Yes. All you have to do is apply to your bankruptcy trustee for approval to go. You’ll get it, nonetheless there is a one-page form you will need to submit basically to notify the trustee of how long you will be travelling, etc. This policy only actually exists so high flyers don’t skip the country. In some cases the trustee will ask for your passport, but don’t worry about it considering that you can ask for it back when you would like to travel. The big aspect of this is being sure that you actually ask– because if you ignore this then you can actually get in a ton of trouble. Call us if you wish to learn more regarding travel on 1300 818 575.
In some cases the answer is yes! In fact, in many cases nowadays we can help you keep your home. At Bankruptcy Experts Dandenong we are actually professionals at helping people keep their houses. It’s actually quite tricky, so if you are concerned about losing your home call us on 1300 818 575 and we will walk you through your options.
The thought of losing the family house is very likely the most common obstacle to people declaring bankruptcy. We talk with people everyday who have fought for years under serious financial pressure so they don’t lose their home.
So how is it achievable 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 your home, correct? The trustee will only sell your house if there is enough equity in the home, if sold, to repay a lot of your debts. So with this particular situation, the trustee will then offer you some solutions, one of which is to just simply to continue paying the mortgage and remain in your home while you are bankrupt.
So how can I find out the value of my home before I go through the process and pain of declaring bankruptcy? A basic way is generally to go onto www.realestate.com.au and look at the sold properties tab in the Dandenong area and it will show you all the most recent sales in your neighborhood. Another option, if you are unsure or are very uncertain, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, naturally). Be warned this will cost you somewhere between $300-700. Just one more point 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 effort and instead it’s usually by auction and they simply meet the market on the day and that is probably 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 worked out the market value of your home the next thing to look at is who owns the house.
Usually when our customers are declaring bankruptcy most home loans are actually between two people as joint tenants who both add to the home loan. When only one individual is declaring bankruptcy then the equity is calculated like this.
Say your home is worth $400,000 and the current market value is $350,000. Then the balance of equity in the property is $50,000, right? Fifty percent of that overall equity is immediately allocated to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. From that $25,000 the declaring bankruptcy party needs to cover all of the selling costs including advertising etc.,
which, depending upon where you live, can cost anywhere between $12,000-20 ,000. With this particular instance say the selling expenses are going to be $15,000 then the remaining left over following 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 property and you are going to have it removed as an asset from the bankrupt’s estate.” Or, simply put, arrange to pay the $10,000 and you can keep the house.
Just a side note: the bank who has delivered you the home loan will need the payments to be continued of course. Whatever the trustee determines, if you do not pay the bank the property loan they will in the end ask you to leave. So, in plain English, keeping your home obviously implies continuing the mortgage also.
There are many more options with your house when declaring bankruptcy, and we have just outlined one choice of potentially 20 options you can choose when it involves your home. We know you will want to get this right. Taking a chance with the family household might be a devastating choice. If you intend to get the right advice about filing for bankruptcy or you simply just want to speak with someone contact us on 1300 818 575.
Your travel would be prohibited by the trustee due to legal action. For example, if your declaring bankruptcy is a part of a criminal investigation or fraudulent activities, it’s possible the trustee will restrict your travel.
Bankruptcy lasts 3 years and is going to sit on your credit file for that time. However, just like any default it will be present on your credit file for 7 years. You can have it removed if you get your bankruptcy annulled.
Bankruptcy is for 3 years and in that time you will most likely not get a loan. After the 3 years is up you are going to have the capacity to get loans; you just won’t get the very best rate. Your credit file will be wiped clean 4 years after you have been dismissed as a bankrupt then you will have an preferred credit history in the future and you will get the most competitive deal on loans.
Generally, no. Bankrupts hardly ever lose their cars because they’ve filed for bankruptcy. Obviously, this is limited and we can let you know if your car is safe. Call Bankruptcy Experts Dandenong on 1300 818 575.
How is this worked out? Well it is determined based upon a threshold price for your car. The threshold is the maximum wholesale market value your car could be worth, which is $7,350. You will find all kinds of erroneous information about this online, but here are simply the simple facts. That $7,350 represents not the total value; it represents equity. So, simply put, if you have a car worth $35,000 you are paying off or leasing and the amount you can 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 despite the fact that you are bankrupt so long as you keep up the payments.
Get some advice with this. If you are considering declaring bankruptcy and simply just need some advice as soon as possible call 1300 818 575. Basically, you will have about two to three repayments grace when it relates to car loans. The bottom line is uncomplicated: whether you are declaring bankruptcy or otherwise, if you miss three or even more repayments on your loan they will retake the car. Don’t assume because you are declaring bankruptcy you are instantly going to lose your car because a lot of the time we help people keep them.
The creditors, or the people you owe money to, are informed in writing at roughly the same time you receive your bankruptcy file number.
No. The declaring bankruptcy process is fundamentally a paperwork exercise. All that actually occurs is that you will quite possibly be sent a letter by mail or emailed a letter advising you that you are simply bankrupt. At Bankruptcy Experts Dandenong we make sure that this whole procedure is that straightforward, so if you have questions about this phone 1300 818 575.
Absolutely. This process will take about two weeks and will thoroughly get rid of 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 effects of creditor’s claims can commonly lead to bankruptcy, no matter if it was the individual’s decision to enter bankruptcy, or if it was filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the individual who undergoes bankruptcy.
We have been taking care of people declaring bankruptcy in the Dandenong area for several years so call us today on 1300 818 575 to get some understanding on this issue. We exercise the most suitable possible strategy for you to get back up and running, dealing with remaining effects and hindrances of past financial circumstances to give you the best possible outcome. Having experience and skills specialising in Section 73 proposals, we can combine this with our proven strategies and approaches to bring you through bankruptcy unscathed, ready to start over.
To begin with, having your bankruptcy annulled is essentially reversing it 100%. So if you are actually contemplating having your insolvency annulled there are a handful of things you need to know.
Firstly, just how does the annulment work? A quick way to comprehend it is this – let’s say someone owes you $50,000 and they haven’t paid you 1 cent back for many years. Then to make matters worse you learn that they are declaring bankruptcy. You would 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 offering to them to work out your debt with them. Certainly you are delighted to take it, because it is much better than nothing. The only condition they request in return is that you consent to have the bankruptcy cleansed from their record, and if you don’t consent to do that then there will be no $5,000. Obviously you don’t care about their credit file; you are just happy they are giving you some money after all 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 considerably less than the starting debt owed, on the condition they clear your credit file clean.
This process takes a few weeks. The proposal may be done whenever you like in the 3 years you are bankrupt. However, you must consider the time of your proposal; you don’t want to do it the day you are filing for bankruptcy because it does cost money to carry this out, 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 get 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 basically been bankrupt three weeks it will definitely be more challenging 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 want help to put a section 73 proposal to your trustee or simply need more details about the ideal time of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can help you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them first before you go through the pain of declaring bankruptcy, but it’s no problem. If you are locked into one of these and simply can’t get on top give us call at 1300 818 575.
There really are very few debts that declaring bankruptcy won’t 100% get rid of, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, ultimately, money owed to an insurance provider due to a car accident in an without insurance while you were driving.
Besides that, it will get rid of things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Honestly, there are a bunch of things to list so if you have a certain debt you are bothered with just call for a free assessment 1300 818 575.
You can’t declare bankruptcy for an amount under $5,000; however, there is no restriction over that. If you owe a couple million dollars, that is actually managed no differently compared to $20,000.
An unsecured creditor is a lender that does not really have a hold over the chattels/assets/property obtained with the credit afforded to you. These types of debts include credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out completely. If a debtor defaults on a secured debt, the creditor has the right to get back and sell the chattels/assets/property to pay down the debt.
Our team have helped countless people undergo the process of declaring bankruptcy over several years and we have certainly never had anybody’s application rejected. That is actually the reason that we offer a 100% money back guarantee.
There is a simple method we use here prior to declaring bankruptcy and all you have to do is get a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will have the capacity to get you a copy for a modest fee.
Car accidents may be challenging, so to keep it uncomplicated call us on 1300 818 575 in order to get the correct advice on your situation. Declaring bankruptcy may not be the best option. However, as a general rule, if you were driving a car that was not insured then the cost of the repairs is not eliminated with the filing for bankruptcy process. Having said that, it depends upon who admitted liability or who was generally at fault. If you go to court and the court confirms you were not to blame then you should really be fine.
Yes! We can really help you do this, though it’s possible there are actually consequences and lots of regulations around this process, so call us and we will guide you through the procedure on 1300 818 575. Bankruptcy Experts Dandenong are specialists at helping businesses get back on their feet.
Yes. There actually is an method to follow, but if you win lotto or inherit some cash you can use it in order to get your record wiped clean. There is actually a way of carrying this out properly; just call us first.
Usually, if you owe money to a lender they can get a court order and even bankrupt you. They must follow a process, but it is possible. What you have to avoid at all costs ideally is other people bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you enjoy going to court and bothersome phone calls, of course.
You bet. Even so, this is actually a tough process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled incorrectly, it might be disastrous. For a free consultation call Bankruptcy Experts Dandenong 1300 818 575.
No, we do that for you. Actually, we serve as a buffer or a midway point in between you and your creditors. So in the end you are not actually obliged to advise them of your bankruptcy; we deal with that for you.
Commonly, it takes about 2 weeks.
Yes. Generally a lender will chase the other person who signed the loan documents with you for the sum total of the uncollected money owing on the loan.
Don’t stress! If you missed a debt and remember it afterwards, just call your trustee with the name of the creditor, address, date the debt was incurred, amount of debt as well as any account or reference number/s supplied from lender. Your trustee will add the creditor to your bankruptcy and give a notice to the creditor.
No. We handle the entire process for you.
As a rule this is not actually a dilemma, so if you are actually a gambler, don’t stress. What the trustee does not like 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 may have some explaining to do, of course, because it just does not add up and looks suspicious.
Yes. We are aware that you are busy. If you have a phone we can help you; simply contact us on 1300 818 575.
Yes. This is usually workable. It requires some emails back and forth but it can be done.
Yes. If a person actually living in another country is now living in Australia then declares bankruptcy and they have a liability incurred in that foreign country, you just list that unpaid debt on the papers.
Most of the time the creditor internationally will wipe out the debt. It is possible and legal for them, however, to refuse your application, and if you go back to that country you may go through their bankruptcy laws.
There are actually a few ways the trustee can find out, and the most effective and easiest way is for you to let them know when we do the paperwork. There is also a government web page that has primary assets listed also. You should get some advice about assets; be careful.
This is complicated and you will want the best assistance, so if you need more information about inheritances call us on 1300 818 575.
No. The income thresholds are the same for each person so regardless of how you make your income you have to earn about $50,000 each year before your income will be affected by bankruptcy.
You can keep money from tax returns only if you did not have any tax debts. So if you owed money to the Tax Office when you went bankrupt then they will take your tax return. The main reason for this is because your income tax return is viewed as net income, so if you are below the threshold amount you can earn while bankrupt and provided you really did not have those various other debts then you will get your entire tax return back.
If you are required to pay child support, this money will be subtracted from your net income, so what you have the ability to keep after you pay your tax and after that child support is thought about as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, however 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 deemed an asset.
You can keep just about everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and cars may be able to be saved. Just give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Dandenong.