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

Are your personal or business monetary debts getting out of control?

We provide straight-forward bankruptcy help and advice. At Bankruptcy Alice Springs we understand that the very thought of bankruptcy is distressing, and if it becomes a reality it is positively menacing. We know that you are likely feeling very overwhelmed, cornered or perhaps like you have zero choices left, therefore we really want to help guide you through the process.

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

The next step is truly to work out if bankruptcy is actually right for you. There is definitely a few things you need to know even before making that choice so we recommend that you continue browsing across this site, it has lots of great information, or you can merely grab the phone and contact us on 1300 818 575.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Are your personal or business debts getting out of control?

At Bankruptcy Alice Springs we understand that the very thought of bankruptcy is scary, and having it become a reality is downright frightening. That’s why we only offer straight-forward bankruptcy advice. We know that you’re probably feeling very overwhelmed, trapped or even like you have no options left.
But here’s the thing…you’ve already gone through the hardest part of the process…you have taken that first step towards putting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is to figure out if bankruptcy is right for you. There’s a few things you need to know before making that decision so you can continue browsing around this site, it’s full of great information, or you can simply pick up the phone and give us a call on 1300 818 575.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

You Can Be 100 % Debt Free!

Can you picture a future free from lenders’ hounding phone calls and even looking forward to the mail once more? There actually are a few things you need to know before you make that formidable decision. Firstly, the earlier you act then the more options you will have.

5 issues you ought to answer long before you declare yourself bankrupt.

There are 5 principal questions you have to have an response to before you declare bankruptcy. If you need to know what exactly they are, feel free to download our free e-book on the right hand side of the web page. This e-book will address these big 5 questions specifically and offer you peace of mind that you are doing the best thing.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Get your FREE copy of the Big 5










* We vow not to hound you with emails and phone calls when you register for our free e-book. Really, we promise to only get in touch with you one time to see if we can help you further and that’s it.

Insolvency Options

Is Going bankrupt my only choice?

No! Generally there are numerous options available to you. Here is a chart describing the perks and downsides of the different debt choices available. This chart is certainly by absolutely no means an comprehensive resource, but it will enable you to make a well-informed choice.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs
Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

What exactly is a Personal Insolvency Agreement?

This is an adaptable deal amongst you and your lenders. It is handled through a trustee who supervises what you will need to pay out and when you have to pay. Once those circumstances have been met you are generally then free to start out again with a clean slate.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

What is a Debt Agreement?

A debt agreement enables a debtor to take part in an understanding with their lenders to repay their financial debts without being made bankrupt.

You can’t become part of a Debt Agreement if you have actually 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 want to know more please get in touch with us on 1300 818 575.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Why do some business say Debt Agreements or Personal Insolvency Agreements

The reason you find plenty of expensive commercials on the TV in the Alice Springs area inviting you to go for one of these alternatives is that there is lots of cash in it for the companies that administer them. You will notice, if you havent already, that every company has the tendency to give (biased) advice

according to the product that they offer. For instance, Debt Agreement Companies ridicule bankruptcy companies and so it goes with much of the financial services industry.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Should I consider a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the best idea. Usually the problem with them is that all it is really doing is wrapping 5-15 various debts into one enormous debt. If you are battling to pay all your different loans now, then why do you presume it will be magically easier to get one enormous bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it more upsetting you typically have to pay up front for the ‘pleasure’ of this option. If you want 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 file for bankruptcy can I keep my house?

In many cases the answer is yes. If this is a major issue for you then the best way in order to get the solution is to call us here at Bankruptcy Experts Alice Springs on 1300 818 575 and after we have an understanding about your situation we can give you a clear picture over the telephone. Practically everybody is emotionally connected to their home; it’s where the kids have grown up, it’s where you enjoy life on a day to day basis. People usually think it’s an unescapable consequence of bankruptcy and consequently they press themselves to the verge of madness to not surrender the family house.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs
Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Will the bank allow me to keep my house even though I’m a bankrupt?

Why might the bank like bankrupt customers? Wouldn’t they choose to sell your home and not take the risk? Keep in mind – the bank that has generously lent you the money for your house is making good money monthly in interest from you, month in and month out. So long as you keep up to date with your repayments then the bank prefers you in there at all costs. Nonetheless it is normally not the bank’s call – if a trustee concludes that there is suitable equity in your house the trustee will make you and the bank to sell your house.

What things would contribute to losing the home?

Equity! If you are up to date with your payments then the most important issue is equity. A trustee has a job to collect as much money to help settle your debts once you go bankrupt. Equity is the ticket here. If you have $300,000 equity in your house 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 repay your debt therefore they are going to sell your home to pay off the debt and give you whatever money is left from the sale.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs
Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

How is equity determined?

Lots of people are not quite sure about exactly what equity is, or how it is calculated– but it is certainly vital to work out given that if you get it, it can mean the difference between keeping and losing your house. There are a few factors you need to understand here. Firstly, your gut reaction or guess about the true value of the property is probably far too generous. Many people presume their home is worth more than it truly is.

Secondly, when you declare bankruptcy the trustee may ask about how you determined your value for the house. In some cases they will call for more detail about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A basic tactic would be to search www.realestate.com.au then select the ‘Sold’ tab on that site and look for recent house sales in your community or area. This may help you get some concept of the reality of the marketplace right now. Bear in mind, the assessment is based on a quick sale not a slick real estate agent’s marketing and advertising campaign. So If you actually want a good idea, I would advise getting a valuer and telling them to give you 2 prices for your home, one as a typical sale, and the other as a ‘quick sale’. This will give you a far better appreciation for your home’s worth. Understanding this step is vital, so get some advice before going ahead, call us on 1300 818 575.

What happens if my Partners name is on the mortgage?

Usually when a couple buy a home one income just isn’t enough to get approved for the loan, so the bank/lender will have each partners register for the loan. As soon as your home 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 purchased a home 4 years ago for $400,000 with no deposit so their mortgage was also $400,000. Mick is an electrician and needs to go bankrupt but Susie has a good job teaching primary school and doesn’t need to go bankrupt.

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

Mick can then file for bankruptcy and so long as they manage to keep paying the mortgage, rates etc. they may continue to keep the home for the 3 years Mick is bankrupt. This action will, in no way, affect Susie’s credit rating or force her to go bankrupt also. There is a lot to think about when it comes to houses and bankruptcy so if you have concerns don’t hesitate to call us about your house on 1300 818 575.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs
Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Suppose 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 a couple of possibilities readily available to you– it can be complicated, however the necessary step is to speak with an expert to try and get ahead of it. As a matter of fact, this relates to cars 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 offer a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my employer be given notice?

Usually there is really no good reason for your job to be advised of your bankruptcy. In circumstances where you earn above the threshold amounts of income while you are bankrupt and you are required to make an income contribution, you organise those payments on your own, it doesn’t go through your workplace.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs
Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Who will know about my bankruptcy?

There are four groups of people that will learn that you are bankrupt.

  1. Individuals that you tell
  2. Your creditors or people you owe money to
  3. Individuals that see your credit file while youre bankrupt. The only way this will happen is if you sign a privacy form for them to access your credit history. You only ever do this when you apply for a loan.
  4. You will be listed on the National Insolvency Index on the internet somewhere. Its hard to find and people need to pay to see if someone is bankrupt on it.

At Bankruptcy Experts Alice Springs, we are completely conscious that there is still a stigma attached to bankruptcy. We are aware of this concern and we can help to ensure that if you declare yourself bankrupt that you don’t need to go to court, get your name in the newspapers or be publicly made out to be a criminal or some sort of failure. We can help ensure that bankruptcy is fast and easy. In fact, the whole process will only take a few days. It makes it possible for the typical person to get away from debt and on with their lives. For more detailed information about bankruptcy and your job, download ‘The Big 5’ e-book.

Might I lose my job if I file for bankruptcy?

The response to the question is – yes, but only in some cases. The issue with some occupations isn’t that you just can’t 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 problematic for you.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

What we would certainly suggest is that you do your own research here. It will help make a big difference if you check out this process prior to filing for bankruptcy because that may really help you decide. Check if your job is on the diagram below. If it is, we recommend talking with them personally and explaining your problem. A few organisations won’t have a problem with your bankruptcy as long as it wasn’t accompanied by shady or suspicious actions. If you think your employment may be affected by your possible bankruptcy call us here at Bankruptcy Experts Alice Springs on 1300 818 575.

Bankruptcy Income Thresholds

How much money can I when I’m bankrupt?

There are actually no restrictions on how much you can earn, however if you get over a certain amount, some of the extra can be taken by the trustee to satisfy your creditors. This means that you cannot be refusing to pay your debts and still take home a 6 figure salary– it simply just wouldn’t be fair to the many people you owe money to. So how much can you make before you start paying back money to your creditors via your trustee?.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs
Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you should know what is taking place then pay attention 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 are able to 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, by all means, it’s also net (after tax) of business spending, which is typically calculated annually.

Your net income may be controlled to take into consideration things like salary sacrifice and considerable superannuation payments etc. Your net income might also allow for more unusual costs sustained as a result of being employed. For example, if you are subjected to an unusually high amount of travel charges to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee has to ascertain your real net income, based on the bankruptcy rules.

The income threshold numbers are also per person and are set by the Government each and every March and September to enable the movement in the cost of living
.

Exactly 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 ramifications that have to be thought about in some scenarios, but most of the time your partner is an entirely separate legal entity and will not be affected financially when you file for 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 give us a call on 1300 818 575.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs
Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Who is considered a dependent?

This can be any person, 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 pay child support for and they dont live with you full-time, then you cannot claim these children as dependents.

What happens 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. An useful way to understand it is the same income rules apply for everyone individually.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Self Employment & Bankruptcy

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Will I lose my small business if I go bankrupt?

The basic answer is no, you don’t have to but you do need to get the correct guidance. Company insolvency laws are very entailed and you should tread cautiously if you wish to continue to be self-employed.

You may already recognise that you can no longer be the director of a Pty Ltd Company if you are bankrupt. Even so, that does not definitely mean you can’t run your very own business and employ staff etc .

Suppose I have both Business and Personal Debts?

If you are a business owner and you have a mix of individual and business debts then it is generally possible to have most, if not all, of the debts wiped out with bankruptcy. Keep in mind this is an intricate process and requires special attention. The fact is, personal bankruptcy doesn’t automatically suggest business bankruptcy as well.

No matter if you operate your business as a Sole Trader, Partnership, Company or Trust we can help guide you through your options. Don’t hesitate to contact us on 1300 818 575 for a no commitment FREE consultation.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs
Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Should I put my company into liquidation?

Among the main reasons you may wish to consider liquidation instead of bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, companies that become insolvent have a few alternatives, including 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 restrictions for business owners that are bankrupt. As an example, as a bankrupt business owner you can be in your own business as a sole trader only. For a few business owners, bankruptcy can impact their ability to manage the business because of the licensing problems. For instance, a builder with a builder’s license can not continue to use that license for the 3 years she or he is actually bankrupt.

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

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs
Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Isn’t it illegal to run a very similar business after bankruptcy?

It could be. There are factors to consider when and if you declare bankruptcy as a business owner. You can not run up heaps of debt in your business, then go bankrupt and after that open the doors the next day like absolutely nothing has taken place. There are laws in effect to avoid these ‘Phoenix companies’ rising up out of the ashes of an old company. Don’t get overly worried about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Alice Springs today on 1300 818 575.

Bankruptcy Alice Springs,Bankrupt Alice Springs,Insolvency Alice Springs

Our Clients

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce scelerisque nibh et neque faucibus suscipit. Sed auctor ipsum ut tellus faucibus tincidunt.

Copyright © 2016 Bankruptcy Bendigo.