How Our Team Can Support You
Bankruptcy Alice Springs can guide you with everything that you want to understand about going bankrupt. Everyone’s situations are unique and require a proficient treatment. We have placed the six most commonly asked questions on this page so you may receive a prompt and straightforward answer. If you need more specifics advance through our site or simply call us on 1300 818 575.
My Residential property
The thought of losing the family household is certainly the primary reason people postpone declaring bankruptcy and push the matter to the back of their minds. The question that everybody should determine when looking at bankruptcy is if they can keep their family house? The answer is YES in many cases.
So as to make it uncomplicated its truly about the equity you have in the home, or to puts it simply how much your home is worth over and above the financial loan sum. If your home has very little to no equity within it, then it is very likely you may keep your residence just as long as you always keep paying off the home loan, rates etc. Typically there is much more to this tale and you may have various other thoughts, so feel free to contact us on 1300 818 575, to receive the correct recommendations you are in need of about your property.
The next frequently asked concern is if you can keep your motor vehicle if you are bankrupt? The answer to this in many cases is YES! Simply put if your vehicle is currently on finance and you could continue to maintain the payments its likely you will certainly manage to keep your motor vehicle.
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 the event that either of these two instances don’t apply to your vehicle then give us a ring on 1300 818 575.
Could I lose my firm in the event that I declare bankruptcy? The answer in most cases is NO! You can easily retain your business organization and file for insolvency. This is potentially the most intricate element of any type of insolvency. The bottom line is the government does not want you to become out of a job and bankrupt so consequently you can proceed as a self employed individual as a sole trader once you are bankrupt. You can not be the director of a company for the 3 years you are bankrupt. If you have your own small business and have to declare bankruptcy then give us a ring on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in many cases you do not need to return the debt except if you earn over certain amounts of earnings. As an example if you earn under $1,050.00 each week in the hand or after tax (net) for the 3 years you are bankrupt then you would never pay a cent towards the debt. If you pay child support or have dependent children then you are able to make more. There is a table on the bankruptcy page of this website with significantly greater detail if you want to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is essentially damaged for the 3 years you are insolvent. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this indicates there are plenty of loan providers that can help you get a home mortgage or a 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
Of course this is not really an easy question to answer, as every single case we handle is different. Having said that, sometimes we will help you file for insolvency at no charge. That’s right. If we can guide you do it for FREE then we will assist you. Sometimes that are straightforward it will cost $395. There are much more complex situations where the cost is higher. If you need to get an idea about what your case will require just phone us on 1300 818 575.