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

Are your personal or business bills getting out of control?

We provide straight-forward bankruptcy assistance. At Bankruptcy Cairns we recognize that the very thought of bankruptcy is terrifying, and if it becomes a reality it is extremely nightmarish. We understand that you’re feeling very overwhelmed, cornered or even like you have absolutely no choices left, and so we really want to help assist you through the process.

But here’s the thing – you’ve already endured the hardest aspect of the process – you have actually taken that primary step towards putting your personal and/or business debts behind you and going on with your life; you’ve found us.

The next step is truly to determine if bankruptcy is actually right for you. There’s a few things you will need to know long before making that decision so we recommend that you continue browsing across this site, it has lots of great information, or you can simply get the phone and phone us on 1300 818 575.

Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Are your personal or business bills getting out of control?

We provide straight-forward bankruptcy assistance. At Bankruptcy Cairns we recognize that the very thought of bankruptcy is terrifying, and if it becomes a reality it is extremely nightmarish. We understand that you're feeling very overwhelmed, cornered or even like you have absolutely no choices left, and so we really want to help assist you through the process.
But here's the thing - you've already endured the hardest aspect of the process - you have actually taken that primary step towards putting your personal and/or business debts behind you and going on with your life; you've found us.

The next step is truly to determine if bankruptcy is actually right for you. There's a few things you will need to know long before making that decision so we recommend that you continue browsing across this site, it has lots of great information, or you can simply get the phone and phone us on 1300 818 575.

Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

You Can Be 100 % Debt Free!

Can you imagine a future without lenders’ harassing phone calls and even looking forward to the mail once again? There really are a couple of things you need to know before you make that complicated choice. Firstly, the quicker you take action then the more options you will have.

5 Problems you will need to answer long before you declare yourself bankrupt.

There are 5 principal questions you need to have an solution 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 web page. This e-book will address these big 5 questions specifically and give you peace of mind that you are doing the correct thing.

Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Get your FREE copy of the Big 5










* We vow not to pester you with e-mails and phone calls when you apply for our free e-book. Really, we vow to only call you once to see if we can help you even more and that’s it.

Your Insolvency Options

Is declaring bankruptcy my only realchoice?

No! There are a variety of options readily available to you. Listed here is a graph detailing the strengths and problems of the various debt choices available. This diagram is definitely by no means an exhaustive resource, but it will help you to make a well-informed decision.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

What exactly is a Personal Insolvency Agreement?

This is an adaptable arrangement amongst you and your creditors. It is managed through a trustee who supervises how much you have to pay out and when you have to pay. Once those conditions have actually been met you are then free to begin again with a new beginning.

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What is a Debt Agreement?

A debt agreement helps a debtor to take part in an arrangement with their creditors to repay their debts without being made bankrupt.

You can’t take part in a Debt Agreement if you have 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 wish to know more feel free to call us on 1300 818 575.

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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 main reason you find lots of expensive commercials on the TV in the Cairns area inviting you to go for some of these alternatives is that there is lots of cash in it for the firms that administer them. You will notice (if you haven’t already) that every single company has the tendency to give (biased) suggestions depending on the product that they provide. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to increase their own
business. It is rather common across the industry, so ensure you don’t get deceived. 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 look at a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the best plan. Usually the matter with them is that all it is really doing is packaging 5-15 different debts into one sizable debt. If you are battling to pay off all your various loans now, then why do you presume it will be amazingly easier to have one huge bill? 9 times out of 10 it is just not going to make it easier. Just to make everything worse you generally will need to pay up front for the ‘pleasure’ of this option. If you wish to get some clarification or more information on this, then simply contact us on 1300 818 575 or go and download ‘The Big 5’ e-Book.

Bankruptcy and the Family Home

If I declarebankruptcy can I keep my house?

Often the answer is yes. If this is a major concern for you then the most efficient way in order to get the answer is to call us here at Bankruptcy Experts Cairns on 1300 818 575 and once we have an understanding about your circumstances we can provide you a clear picture over the phone. Practically everyone is sentimentally connected to their home; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People frequently think it’s an unavoidable consequence of bankruptcy and hence they press themselves to the edge of madness to not lose the family house.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Will the bank let me keep my house even if I’m a bankrupt?

Why would the bank like bankrupt customers? Wouldn’t they prefer to sell your home and not take the chance? Bear in mind – the bank that has generously offered you the cash for your house is making good money each month in interest from you, month in and month out. As long as you keep up to date with your mortgage payments then the bank wants you in there at all costs. Nonetheless it is simply not the bank’s call – if a trustee determines that there is ample equity in your house the trustee will make you and the bank to sell your house.

What aspects would contribute to losing the house?

Equity! If you are up to date with your repayments then the most significant issue is equity. A trustee has a obligation to collect as much money in order to help settle your debts once you go bankrupt. Equity is the key here. If you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to cover the debt then the trustee sees your equity as a approach to pay back your debt therefore they will sell your house to settle the debt and give you whatever money remains from the sale.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

How is equity determined?

Some people are not certain about just what equity is, or how it is determined– but it is absolutely critical to find out given that if you understand, it can mean the huge difference between keeping and losing your home. There are a few things you have to know here. To begin with, your gut instinct or assumption about the real value of the property is possibly far too generous. Many people assume their house is worth a lot more than it truly is.

Secondly, when you apply for bankruptcy the trustee may question how you determined your value for the home. Sometimes they will request more detail about your valuation, maybe a rates notice or a real estate agency’s valuation or a registered valuation. A simple tactic would be to search www.realestate.com.au then select the ‘Sold’ tab on that website and search for recent house sales in your community or neighbourhood. This will help you have some concept of the reality of the market right now. Remember, the appraisal is based upon a quick sale not a skillful real estate agent’s promotion and marketing campaign. So If you truly want a good idea, I would certainly advise getting a valuer and telling them to give you 2 prices for your home, one as a regular sale, and the other as a ‘quick sale’. This will give you a far better awareness for your home’s worth. Being aware of this step is critical, so get some advice before going ahead, call us on 1300 818 575.

What happens if my Partners name is on the Home Loan?

Usually when a couple purchase a home one income will not be enough to secure the loan, so the bank/lender will have both partners sign up for the loan. When the house is purchased both names are on the mortgage from the bank and the title deed of the property as joint tenants.

Let’s say Mick and Susie bought a house 4 years ago for $400,000 with no deposit so their mortgage was also $400,000. Mick is a builder and needs to go bankrupt but Susie has a good job teaching at a local school and doesn’t need to go bankrupt.

However, the house has not increased in value in the 4 years they have owned it and they also have merely managed to pay interest on the loan in that time so essentially they still have a $400,000 mortgage on a home worth $400,000.

Mick can then file for bankruptcy and as long as they manage to 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 lots to consider when it concerns houses and bankruptcy so if you have concerns don’t hesitate to phone us about your house on 1300 818 575.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

What if My House 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 some choices readily available to you– it may be complicated, however the significant step is to speak to an expert to try and get ahead of it. As a matter of fact, this applies to vehicles 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 just about any 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 provide a free, initial consultation; just call us today on 1300 818 575..

Bankruptcy and Employment

Will my employer be told?

Normally there is actually no reason for your job to be advised of your bankruptcy. In instances where you earn more than the threshold amounts of income while you are bankrupt and you are required to make an income contribution, you organise those payments yourself, it doesn’t go through your job.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Who will know of my bankruptcy?

There are 4 categories of people that will learn that you are bankrupt. 1. People that you tell. 2. Your creditors or people you owe money to. 3. Individuals that see your credit file whilst you’re bankrupt. However, the only way this will take place is if you sign a privacy form for them to access your credit history. You only ever do this when you make an application for a loan. 4. You will be listed on the National Insolvency Index on the web 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 Experts Cairns, we are completely aware that there is still a stigma linked to bankruptcy. We realise this problem and we can help to ensure that if you declare yourself bankrupt that you don’t have to go to court, get your name in the papers or be publicly made out to be a criminal or some type 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 normal person to get out of debt and on with their lives. For more detailed facts about bankruptcy and your job, download ‘The Big 5’ e-book.

Could I lose my job if I declare bankruptcy?

The response to the question is – yes, but only in some cases. The trouble with some occupations isn’t that you cannot do the job any more, it’s more an issue of specialist bodies or associations that view bankruptcy in a dim light and can make things troublesome for you.

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What we would certainly propose is that you do your very own research here. It will help make a big difference if you investigate this process prior to declaring bankruptcy considering that may help you decide. Check if your job is on the diagram below. If it is, we recommend speaking with them personally and explaining your problem. A few organisations won’t have a problem with your bankruptcy so long as it wasn’t accompanied by shady or suspicious behaviour. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Cairns on 1300 818 575.

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

There are in fact no restrictions on how much you can earn, but if you earn over a certain amount, some of the extra can be taken by the trustee to repay your creditors. This means that you cannot be refusing 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 repaying money to your creditors via your trustee?

Well it isn’t a straight forward process, so let’s try and take you through i
t.
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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Bankruptcy and Income

First of all, it is important to know that changes are involving the world of bankruptcy. If you must know what is happening then focus now. Since March 2016 there have been alterations 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 taken off. If you’re in a business when bankrupt then, of course, it’s also net (after tax) of business spending, which is generally calculated annually.

Your net income may be controlled to take into account things like salary sacrifice and substantial superannuation payments etc. Your net income might also enable more unusual costs incurred as a result of being employed. For instance, if you are subjected to an unusually high amount of travel expenses to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee needs to ascertain your real net income, depending on the bankruptcy rules.

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

What can my partner earn if I go bankrupt?

Generally there is no limit to what your spouse/partner can earn. There are a few implications that have to be considered in some scenarios, but most of the time your partner is a totally independent legal entity and will not be influenced financially when you declare bankruptcy. Just as a word of warning – this could change if you have joint loans together, so be careful about the implications of that. If you are not sure just call us on 1300 818 575.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Who is thought of as a dependent?

This could be anybody, of any age, that lives with you and earns less than $3,343 per year. If, in the case you have a 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 have to both file for bankruptcy and you have no dependents then you can each earn $1,048.25 net. A practical way to understand it is the same income rules apply for everyone individually.

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Self Employment & Bankruptcy

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Will I lose my small business if I go bankrupt?

The simple answer is no, you don’t have to but you do need to get the right guidance. Business insolvency laws are very involved and you have to tread diligently if you wish to continue to be self-employed.

You may actually recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. Even so, that doesn’t definitely mean you can’t run your very own business and recruit staff etc.

Suppose I have both Business and Personal Debts?

If you are a company owner and you have a combo of personal and business debts then it’s possible to have most, if not all, of the debts erased with bankruptcy. Remember this is a complex process and needs special attention. The truth is, personal bankruptcy will not automatically signify business bankruptcy as well.

Regardless if you administer your business as a Sole Trader, Partnership, Company or Trust we can really help guide you with your options. Don’t hesitate to call us on 1300 818 575 for a no commitment FREE consultation.

Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Should I put my company into liquidation?

Among the main reasons you may wish to think about liquidation as opposed to bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, small businesses that become insolvent have a few options, for example, liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my business?

There are limitations for business owners that are bankrupt. For instance, as a bankrupt business owner you could be in your own business as a sole trader only. For several small business owners, bankruptcy can affect their ability to run the business due to the licensing concerns. For instance, a builder with a builder’s license can not actually continue to use that license for the 3 years she or he is simply bankrupt.

There are really other implications for small business owners whilst bankrupt that have to be considered. If you have to know even more about this just feel free to call us for a no responsibility, free consultation on 1300 818 575.

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong

Isn’t it against the law to run a comparable business after bankruptcy?

It could be. There are points to consider when and if you declare bankruptcy as a small 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 happened. There are laws in place to prevent these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get overly stressed about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Experts Cairns today on 1300 818 575.

Our Clients

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Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
Bankruptcy Advice Dandenong,Bankrupt Coffs Dandenong,Bankruptcy Dandenong
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