How Our People Can Help You
Bankruptcy Geelong can help you with anything which you wish to learn about going bankrupt. Everyone’s situations are different and call for a skillful remedy. We have set the six most commonly asked questions on this page so you can receive a simple and uncomplicated answer. In case you want additional information continue through our site or simply call us on 1300 818 575.
The concern of losing the family home is the primary reason why people hesitate declaring bankruptcy and push the question to the back of their thoughts. The question that everyone needs to know when contemplating going bankrupt is if they can keep their family residence? The answer is YES in most cases.
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In order to make it uncomplicated its really about the equity you have in the property, or rather what amount your home is worth over the home mortgage sum. Supposing that your home has hardly any to no equity within it, at that point it is very likely you can maintain your residential property as long as you keep paying off the home loan, rates etc. Naturally there is even more to this tale and you may have other concerns, so feel free to call us on 1300 818 575, to get the exact advice you are in need of regarding your residential property.
The second most often asked question is if you can have your motor vehicle if you are insolvent? The answer to this in most cases is YES! Put simply if your automobile is currently on finance and you are able to continuously keep up the monthly payments its very likely you will be able to retain your motor vehicle.
If you own your car outright and have no finance then you can easily own a car as much as the wholesale worth of $7,500.
If both of these two situations do not relate to your motor vehicle then give us a call on 1300 818 575.
Could I lose my business organisation if I go bankrupt? The reply for the most parts is NO! You can retain your business organization and declare bankruptcy. This is perhaps the most confusing part of any kind of insolvency. The bottom line is the government does not want you to become without gainful employment and insolvent so consequently you can proceed as a self employed individual as a sole trader once you are bankrupt. You may no longer be the director of a company for the 3 years you are bankrupt. If you have your very own business and need to declare personal bankruptcy then contact 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 return the financial obligation unless you earn over specific amounts of income. For example if you earn under $1,050.00 per week in the hand or after tax (net) for the 3 years you are insolvent then you will never pay a cent to the debt. If you pay child support or have dependent children then you can make more. There is a table on the bankruptcy page of this site with better detail should you want 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 insolvent. Then after the 3 years you will be considered a discharged bankrupt on your credit file, which indicates there are plenty of financial institutions that will help you get a home loan or a car loan etc. To have a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy time period.
How Much will it Cost
Obviously this is certainly not an easy question to answer, as each case we manage is different. Having said that, sometimes we will help you file for insolvency at no charge. That’s right. If we can help you do this for FREE then we will guide you. In many cases that are uncomplicated it will cost $395. There are much more complicated situations where the price is higher. If you need to get an idea on what your circumstance will cost just phone us on 1300 818 575.