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

Are your personal business money troubles getting out of control?

Are your personal or business money troubles getting out of control?

We provide straight-forward bankruptcy tips and advice. At Bankruptcy Geelong we realise that the very thought of bankruptcy is terrifying, and if it becomes a reality it is absolutely alarming. We know that you’re feeling very overwhelmed, trapped or maybe like you have zero choices left, therefore we wish to help instruct you through the process.

However here’s the thing – you’ve already endured the most difficult aspect of the process – you have actually taken that first step towards setting your personal and/or business debts behind you and moving on with your life; you’ve found us.

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

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Are your personal or business money troubles getting out of control?

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You Can Be 100 % Debt Free!

Can you picture a future without bankers’ distressing phone calls and even looking forward to the mail once again? There are a number of things you really should know before you make that formidable choice. Firstly, the faster you take steps then the more options you are going to have.

5 issues you must answer long before you declare yourself bankrupt.

There are 5 vital problems you will need to have an response to before you declare bankruptcy. If you wish to know exactly what they are, feel free to download our free e-book on the right hand part of the web page. This e-book is going to concentrate on 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 sign up for our free e-book. In fact, we vow 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 going bankruptcy my one and only option?

No! Generally there are several options readily available to you. Listed here is a chart explaining the perks and issues of the various debt solutions available. This graph is definitely by absolutely no means an comprehensive resource, but it will allow you to make a well-informed choice.

Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong
Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

What is a Personal Insolvency Agreement?

This is an adaptable agreement amongst you and your lenders. It is handled through a trustee who controls the amount of money you need to pay out and when you have to pay. Once those circumstances have been met you are then free to begin again with a clean slate.

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What is a Debt Agreement?

A debt agreement allows a debtor to enter into an agreement with their lenders to settle their financial obligations without being made bankrupt.

You cannot take part in a Debt Agreement if you have been bankrupt, or if you are already in a debt agreement. Also keep in mind that there are additionally income restrictions, as well as restrictions on property value and unsecured debt value. If you want to know more feel free to get in touch with 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 lots of expensive commercials on the TV in the Geelong area inviting you to go for one 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 each and every firm has the tendency to give (biased) suggestions depending on the product that they supply. 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 ensure you don’t get sucked in. 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 look into a Debt Consolidation Loan?

There are sometimes the very rare conditions where a debt consolidation loan is the best strategy. Usually the matter with them is that all it is really doing is packaging 5-15 various debts into one enormous debt. If you are battling to pay off all your different loans now, then why do you think it will be amazingly simpler to get one enormous bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it more frustrating you generally need to pay up front for the ‘pleasure’ of this option. If you wish 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 declare for bankruptcy can I keep my house?

In many cases the answer is yes. If this is a major issue for you then the best way in order to get the solution is to contact us here at Bankruptcy Experts Geelong on 1300 818 575 and as soon as we have an understanding about your circumstances we can provide you a clear picture over the phone. Practically every one is on an emotional level connected to their home; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People often think it’s an unavoidable consequence of bankruptcy and for that reason they pressure themselves to the verge of madness to not surrender the family house.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

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

Why might the bank want bankrupt customers? Wouldn’t they prefer to sell your house and not take the chance? Remember – the bank that has generously offered you the cash for your house is making good money every month in interest from you, month in and month out. So long as you maintain up to date with your monthly payments then the bank would like you in there at all costs. Having said that it is normally not the bank’s call – if a trustee thinks that there is sufficient equity in your house the trustee will force you and the bank to sell your home.

What aspects would result in losing your house?

Equity! If you are up to date with your payments then the most significant issue is equity. A trustee has a responsibility to gather as much money to help settle your debts once you go bankrupt. Equity is the key here. Supposing that you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to pay off the debt then the trustee sees your equity as a approach
to repay your debt and so they will sell your home to settle the debt and give you whatever money remains from the sale.

Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong
Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

How is equity determined?

Some people are not quite certain about just what equity is, as well as how it is calculated– but it is certainly critical to determine because if you get it, it can mean the difference between keeping and losing your house. There are a few things you have to understand here. To begin with, your gut reaction or expectation about the real worth of the property is most likely far too generous. Most people think their house is worth much more than it actually is.

Secondly, when you file for insolvency the trustee may wonder how you established your value for the house. Sometimes they will request more detail about your valuation, maybe a rates notice or a real estate agency’s valuation or a registered valuation. A simple method would be to look on then click the ‘Sold’ tab on that site and look for the latest house sales in your street or neighbourhood. This may help you have some idea of the reality of the marketplace right now. Remember, the appraisal is based upon a quick sale not a slick real estate agent’s marketing and advertising campaign. So If you truly want a good idea, I would recommend getting a valuer and asking them to give you 2 values for the house, one as a regular sale, and the other as a ‘quick sale’. This will give you a much better awareness for your home’s worth. Understanding this step is crucial, so get some advice before going ahead, call us on 1300 818 575.

What if my partner’s name is on the mortgage?

Normally when a couple buy a home one income isn’t really enough to get the loan, so the bank/lender will have both partners sign up for the loan. As soon as your home is purchased both names are on the mortgage from the bank and the title deed of the property as joint tenants.

Let’s say Mick and Susie bought a house 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a builder and needs to go bankrupt but Susie has a good job teaching and doesn’t have to go bankrupt.

Unfortunately, the house has not increased in price in the 4 years they have owned it and they also have only just managed to pay interest on the loan in that time so ultimately they still have a $400,000 mortgage on a house worth $400,000.

Mick can then declare bankruptcy and so long as they manage to keep paying the mortgage, rates etc. they can continue to keep the home 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 plenty to think about when it concerns houses and bankruptcy so if you have concerns don’t hesitate to call us about your house on 1300 818 575.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

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

If your home has lots of equity and you are still drowning in debt, there are still several possibilities available to you– it could be complicated, but the significant step is to speak to an expert to try and get ahead of it. In truth, this concerns cars 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 whatever assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be catastrophic! Before you take your next step get some advice. We offer a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my job be given notice?

Usually there is simply no reason for your company 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 on your own, it doesn’t go via your boss.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

Who will find out about my bankruptcy?

There are four groups of people that will find out 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 when you’re bankrupt. However, the only way this will happen is if you sign a privacy document for them to gain access to your credit history. You only ever do this when you apply for a loan. 4. You will be shown on the National Insolvency Index on the web somewhere. But this is not too big a problem because it is hard to locate and people have to pay to see if somebody is bankrupt on it.

At Bankruptcy Experts Geelong, we are fully aware that there is still a stigma connected to bankruptcy. We recognize this issue and we can help to guarantee that if you declare yourself bankrupt that you don’t have to go to court, get your name in the papers or be publicly made out to be a criminal or some type of failure. We can help ensure that bankruptcy is fast and easy. In fact, the entire process will only take a few days. It makes it possible for the average person to get out of debt and on with their lives. For more detailed facts about bankruptcy and your job, download ‘The Big 5’ e-book.

Will I lose my job if I file for 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 professional 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 recommend is that you do your very own research here. It will make a big difference if you check out this process prior to filing for bankruptcy considering that may really help you decide. Check if your job is on the diagram below. If it is, we suggest talking to them personally and explaining your circumstance. A few organisations won’t have a problem with your bankruptcy so long as it wasn’t accompanied by shady or suspicious actions. If you think your employment may be affected by your possible bankruptcy call us here at Bankruptcy Experts Geelong on 1300 818 575.

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

There are in fact no restrictions on the amount of you can earn, however if you make over a certain amount, some of the extra can be taken by the trustee to payoff your creditors. This means that you cannot be deciding not to pay your debts and still take home a 6 figure salary– it just wouldn’t be fair to the people you owe money to. So just how much can you earn 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 Geelong,Bankrupt Geelong,Insolvency Geelong
Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you should know what is happening then pay attention now. Since March 2016 there have been alterations to the Income Threshold amounts. This signifies that there are modifications 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 frequently calculated annually.

Your net income may be governed to consider things like salary sacrifice and substantial superannuation payments etc. Your net income might also enable more unusual costs acquired as a result of being employed. For instance, if you are subjected to an unusually high amount of travel costs to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee needs to ascertain your real net income, according to the bankruptcy rules.

The income threshold numbers are also per person and are adjusted by the Government each and every March and September to enable the movement in the cost of living.

Just what can my partner make if I go bankrupt?

There really is no limit to exactly what your spouse/partner can earn. There are a few ramifications that have to be thought about in some scenarios, but most of the time your partner is a totally independent legal entity and will not be affected financially when you declare bankruptcy. Just as a word of warning – this could alter if you have joint loans together, so take care about the implications of that. If you are not sure just call us on 1300 818 575.

Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong
Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

Who is thought of as a dependent?

This may possibly be any person, of any age, that lives with you and earns no more than $3,343 per year. If, in the case you have a child or children that you give child support for and they do not live with you full-time, then you can not declare these children as dependents.

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

If a couple need to both file for 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 Geelong,Bankrupt Geelong,Insolvency Geelong

Will I forfeit my small business if I go bankrupt?

The simple answer is no, you really don’t have to but you do need to get the correct guidance. Company insolvency laws are very entailed and you ought to tread carefully if you wish to continue to be self-employed.

You may actually recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. Even so, that does not definitely mean you can’t run your very own business and choose staff etc.

Suppose I have both Business and Personal Debts?

If you are a small business and you have a blend of personal and business debts then it is generally possible to have most, or even all, of the debts erased with bankruptcy. Just remember this is a complicated process and requires special attention. The fact is, personal bankruptcy doesn’t automatically suggest business bankruptcy also.

Regardless if you manage your business as a Sole Trader, Partnership, Company or Trust we can help guide you with your options. Feel free to contact us on 1300 818 575 for a no commitment FREE consultation.

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Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

Should I put my business into liquidation?

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

What impact will bankruptcy have on my business?

There are limits for business owners that are bankrupt. Such as, as a bankrupt business owner you can be in your very own business as a sole trader only. For some business owners, bankruptcy can affect their ability to operate the business because of the licensing concerns. For example, a builder with a builder’s license can not continue to use that license for the 3 years she or he is actually bankrupt.

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

Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong
Bankruptcy Geelong,Bankrupt Geelong,Insolvency Geelong

Isn’t it against the law to run a related business after bankruptcy?

It could be. There are considerations when and if you declare bankruptcy as a small business owner. You can not run up heaps of debt in your business, then go bankrupt and after that open the doors the next day like nothing has taken place. There are laws in effect to prevent these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get too stressed about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Experts Geelong today on 1300 818 575.

Our Clients

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