Yes. All you must do is apply to your bankruptcy trustee for approval to go. You’ll get it, however there is a one-page application you have to fill out just to inform the trustee of how long you are going to be taking a trip, etc. This rule only honestly exists so high flyers don’t skip the country. Often the trustee will demand your passport, but don’t fret about it considering that you can ask for it back when you wish to travel. The big aspect of this is seeing to it that you in fact ask– because if you forget this then you can actually get in a ton of trouble. Call us if you want to understand more regarding travel on 1300 818 575.
Often the answer is yes! In fact, in many cases these days we can help you keep your home. At Bankruptcy Experts Geelong we are truly experts at helping people keep their homes. It’s actually very tricky, so if you are worried about losing your home call us on 1300 818 575 and we will walk you through your options.
The notion of losing the family house is very likely one of the most typical hindrance to people declaring bankruptcy. We talk with people on a daily basis who have battled for several years under serious financial pressure so they don’t lose their home.
So how is it achievable when declaring bankruptcy to keep your house? Easy, really; it’s a concern of equity. Let’s put it like this, if you own a house that’s worth $350,000 and you owe the bank $350,000 you actually have no equity in the house, correct? The trustee will only sell your house if there is enough equity in the home, if sold, to repay a range of your debts. So with this specific situation, the trustee will then offer you some options, one of which is to just simply to carry on paying the mortgage and stay in your home while you are bankrupt.
So how can I discover the value of my home before I go through the process and pain of declaring bankruptcy? A basic way is usually to go onto www.realestate.com.au and take a look at the sold properties tab in the Geelong area and then it will show you all the recent sales in your region. Another possibility, if you are unsure or are very anxious, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, of course). Be warned doing this will cost you anywhere between $300-700. Just another detail about house prices – If the trustee has to sell your house they do this fairly quickly. It is certainly not a 6-month glossy advertising effort and instead it’s generally by auction and they barely meet the market on the day and that is usually it. So when considering the value keep in mind that it’s a sell right now price, not when the market improves.
Once you have figured out the market value of your home the next thing to consider is who owns your home.
Normally when our clients are declaring bankruptcy many home loans are between 2 people as joint tenants who both contribute to the home loan. Granted that only one party is declaring bankruptcy then the equity is worked out like this.
Say your house is worth $400,000 and the current market value is $350,000. Then the balance of equity in the property is $50,000, right? One-half of that total equity is automatically allocated to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. From that $25,000 the declaring bankruptcy party must cover all of the selling costs including advertising etc.,
which, depending upon where you live, can set you back anywhere between $12,000-20 ,000. With this particular instance say the sales expenses are going to be $15,000 then the remaining left over after the sale is $10,000. So in this case the trustee will provide the non-declaring bankruptcy party a number of alternatives. Just one of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell the house and you will have it removed as an asset from the bankrupt’s estate.” Or, in other words, work out a deal to pay the $10,000 and you can keep your house.
Just a side note: the financial institution who has brought you the property loan will need the mortgage payments to be continued of course. No matter what the trustee decides, if you do not pay the financial institution the property loan they will sooner or later ask you to leave. So, in plain English, keeping your home of course implies keeping the mortgage also.
There are many more alternatives with your house when declaring bankruptcy, and we have actually just outlined one choice of potentially 20 alternatives you can decide on when it involves your house. We are aware that you will want to get this right. Gambling with the family household might be a devastating choice. If you intend to get the appropriate advice about filing for bankruptcy or you merely have to speak to someone contact 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 lasts 3 years and will 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 removed if you get your bankruptcy annulled.
Bankruptcy is for 3 years and in that time you will most likely not get a loan. After the 3 years is up you will have the capacity to get loans; you just won’t get the very best rate. Your credit file will be wiped clean 4 years after you have been dismissed as a bankrupt then you will have an optimal credit history once again and you will get the most competitive deal on loans.
Typically, no. Bankrupts hardly ever lose their cars simply because they’ve filed for bankruptcy. Certainly, this is limited and we can let you know if your property is safe. Call Bankruptcy Experts Geelong on 1300 818 575.
How is this figured out? Well it is determined based upon a threshold value for your car. The threshold is the maximum wholesale value your car could be worth, which is $7,350. You will find all types of incorrect information about this online, but here are simply the facts. That $7,350 represents not the total value; it represents equity. So, put simply, if you have a car worth $35,000 you are paying off or leasing and the amount you could possibly sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that lent you the loan for the car will be pleased for you to keep the car even though you are bankrupt so long as you keep up the payments.
Get some advice with this one. If you are thinking about declaring bankruptcy and just need some advice as soon as possible call 1300 818 575. Basically, you will receive about two to three repayments grace when it involves car loans. The bottom line is basic: whether you are declaring bankruptcy or otherwise, if you miss three or more repayments on your loan they will retrieve the car. Don’t presume because you are declaring bankruptcy you are immediately going to lose your car because in most cases we help people retain them.
The creditors, or the people you owe money to, are informed in writing at approximately the same time you receive your bankruptcy file number.
No. The filing for bankruptcy process is primarily a paperwork exercise. All that actually happens is that you will quite possibly be sent a letter by mail or emailed a notice informing you that you are simply bankrupt. At Bankruptcy Experts Geelong we ensure that this whole process is that uncomplicated, so if you have questions about this phone 1300 818 575.
Yes. This process will take around two weeks and will thoroughly eliminate the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that help a bankrupt individual to have their bankruptcy annulled by means of a Section 73 proposal.
The repercussions of creditor’s claims can commonly lead to bankruptcy, irrespective of if it was the individual’s decision to enter bankruptcy, or if it was filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the person who goes through bankruptcy.
We have been assisting people declaring bankruptcy in the Geelong area for several years so phone us today on 1300 818 575 in order to get some information on this matter. We exercise the most suitable possible strategy for you to get back up and running, dealing with residual effects and hindrances of past financial circumstances to give you the best possible outcome. Having experience and skills specialising in Section 73 proposals, we can integrate this with our proven techniques and methods to bring you through bankruptcy unharmed, ready to begin again.
To start with, having your bankruptcy annulled is virtually reversing it 100%. So if you are actually thinking about having your insolvency annulled there are a few things you will have to know.
Firstly, just how does the annulment work? A simple way to comprehend it is this – let’s say someone owes you $50,000 and they haven’t paid you 1 cent back for many years. Then to make things worse you find out that they are declaring bankruptcy. You would most likely kiss that money goodbye, right? Years pass and they come to you with an offer to pay you $5,000 that their grandparents are giving to them to clear up your debt with them. Undoubtedly you are happy to take it, because it is better than nothing. The only condition they ask for in return is that you agree to have the bankruptcy cleansed from their record, and if you don’t agree to do that then there will be no $5,000. Obviously you do not care about their credit file; you are just happy they are giving you some money after all of these years.
In bankruptcy terms this method is usually called a Section 73 proposal, and it is normally an approach where ‘everybody wins.’
Essentially, the trustee reaches out to your creditors, shows your offer, which is much less than the original debt owed, on the condition they clear your credit file clean.
This method takes a few weeks. The proposal can be done whenever you like in the 3 years you are bankrupt. However, you need to consider the timing 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. For instance, 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 obtain 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 simply just been bankrupt three weeks it will definitely be harder to get an annulment because they may get some cash from you over the 3 years if you earn over the threshold sum of money.
If you want advice to put a section 73 proposal to your trustee or simply need more information about the ideal time of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can help you cancel all of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them to start with before you go through the pain of declaring bankruptcy, but it’s no worry. If you are locked into one of these and simply can’t get on top give us call at 1300 818 575.
There certainly are very few debts that declaring bankruptcy won’t 100% get rid of, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, ultimately, money owed to an insurance provider as a result of a car accident in an without being insured 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 reality, there are a bunch of things to list so if you have a particular debt you are worried about just call for a free assessment 1300 818 575.
You can’t file for bankruptcy for an amount under $5,000; however, there is no limit over that. If you owe a couple million dollars, that is actually managed no differently compared to $20,000.
An unsecured creditor is a lender that does not really have a hold over the chattels/assets/property acquired with the credit afforded to you. Such debts also include credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out in full. If a debtor defaults on a secured debt, the creditor can repossess and sell the chattels/assets/property to pay for the unpaid debt.
We have helped lots of people go through the process of declaring bankruptcy over several years and we have never had anyone’s application rejected. That’s the reason that we offer a 100% money back guarantee.
There is a basic method we use here prior to declaring bankruptcy and all you will have to do is acquire a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will have the ability to get you a copy for a small fee.
Car accidents may be difficult, so to keep it straightforward call us on 1300 818 575 in order to get the proper 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 expense of the repair works is not eliminated with the declaring bankruptcy process. Having said that, it depends on who accepted liability or who was actually at fault. If you go to court and the court confirms you were actually not at fault then you really should be fine.
Yes! We can help you do this, even though it’s achievable there are actually effects and plenty of regulations around this process, so phone us and we will steer you through the procedure on 1300 818 575. Bankruptcy Experts Geelong are specialists at assisting companies get back on their feet.
Yes. Currently there is an method 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 actually a way of carrying this out properly; just contact us first.
Usually, if you owe money to a lender they can get a court order and bankrupt you. They have to follow a process, but it is actually possible. What you should avoid at all costs if possible is other people bankrupting you, as it’s always best to voluntarily apply for bankruptcy. Unless you enjoy going to court and frustrating 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 incorrectly, it can be disastrous. For a free consultation call Bankruptcy Experts Geelong 1300 818 575.
No, we do that for you. In fact, we work as a buffer or a midway point in between you and your creditors. So essentially you are not actually obligated to alert them of your bankruptcy; we deal with that for you.
Commonly, it takes approximately 2 weeks.
Yes. Typically a lender will chase the other person that signed the loan files with you for the sum total of the uncollected money owing on the loan.
Don’t worry! If you overlooked a debt and remember it later, just call your trustee with the name of the creditor, address, date the debt was acquired, amount of debt and also any account or reference number/s supplied by the lender. Your trustee will add the creditor to your bankruptcy and give a notification to the creditor.
No. We take care of the whole procedure for you.
In most cases this is not actually a dilemma, so if you are actually a gambler, don’t worry. What the trustee doesn’t like is inconsistency here. Simply put, if you have never gambled in your life and all of a sudden you lost $50,000 on the horses, then you might just have some explaining to do, of course, because it just doesn’t add up and looks suspicious.
Yes. We acknowledge that you are busy. If you have a phone we can support you; simply contact us on 1300 818 575.
Yes. This is workable. It involves some emails back and forth but it can be done.
Yes. If a person actually living in another country is now living in Australia then declares bankruptcy and they have a unpaid debt incurred from that foreign country, you just note that liability on the forms.
In most cases the creditor overseas will erase the debt. It is entirely possible and legal for them, however, to decline your application, and if you return to that country you may be subject to their bankruptcy laws.
There are generally a few ways the trustee can learn, and one of the most effective and simplest way is for you to let them know when we do the paperwork. There is also a government site which has primary assets listed also. You should get some guidance about assets; be careful.
This is complicated and you will certainly want the best guidance, so if you need more info about inheritances call us on 1300 818 575.
No. The income thresholds are the same for everyone so regardless of how you get your income you will have to earn about $50,000 annually before your income will be impacted by bankruptcy.
You can keep money from tax returns just if you did not have any tax debts. So if you owed money to the Tax Office when you went bankrupt then they will get your tax return. The reason for this is because your income tax return is viewed as net income, so if you are below the threshold amount you can earn while bankrupt and provided you really did not have those various other debts then you will get your whole tax return back.
If you are required to pay child support, this money will be subtracted from your net income, so what you have the ability to keep after you pay your tax and then child support is thought about as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, however it’s not a smart idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them from you, as they are regarded as an asset.
You can keep practically 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 give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Geelong.