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FAQ’s

Bankruptcy Whitsundays

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Yes. All you have to do is apply to your bankruptcy trustee for permission to go. You’ll get it, on the other hand there is a one-page application you have to submit simply to inform the trustee of how long you will be travelling, etc. This rule only really exists so high flyers don’t skip the country. Occasionally the trustee will request your passport, but don’t stress over it because you can ask for it back when you would like to travel. The big part of this is making certain that you in fact ask– because if you forget this then you can actually get in a lot of trouble. Call us if you want to learn more regarding travel on 1300 818 575.

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Often the answer is yes! In fact, in many cases these days we can help you keep your home. At Bankruptcy Experts Whitsundays we are professionals at helping people keep their houses. It’s actually very tricky, so if you are troubled about losing your home call us on 1300 818 575 and we will lead you through your choices.
The notion of losing the family house is very likely the most common discouragement to people declaring bankruptcy. We chat with people every day who have fought for a long time under serious financial pressure so they don’t lose their home.
So how is it possible 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 is actually worth $350,000 and you owe the bank $350,000 you in reality have no equity in the house, correct? The trustee will only sell your home if there is definitely enough equity in the home, if sold, to pay off a number of your debts. So with this particular situation, the trustee will then offer you some solutions, one of which is to just to carry on paying the mortgage and live in your house while you are bankrupt.
So how can I learn the value of my home before I look at the process and pain of declaring bankruptcy? A basic way is actually to go onto www.realestate.com.au and look at the sold houses tab in the Whitsundays area and then it will show you all the recent sales in your neighborhood. Another possibility, if you are uncertain or are very worried, is to have a registered valuer do a valuation on your home, not a real estate agent ( except if they are registered valuers, of course). Be warned this will cost you anywhere between $300-700. Just one more factor about house prices – If the trustee has to sell off your house they do this moderately quickly. It is certainly not a 6-month shiny marketing program and instead it’s generally by auction and they barely meet the market on the day and that is generally it. So when thinking of 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 house the next thing to consider is who owns your home.
Normally when our customers are declaring bankruptcy most home loans are generally between a couple of individuals as joint tenants who both add to the home loan. If only one party is declaring bankruptcy then the equity is calculated 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? Half of that overall equity is automatically assigned to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of that $25,000 the declaring bankruptcy party needs to cover all of the selling costs including advertising etc.,

which, depending upon exactly where you live, can cost anywhere between $12,000-20 ,000. With this particular case 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 choices. One of which is common is for the bank to say, “Pay us the $10,000 and we will not sell your home and you will have it eliminated 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 home.
Just a side note: the financial institution who has brought you the home loan will need the mortgage payments to be continued of course. No matter what the trustee decides, if you do not pay the bank the property loan they will eventually ask you to leave. So, in plain English, keeping your home of course implies retaining the mortgage too.
There are many more options with your house when declaring bankruptcy, and we have really just detailed one option of possibly 20 options you can opt for when it involves your home. We are aware that you will want to get this right. Trying one’s luck with the family home may be a devastating choice. If you intend to get the right advice about declaring bankruptcy or you just have to talk to someone contact us on 1300 818 575.

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Bankruptcy lasts 3 years and is going to 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.

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Bankruptcy is for 3 years and during that time you will most likely not get a loan. After the 3 years is done you will have the potential to get loans; you just won’t get the very best rate. Your credit file will be erased clean 4 years after you have been discharged as a bankrupt then you will have an optimal credit history in the future and you will get the most competitive deal on loans.

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How is this worked out? Well it is determined based upon a threshold price for your car. The threshold is the max retail market value your car could be worth, which is $7,350. You will find all sorts of flawed information about this online, but here are 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 repaying 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 provided you the loan for the car will be pleased for you to retain the car even though you are bankrupt just as long as you keep up the payments.

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Get some guidance with this one. If you are considering declaring bankruptcy and simply just need some advice right away call 1300 818 575. Basically, you will have about 2 to 3 repayments grace when it involves car loans. The bottom line is straightforward: whether you are declaring bankruptcy or otherwise, if you miss three or more repayments on your loan they will retake the car. Don’t presume because you are declaring bankruptcy you are instantly going to lose your car because in most cases we help people keep them.

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The creditors, or the people you owe money to, are alerted in writing at around the same time you receive your bankruptcy file number.

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No. The filing for bankruptcy procedure is fundamentally a paperwork exercise. All that actually occurs is that you will either be sent a letter by mail or emailed a notice warning you that you are bankrupt. At Bankruptcy Experts Whitsundays we ensure that this whole procedure is that easy, so if you have queries about this phone 1300 818 575.

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Yes. This process will take about two weeks and will completely eliminate the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that permit a bankrupt individual to have their bankruptcy annulled by means of a Section 73 proposal.
The consequences of creditor’s claims can commonly lead to bankruptcy, despite if it was the individual’s choice to enter bankruptcy, or if it was filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the individual who experiences bankruptcy.
We have been helping people declaring bankruptcy in the Whitsundays area for many years so phone us today on 1300 818 575 in order to get some understanding on this issue. We exercise the most suitable possible strategy for you in order to get back up and running, reducing left over effects and hindrances of past financial circumstances to give you the best possible outcome. Having experience and skills in Section 73 proposals, we can combine this with our proven strategies and methods to bring you through bankruptcy unscathed, ready to begin again.
Initially, having your bankruptcy annulled is just about reversing it 100%. So if you are contemplating having your bankruptcy annulled there are a couple of things you need to know.

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A basic way to understand it is this – let’s say someone owes you $50,000 and they haven’t paid you one cent back for many years. Then to make things worse you discover that they are declaring bankruptcy. You would most likely kiss that money goodbye, right? Years go by and they come to you with an deal to pay you $5,000 that their grandparents are giving to them to work out your debt with them. Certainly you are delighted to take it, because it is far better than nothing. The only condition they ask for in return is that you consent to have the bankruptcy cleaned from their record, and if you don’t consent to do that then there will be no $5,000. Needless to say you don’t care about their credit file; you are just pleased they are giving you some money after all of these years.
In bankruptcy terms this technique is usually described as a Section 73 proposal, and it is truly an approach where ‘everybody wins.’
Basically, the trustee contacts your creditors, presents your offer, which is significantly less than the starting debt owed, on the condition they clear your credit file clean.
This method takes a few weeks. The proposal may be done any time 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 filing for bankruptcy because it does cost money to do this, 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 only 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 would like assistance to put a section 73 proposal to your trustee or simply just need more details about the ideal time of when to put an offer forward, just phone us on 1300 818 575.

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Yes! We can help you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them first off before you go through the pain of declaring bankruptcy, but it is really not a problem. If you are locked into one of these and simply aren’t able to get on top give us call at 1300 818 575.

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There actually are very few debts that declaring bankruptcy won’t 100% remove, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, lastly, money owed to an insurance company following a car accident in an without being insured while you were driving.
Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Actually, there are a bunch of things to list so if you have a specific debt you are worried about just call for a free consultation 1300 818 575.

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You can’t declare bankruptcy for an amount under $5,000; however, there is no limit above that. If you owe a few million dollars, that is simply managed no differently than $20,000.

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An unsecured creditor is a lender who does not have a hold over the chattels/assets/property obtained with the credit afforded to you. These sorts of debts include things like credit card debts.
A secured creditor has a hold over the chattels/assets/property up until the debt is paid out in full. If a debtor defaults on a secured debt, the creditor has the right to reclaim and sell the chattels/assets/property to pay down the unpaid debt.

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Our team have helped countless people go through the process of declaring bankruptcy over many years and we have certainly never had anybody’s application rejected. That’s exactly why we offer a 100% money back guarantee.

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There is a essential method we use here prior to declaring bankruptcy and all you must do is get a copy of your credit history as it will have your credit history on there. Companies like www.veda.com.au will be able to get you a copy for a small fee.

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Car accidents may be problematic, so to keep it straightforward call us on 1300 818 575 to get the correct advice on your circumstance. Declaring bankruptcy may not be the right option. However, as a standard rule, if you were driving a motor vehicle that was not insured then the expense of the repairs is not removed with the declaring bankruptcy process. Having said that, it depends on who admitted liability or who was generally at fault. If you head to court and the court proves you were actually not to blame then you should be fine.

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Yes! We can help you do this, though it is actually achievable there are actually consequences and plenty of regulations around this process, so phone us and we will direct you through the process on 1300 818 575. Bankruptcy Experts Whitsundays are pros at assisting businesses get back on their feet.

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Yes. Generally there is an method to follow, but if you win lotto or inherit some cash you can use it to get your slate wiped clean. There is a way of carrying this out correctly; just contact us first.

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Generally, if you owe money to a lender they could get a court order and even bankrupt you. They must follow a process, but it is possible. What you should avoid at all costs ideally is other people bankrupting you, as it’s always best to voluntarily apply for bankruptcy. Unless you appreciate going to court and bothersome phone calls, of course.

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Yes. Even so, this is actually a challenging process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled incorrectly, it might be disastrous. For a free consultation call Bankruptcy Experts Whitsundays 1300 818 575.

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No, we do that for you. In fact, we function as a buffer or a midway point in between you and your creditors. So ultimately you are not obligated to alert them of your bankruptcy; we deal with that for you.

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Three years

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Typically, it takes around 2 weeks.

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Yes. Generally a lender will go after the other person who signed the loan files with you for the sum total of the unsettled money owing on the loan.

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Don’t stress! If you omitted 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 any account or reference number/s offered from lender. Your trustee will add the creditor to your bankruptcy and send a notice to the creditor.

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No. We deal with the whole process for you.

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In most cases this is not really a issue, so if you are a gambler, don’t stress. What the trustee doesn’t appreciate 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 won’t add up and looks suspicious.

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Yes. We understand that you are busy. If you have a phone we can guide you; simply call us on 1300 818 575.

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Yes. This is a possibility. It requires some emails back and forth but it can be done.

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Yes. In the event that a person originally living in another country is now living in Australia then files for bankruptcy and they have a unpaid debt incurred from that foreign country, you just specify that liability on the forms.
In most cases the creditor internationally will erase the debt. It is entirely possible and lawful for them, however, to decline your application, and if you return to that country you may go through their bankruptcy laws.

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There are normally a few ways the trustee can find out, and one of the most effective and simplest way is for you to let them know when we do the documents. There is also a government website which has primary assets listed also. You ought to get some guidance about assets; so look out.

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This is complicated and you will certainly want the best support, so if you need extra info about inheritances give us a call on 1300 818 575.

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No. The income thresholds are the same for everyone so no matter how you earn your income you will have to earn about $50,000 yearly before your income will be impacted by bankruptcy.

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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 declared bankruptcy at that point they will get your tax return. The good reason for this is simply because your income tax return is considered as net income, so if you are below the threshold amount you can earn while bankrupt and provided you really did not have those additional debts then you will get your whole tax return back.

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If you are required to pay child support, this money will be taken off from your net income, so what you have the ability to keep after you pay your tax and after that child support is looked at as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.

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Yes, but it’s not a great idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them away from you, as they are regarded as an asset.

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You can keep almost everything when declaring bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and vehicles may be able to be saved. Simply contact us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Whitsundays.

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