How We Can Guide You
Considering we are bankruptcy experts and we have been around for many years, we have many happy customers. Here are a few of their stories; naturally, your story will be different. Receiving the right recommendations regarding your specific circumstances is critical. Don’t hesitate to phone us if you have any queries on 1300 818 575.
The prospect of losing the family residence is certainly the main reason that people postpone going bankrupt and push the thought to the back of their minds. The inquiry that everyone should comprehend when looking at bankruptcy is if they could retain their family home? The answer is YES in most cases.
So as to keep it uncomplicated its honestly concerning the equity you have in the home, or rather just how much your home is worth over and above the home mortgage sum. Should your residence has hardly any to no equity in it, then it is most likely you may keep your residential property provided that you always keep paying the mortgage, rates etc. Typically there is a lot more to this tale and you may have various other questions, so feel free to phone us on 1300 818 575, to get the exact recommendations you require about your residential property.
The next most often asked about question is if you can have your vehicle if you are insolvent? The answer to this in many cases is YES! Simply put if your car is presently on finance and you can easily continue to maintain the charges its most likely you are going to be able to keep your vehicle.
If you own your car outright and have no finance then you can easily possess a car as much as the wholesale value of $7,500.
If both of these two situations don’t apply to your motor vehicle then phone us on 1300 818 575.
Could I lose my firm in the event that I declare bankruptcy? The answer in most cases is NO! You can keep your business and apply for insolvency. This is perhaps the most intricate feature of any kind of bankruptcy. The bottom line is the government does not want you to become out of a job and bankrupt so therefore you can proceed as a self employed individual as a sole trader once you are insolvent. You can not be the director of a company for the 3 years you are bankrupt. If you have your very own business and have to declare bankruptcy then call us on 1300 818 575.
Bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in most cases you do not have to pay back the debt except if you earn over specific amounts of income. As an example if you earn under $1,050.00 every week in the hand or after tax (net) for the 3 years you are insolvent then you will never pay a cent to the financial 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 website with significantly greater detail should you want to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is essentially destroyed for the 3 years you are insolvent. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this means there are a number of lenders that can help you get a home loan or a car loan etc. To obtain a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy period.
How Much will it Cost
Obviously this is not really an easy question to answer, as every case we take on is different. Having said that, sometimes we may help you file for personal bankruptcy at no charge. That’s right. If we can assist you make it happen for FREE then we can assist you. In many cases that are easy it will cost $395. There are much more intricate circumstances where the price is more. If you need to get an idea about what your circumstance will cost simply contact us on 1300 818 575.