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

Are your personal or business monetary debts getting out of control?

Bankruptcy Whitsundays

We offer straight-forward bankruptcy information. At Bankruptcy Whitsundays we realise that the very thought of bankruptcy is terrifying, and if it becomes a reality it is thoroughly bewildering. We understand that you are without a doubt feeling very overwhelmed, trapped and even like you have no choices left, therefore we want to help lead you through the process.

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

The next step is literally to figure out if bankruptcy is simply right for you. There is certainly a few factors you should know long before making that decision so we recommend that you continue searching around this site, it has lots of great information, or you can merely grab the phone and call us on 1300 818 575.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays
Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

You Can Be 100 % Debt Free!

Can you imagine a future free from financial institutions’ intimidating phone calls and even looking forward to the post once more? There actually are a number of things you ought to know before you make that hard choice. Firstly, the sooner you take steps then the more choices you will have.

5 Questions you must answer before you declare yourself bankrupt.

There are 5 vital questions you have to have an answer 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 side of this page. This e-book will focus on these big 5 questions specifically and give you peace of mind that you are doing the best thing.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Get your FREE copy of the Big 5










* We promise not to bombard you with emails and phone calls when you apply for our free e-book. Really, we promise to only get in touch with you once to see if we will be able to help you further and that’s it.

Insolvency Options

Is Going bankrupt my only choice?

No! There are many options available to you. Below is a chart explaining the benefits and disadvantages of the different debt solutions offered. This diagram is by absolutely no means an all-inclusive resource, but it will make it easy for you to make a well-informed choice.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays
Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

What is a Personal Insolvency Agreement?

This is an adaptable understanding between you and your lenders. It is supervised through a trustee who administers what you will have to pay and when you have to pay. Once those conditions have been met you are generally then free to begin again with a clean slate.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

What is a Debt Agreement?

A debt agreement permits a debtor to take part in an arrangement with their creditors to satisfy their finances without being made bankrupt.

You can’t participate in a Debt Agreement if you have actually 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 call us on 1300 818 575.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

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 loads of expensive commercials on the TV in the Whitsundays area inviting you to go for some of these alternatives is that there is tons of cash in it for the firms that provide them. You will see (if you haven’t already) that each and every firm has the tendency to give (biased) advice according to the product that they provide. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to drive up their own business. It is very 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 consider a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the most ideal idea. Usually the trouble with them is that all it is really doing is wrapping 5-15 different debts into one large debt. If you are fighting to pay all your various loans now, then why do you believe it will be magically simpler to get one huge bill? 9 times out of 10 it is just not going to make it easier. Just to make everything more frustrating you normally will have to pay up front for the ‘pleasure’ of this option. If you want to get some clarification or more information on this, then just simply contact us on 1300 818 575 or go and download ‘The Big 5’ e-Book.

Bankruptcy and the Family Home

If I apply for bankruptcy can I manage to keep my house?

In a lot of cases the answer is yes. If this is a major issue for you then the best way in order to get the answer is to call us here at Bankruptcy Experts Whitsundays on 1300 818 575 and after we have an understanding about your circumstances we can offer you a clear picture over the telephone. Practically everyone is emotionally connected to their home; it’s where the kids have grown up, it’s where you enjoy life on a day to day basis. People frequently think it’s an unescapable repercussion of bankruptcy and consequently they press themselves to the edge of madness to not give up the family home.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays
Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Will the bank allow me to keep my house even though I’m a bankrupt?

Why might the bank like bankrupt customers? Wouldn’t they prefer to sell your home and not take the risk? Take note – the bank that has generously offered you the money for your house is making good money monthly in interest from you, month in and month out. Just as long as you maintain up to date with your repayments then the bank wants you in there at all costs. However it’s not the bank’s call – if a trustee decides that there is sufficient equity in your house the trustee will force you and the bank to sell your house.

What aspects would result in losing the house?

Equity! If you are up to date with your payments then the most substantial issue is equity. A trustee has a job to gather up as much money to help settle your debts once you go bankrupt. Equity is the key here. Supposing that you have $300,000 equity on your property 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 solution to pay your debt and so they are going to sell your house to repay the debt and give you whatever money remains from the sale.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays
Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

How is equity determined?

Lots of people are not confident about just what equity is, and how it is calculated– but it is certainly crucial to find out considering that if you get it, it can mean the difference between keeping and losing your home or apartment. There are a few things you have to understand here. First of all, your gut reaction or presumption about the true worth of the property is perhaps far too generous. Many people think their home is worth much more than it really is.

Secondly, when you file for insolvency the trustee may ask about how you established your price for the home. In many cases they will request more information about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. A straightforward strategy would certainly be to search www.realestate.com.au then click the ‘Sold’ tab on that site and look for latest house sales in your street or neighbourhood. This will help you get some idea of the reality of the market right now. Bear in mind, the valuation is based upon a quick sale not a skillful real estate agent’s marketing campaign. So If you really want a good idea, I would recommend getting a valuer and asking them to give you 2 prices for your home, one as a typical sale, and the other as a ‘quick sale’. This will give you a better appreciation for your home’s worth. Being aware of this step is crucial, so get some advice before going forward, call us on 1300 818 575.

What if my Partners name is on the mortgage?

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

Let’s say Mick and Susie got a house 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is an electrician and needs to go bankrupt but Susie has a good job teaching at a local school and doesn’t need to go bankrupt.

Sadly, the house has not improved in value in the 4 years they have used it and they also have merely managed to pay interest on the loan in that time so basically they still have a $400,000 mortgage on a house worth $400,000.
Mick can then file for bankruptcy and so long as they keep paying the mortgage, rates etc. they may continue to keep the house for the 3 years Mick is bankrupt. This step will, in no way, affect Susie’s credit rating or force her to declare bankruptcy as well. There is plenty to think about when it comes to houses and bankruptcy so if you have questions don’t wait to phone us about your house on 1300 818 575.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays
Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

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

If your house has lots of equity and you are nevertheless drowning in debt, there are still a couple of options available to you– it can be complicated, however the necessary step is to talk to a professional to try and get ahead of it. In fact, this relates to 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 dire! 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 boss be told?

Typically there is simply no good reason for your company to be advised of your bankruptcy. In circumstances where you earn above the threshold amounts of income while you are bankrupt and you are required to make an income payment, you organise those payments yourself, it doesn’t go through your workplace.

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Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Who will know about my bankruptcy?

There are 4 categories of people that will learn that you are bankrupt.

  1. People that you tell
  2. Your creditors or individuals you owe money to
  3. Individuals that see your credit file when you’re bankrupt. However, the only way this will take place is if you sign a privacy form for them to gain access to your credit history. You only ever do this when you look for a loan.
  4. You will be noted on the National Insolvency Index online somewhere. But this is not too big a problem because it is hard to locate and people need to pay to see if someone is bankrupt on it.

At Bankruptcy Whitsundays, we are completely aware that there is nonetheless a stigma connected to bankruptcy. We realise this worry and we can help to ensure that if you declare yourself bankrupt that you don’t need to go to court, get your name in the papers or be publicly made out to be a criminal or some sort of failure. We can help ensure that bankruptcy is quick and easy. In fact, the whole process will only take a few days. It makes it possible for the typical person to get away from debt and on with their lives. For more detailed info 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 can’t do the job any longer, it’s more an issue of specialist bodies or associations that view bankruptcy in a dim light and can make it troublesome for you.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

What we would absolutely suggest is that you do your own research here. It will make a big difference if you check out this process prior to filing for bankruptcy because that may help you decide. Check if your job is on the diagram below. If it is, we suggest talking with them personally and explaining your situation. A few organisations won’t have a problem with your bankruptcy as long as it wasn’t accompanied by shady or suspicious practices. If you think your employment may be affected by your possible bankruptcy call us here at Bankruptcy Experts Whitsundays on 1300 818 575.

Bankruptcy Income Thresholds

How much can I make when I’m bankrupt?

There are actually no restrictions on how much you can earn, but if you get over a certain amount, some of the excess can be taken by the trustee to satisfy 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 many people you owe money to. So just how much can you earn before you start paying back money to your creditors via your trustee?

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays
Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Bankruptcy and Income

First of all, it is important to know that changes are relating to the world of bankruptcy. If you should know what is taking place then pay attention now. Since March 2016 there have been changes to the Income Threshold amounts. This signifies that there are changes to just how much money you can keep when bankrupt. This is your net income after tax and child support (if applicable) are deducted. If you’re in a business when bankrupt then, obviously, it’s also net (after tax) of business spending, which is generally calculated annually.

Your net income may be controlled to take into consideration things like salary sacrifice and significant superannuation payments etc. Your net income might also allow for more unusual costs sustained 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 must ascertain your real net income, depending on the bankruptcy rules.

The income threshold figures are also per person and are established by the Government every March and September to allow for the movement in the cost of living.

Exactly what can my spouse earn if I go bankrupt?

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

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays
Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Who is considered a dependent?

This can be anybody, of any age, that lives with you and earns below $3,343 per year. If, in the case you have a young child or children that you give child support for and they don’t live with you full time, then you can not declare these children as dependents.

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

If a couple need to both declare bankruptcy and you have no dependents then you can each earn $1,048.25 net. An useful way to understand it is the same income rules apply for everyone individually.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Self Employment & Bankruptcy

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Will I lose my small business if I go bankrupt?

The basic answer is no, you do not have to but you do need to get the best guidance. Business insolvency laws are very entailed and you need to tread carefully if you wish to continue to be self-employed.

You may actually recognise that you can no longer be the director of a Pty Ltd Company if you are bankrupt. However, that doesn’t definitely mean you can’t run your very own business and hire staff etc

What if I have both Business and Personal Debts?

If you are a company owner and you have a combo of individual and business debts then it is generally possible to have most, if not all, of the debts erased with bankruptcy. Note this is a complicated process and needs special attention. The reality is, personal bankruptcy won’t automatically indicate business bankruptcy as well.

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

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays
Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Should I put my company into liquidation?

Among the main reasons you might 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 options, like liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What impact will bankruptcy have on my business?

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 options, like liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

There are actually other implications for business owners whilst bankrupt that should be considered. If you have to know more about this please feel free to call us for a no obligation, free consultation on 1300 818 575.

Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays
Bankruptcy Whitsundays,Bankrupt Whitsundays,Insolvency Whitsundays

Isn’t it illegal to run a similar business after bankruptcy?

It could be. There are points to consider when and if you declare bankruptcy as a business owner. You can not run up heaps of debt in your business, then go bankrupt then open the doors the next day like nothing at all 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 overly worried about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Whitsundays today on 1300 818 575.

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