Yes. All you will have to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, on the other hand there is a one-page sheet you have to complete basically to advise the trustee of how long you will be taking a trip, etc. This policy only truly exists so high flyers don’t skip the country. In certain cases the trustee will demand your passport, but don’t fret about it considering that you can ask for it back when you want to travel. The big part of this is ensuring that you actually ask– because if you forget this then you can actually get in a bunch of trouble. Call us if you wish to learn more regarding travel on 1300 818 575.
In most cases the answer is yes! In fact, in many cases these days we can really help you keep your home. At Bankruptcy Experts Alice Springs we are actually specialists at helping people keep their houses. It’s actually pretty tricky, so if you are concerned about losing your home call us on 1300 818 575 and we will guide you through your options.
The notion of losing the family house is probably the most typical deterrent to people declaring bankruptcy. We chat with people everyday who have fought for several years under substantial financial pressure so they don’t lose their home.
So how is it likely 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 property that’s worth $350,000 and you owe the bank $350,000 you actually have no equity in your house, correct? The trustee will only sell your house if there is definitely enough equity in the home, if sold, to repay a number of your debts. So for this particular situation, the trustee will then offer you some choices, one of which is to just to continue paying the mortgage and stay in your home while you are simply bankrupt.
So how can I discover the value of my home before I look at the process and pain of declaring bankruptcy? A basic way is usually to go onto www.realestate.com.au and take a look at the sold properties tab in the Alice Springs area and it will display all the recent sales in your region. Another option, if you are not exactly sure or are very anxious, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, of course). Be warned doing this will cost you anywhere between $300-700. Just one more detail about house prices – If the trustee needs to sell off your house they do so moderately promptly. It’s not a 6-month sleek marketing campaign and instead it’s usually by auction and they just meet the market on the day and that is generally it. So when considering the value remember that it’s a sell now price, not when the market improves.
Once you have figured out the market value of your home the next thing to consider is who owns the house.
Generally when our clients are declaring bankruptcy many home loans are generally between 2 individuals as joint tenants who both add to the home loan. If only one individual is declaring bankruptcy then the equity is worked out like this.
Say your house is worth $400,000 and the latest market value is $350,000. Then the balance of equity in the home is $50,000, right? Half of that overall equity is automatically assigned to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of this $25,000 the declaring bankruptcy party needs to take care of all of the selling costs including advertising etc.,
which, depending upon exactly where you live, can come to anywhere between $12,000-20 ,000. With this particular situation 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 give the non-declaring bankruptcy party a number of alternatives. One of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell your house and you can have it eliminated as an asset from the bankrupt’s estate.” Or, in other words, arrange to pay the $10,000 and you can keep your house.
Just a side note: the financial institution who has delivered you the property loan will need the mortgage payments to be continued of course. No matter what the trustee chooses, if you do not pay the bank the property loan they will eventually ask you to leave. So, in plain English, keeping your home without a doubt implies retaining the mortgage also.
There are many more options with your house when declaring bankruptcy, and we have actually just outlined one choice of probably 20 options you can decide on when it comes to your property. We know you will need to get this right. Taking a chance with the family house might be a devastating choice. If you intend to get the necessary advice about declaring bankruptcy or you merely want to talk to someone call 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, its possible the trustee will restrict your travel.
Bankruptcy takes 3 years and is going to remain on your credit file for that time. However, as with any default it will show 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 definitely will not get a loan. After the 3 years is done you are going to have the power to get loans; you just won’t get the very best rate. Your credit file will be erased clean 4 years after you have been cleared as a bankrupt then you will have an ideal credit history in the future and you will get the most competitive deal on loans.
Commonly, no. Bankrupts hardly ever lose their cars simply because they’ve filed for bankruptcy. Naturally, this is conditional and we can let you know if yours is safe. Call Bankruptcy Experts Alice Springs on 1300 818 575.
How is this worked out? Well it is calculated based upon a threshold price for your car. The threshold is the maximum retail value your car could be worth, which is $7,350. You will find all kinds of wrong information about this on the internet, but here are really the facts. That $7,350 represents not the full value; it represents equity. So, basically, if you have a car worth $35,000 you are repaying 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 offered you the loan for the car will be pleased for you to manage to keep the car even though 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 without delay call 1300 818 575. Basically, you will receive about 2 to 3 payments grace when it comes to car loans. The bottom line is simple: whether you are declaring bankruptcy or not, if you overlook three or more repayments on your loan they will retake the car. Don’t assume because you are declaring bankruptcy you are automatically going to lose your car because in most cases we help people retain them.
The creditors, or the people you owe money to, are advised in writing at around the same time you receive your bankruptcy file number.
No. The filing for bankruptcy procedure is fundamentally a paperwork exercise. All that actually occurs is that you will possibly be sent a letter by mail or emailed a notice informing you that you are actually bankrupt. At Bankruptcy Experts Alice Springs we make sure that this entire process is that uncomplicated, so if you have queries about this phone 1300 818 575.
Of course. This approach will take around two weeks and will completely eliminate the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that allow a bankrupt individual to get their bankruptcy annulled using a Section 73 proposal.
The repercussions of creditor’s claims can commonly result in 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 person who undergoes bankruptcy.
We have been supporting people declaring bankruptcy in the Alice Springs area for a number of years so call us today on 1300 818 575 to get some insight on this matter. We exercise probably the most suitable possible strategy for you to get back up and running, dealing with left over effects and hindrances of past financial circumstances to give you the best possible outcome. Having experience and skills in Section 73 proposals, we can integrate this with our proven techniques and approaches to bring you through bankruptcy unscathed, ready to start over.
Initially, having your personal bankruptcy annulled is virtually reversing it 100%. So if you are considering having your bankruptcy annulled there are a handful of things you will have to know.
Firstly, how does the annulment work? A simple way to understand it is this – let’s say someone owes you $50,000 and they haven’t paid you one cent back for many years. Then to make matters worse you find out that they are declaring bankruptcy. You would most likely kiss that money goodbye, right? Years go by and they come to you with an offer to pay you $5,000 that their grandparents are giving to them to settle your debt with them. Undoubtedly you are delighted to take it, because it is better than nothing. The only condition they ask for in return is that you agree to have the bankruptcy cleansed from their record, and if you don’t consent to do that then there will be no $5,000. Needless to say you don’t care about their credit file; you are just pleased they are giving you some money after all of these years.
In bankruptcy terms this strategy is usually called a Section 73 proposal, and it is simply an approach where ‘everybody wins.’
Essentially, the trustee reaches out to your creditors, presents your offer, which is significantly less than the initial debt owed, on the condition they clear your credit file clean.
This method takes a few weeks. The proposal may be done whenever you like in the 3 years you are bankrupt. However, you need to 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 do this, 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 certainly be harder to get an annulment since they may get some cash from you over the 3 years if you earn over the threshold sum of money.
If you need advice 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.
Can I also go through the process of declaring bankruptcy if I am actually already in a Debt Agreement or Personal Insolvency Agreement or maybe in a Debt Consolidation Loan Contract?
Yes! We can assist you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them first off before you endure the pain of declaring bankruptcy, but it is really no problem. If you are locked into one of these and just cannot get on top give us call at 1300 818 575.
Yes! We can assist you cancel all 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 its no problem. If you are locked into one of these and simply cant get on top give us call at 1300 818 575.
Generally there are very few debts that declaring bankruptcy won’t 100% remove, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, finally, money owed to an insurance provider following a car accident in an without being insured while you were driving.
Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. In reality, there are a bunch of factors to list so if you have a certain debt you are worried about just call for a free assessment 1300 818 575.
You can’t declare bankruptcy for an amount under $5,000; however, there is no limit over that. If you owe a couple million dollars, that is really managed no differently compared to $20,000.
An unsecured creditor is a lender who does not have a hold over the chattels/assets/property acquired 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 up until the debt is paid out in full. If a debtor defaults on a secured debt, the creditor has the right to reclaim and sell the chattels/assets/property to pay down the debt.
We have helped thousands of people undergo the process of declaring bankruptcy over many years and we have certainly never had anybody’s application declined. That’s exactly why we provide a 100% money back guarantee.
There is a general method we use here prior to declaring bankruptcy and all you will have to do is get a copy of your credit history as it will have your credit history on there. Companies like www.veda.com.au will have the ability to get you a copy for a modest fee.
Vehicle accidents may be tricky, so to keep it straightforward call us on 1300 818 575 to get the right advice on your predicament. Declaring bankruptcy may not be the best option. However, as a general rule, if you were driving a motor vehicle 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 accepted liability or who was simply at fault. If you head to court and the court proves you were actually not to blame then you shall be fine.
Yes! We can help you carry this out, though it’s achievable there are actually effects and lots of regulations around this process, so phone us and we will steer you through the procedure on 1300 818 575. Bankruptcy Experts Alice Springs are professionals at helping companies get back on their feet.
Yes. There actually is an approach to follow, but if you win lotto or inherit some cash you can use it in order to get your slate wiped clean. There is a way of doing this correctly; just contact us first.
Usually, if you owe money to a lender they could get a court order and bankrupt you. They will have to follow a process, but it is actually possible. What you have to avoid at all costs ideally is somebody else bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you enjoy attending court and frustrating phone calls, of course.
Yes. However, this is certainly a tough process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled badly, it could be disastrous. For a free consultation call Bankruptcy Experts Alice Springs 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 essentially you are not obliged to alert them of your bankruptcy; we deal with that for you.
Usually, it takes about 2 weeks.
Yes. Typically a lender will go after the other person who signed the loan documents with you for the sum total of the unsettled money owing on the loan.
Don’t worry! If you missed a debt and remember it later, just call your trustee with the name of the creditor, address, date the debt was acquired, amount of debt and also any account or reference number/s supplied by the lender. Your trustee will include the creditor to your bankruptcy and send out a notice to the creditor.
No. We handle the entire process for you.
Ordinarily this is not a issue, so if you are actually a gambler, don’t stress. What the trustee won’t like is inconsistency here. Put simply, if you have never gambled in your life and all of a sudden you lost $50,000 on the horses, then you might have some explaining to do, of course, because it just won’t add up and looks suspicious
Yes. We understand that you are busy. If you have a phone we can support you; simply call us on 1300 818 575.
Yes. This is possible. It needs 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 files for bankruptcy and they have a unpaid debt incurred in that foreign country, you just note that unpaid debt on the paperwork.
In most cases the creditor internationally will erase the debt. It is potential and lawful for them, however, to reject your application, and if you go back to that country you may go through their bankruptcy rules.
There are actually a few ways the trustee can discover, and one of the most effective and simplest way is for you to let them find out when we do the documents. There is also a government site which has significant assets listed also. You should get some guidance about assets; be careful.
This is complicated and you will want the right advice, so if you need extra information about inheritances contact us on 1300 818 575.
No. The income thresholds are the same for every person so regardless of how you gain your income you have to earn about $50,000 every year before your income will be influenced by bankruptcy.
You can keep money from tax returns just if you did not have any tax debts. So if you owed money to the Tax Office when you went bankrupt at that point they will get your tax return. The main reason for this is because your income tax return is considered as net income, so if you are actually below the threshold amount you can earn while bankrupt and provided you really did not have those other debts then you will get your entire tax return back.
If you are required to pay child support, this money will be written off from your net income, so what you have the ability to keep after you pay your tax then child support is looked at as net income. Which is why when declaring bankruptcy, the net income numbers are always quoted.
Yes, but it’s not a great idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them off you, as they are viewed as an asset.
You can keep just about everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even items like houses and vehicles may be able to be saved. Just give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Alice Springs.