How Our Team Can Guide You
Bankruptcy Dandenong can support you with everything which you wish to understand about going bankrupt. Everyone’s scenarios are different and require a competent treatment. We have set the six most commonly asked questions on this page so you may get a simple and effortless answer. Should you need even more facts continue through our site or simply call us on 1300 818 575.
My Residential property
The worry of losing the family home or apartment is the primary reason people hold off declaring bankruptcy and push the matter to the back of their minds. The question that everyone will need to know when taking into consideration personal bankruptcy is if they can keep their family property? The answer is YES in many cases.
In order to make it straightforward its honestly concerning the equity you have in the home, or rather just how much your house is worth over the mortgage sum. Should your property has little to no equity in it, then it is likely you will keep your home so long as you keep paying the home mortgage, rates etc.
Typically there is far more to this tale and you will likely have other problems, so feel free to consult with us on 1300 818 575, to obtain the exact help you are in need of about your home.
The second most often asked about concern is if you can keep your motor vehicle if you are insolvent? The answer to this in many cases is YES! Simply put if your motor vehicle is currently on finance and you can continue to maintain the repayments its highly likely you will certainly have the chance to keep your car.
If you own your car straight-out and have no finance then you can possess a vehicle as much as the wholesale value of $7,500.
In case both of these two circumstances don’t apply to your car then give us a call on 1300 818 575.
Will I lose my business in the event that I go bankrupt? The reply in many cases is NO! You can easily keep your business organization and file for personal bankruptcy. This is essentially the most challenging aspect of any kind of insolvency. The bottom line is the government does not wish you to be unemployed and bankrupt so therefore you can carry on as a self employed individual as a sole trader once you are insolvent. You can no longer be the director of a company for the 3 years you are bankrupt. If you have your very own business and have to declare personal bankruptcy then contact us on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in most cases you don’t have to return the financial obligation except if you earn over certain amounts of earnings. For example if you earn under $1,050.00 weekly in the hand or after tax (net) for the 3 years you are bankrupt then you will never pay a cent towards the debt. If you pay child support or have dependent children then you can earn more. There is a table on the bankruptcy page of this site with significantly greater detail should you want to know more.
My Credit File
Is my credit rating damaged 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 means there are a lot of loan providers that will likely help you get a home mortgage or a vehicle loan etc. To obtain a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy time frame.
How Much will it Cost
Naturally this is not an easy one to answer, as every single case we take on is unique. Having said that, sometimes we will help you file for bankruptcy at no charge. That’s right. If we can assist you make it happen for FREE then we can help you. In many cases that are easy it will cost $395. There are more complex scenarios where the price is more. If you need to get an idea on what your circumstance will amount to simply phone us on 1300 818 575.