help you declare bankruptcy at no charge. That’s right. If we can support you do it for FREE then we will support you. In many cases that are simple it will cost $395. There are much more complicated situations where the cost is higher. If you need to get an idea about what your scenario will require simply give us a call on 1300 818 575..