info@bankruptcy-canberra.com.au 1300 818 575
Free Bankruptcy Assistance
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Free Bankruptcy Assistance
Fast, Confidential and no Obligation
Enquire Online Now Or Request A Callback
Enquire Online Now
Or
Request A Callback

Are your personal or business debts getting out of control?

Our company provides straight-forward bankruptcy information. At Bankruptcy Canberra we understand that the very thought of bankruptcy is scary, and if it becomes a reality it is downright chilling. We know that you are simply feeling very overwhelmed, cornered and even like you have zero choices left, therefore we would like to help assist you through the process.

However, here’s the thing – you’ve actually gone through the hardest aspect of the process – you have taken that first 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 simply to work out if bankruptcy is simply right for you. There’s a few factors you will need to know even before making that decision so we recommend that you continue searching around this site, it has plenty of great information, or you can merely pick up the phone and give us a ring on 1300 818 575.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Are your personal or business debts getting out of control?

Our company provides straight-forward bankruptcy information. At Bankruptcy Canberra we understand that the very thought of bankruptcy is scary, and if it becomes a reality it is downright chilling. We know that you are simply feeling very overwhelmed, cornered and even like you have zero choices left, therefore we would like to help assist you through the process.

However, here's the thing - you've actually gone through the hardest aspect of the process - you have taken that first 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 simply to work out if bankruptcy is simply right for you. There's a few factors you will need to know even before making that decision so we recommend that you continue searching around this site, it has plenty of great information, or you can merely pick up the phone and give us a ring on 1300 818 575.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

You Can Be 100 % Debt Free!

Can you picture a future without lenders’ hounding phone calls as well as looking forward to the post once more? There are a couple of things you ought to know before you make that hard choice. First of all, the faster you take steps 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 Canberra,Bankrupt Canberra,Insolvency Canberra

Get your FREE copy of the Big 5










* We promise not to pester you with emails and phone calls when you sign up for our free e-book. In fact, we vow to only get in touch with you one time to see if we will be able to help you further and that’s it.

Your Insolvency Options

Is declaring bankruptcy my one and only choice?

No! Generally there are a few options readily available to you. Here is a graph detailing the strengths and disadvantages of the different debt alternatives offered. This diagram is certainly by absolutely no means an all-inclusive resource, but it will make it easy for you to make a well-informed decision.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

What is a Personal Insolvency Agreement?

This is an adaptable agreement among you and your creditors. It is overseen through a trustee who governs how much you have to pay and when you have to pay. Once those conditions have been met you are generally then free to start again with a clean slate.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

What is a Debt Agreement?

A debt agreement enables a debtor to enter into an understanding with their lenders to pay off their loans without being made bankrupt.

You cannot enter into a Debt Agreement if you have actually been bankrupt, or if you are currently already in a debt agreement. Also keep in mind that there are also 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 Canberra,Bankrupt Canberra,Insolvency Canberra

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 reason you find a lot of expensive commercials on the TV in the Canberra area inviting you to go for some of these alternatives is that there is lots of cash in it for the agencies that administer them. You will notice (if you haven’t already) that each and every business has the tendency to give (biased) advice according to 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 very common across the industry, so make sure 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!

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Should I consider at a Debt Consolidation Loan?

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

Bankruptcy and the Family Home

If I declare bankruptcy can I keep my house?

In many cases the answer is yes. If this is a major concern for you then the best way to get the solution is to call us here at Bankruptcy Experts Canberra on 1300 818 575 and as soon as we have an understanding about your circumstances we can give you a clear picture over the telephone. Practically everyone is on an emotional level 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 commonly think it’s an inevitable repercussion of bankruptcy and for that reason they pressure themselves to the verge of madness to not surrender the family house.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

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

Why would the bank want bankrupt customers? Wouldn’t they prefer to sell your property and not take the chance? Remember – the bank that has generously lent you the cash for your house is making good money every month in interest from you, month in and month out. Provided that you manage to keep up to date with your monthly payments then the bank prefers you in there at all costs. On the other hand it is generally not the bank’s call – if a trustee determines that there is plenty of equity in your house the trustee will compel you and the bank to sell off your home.

What aspects would result to losing the house?

Equity! If you are up to date with your payments then the most considerable problem is equity. A trustee has a responsibility to gather up as much money in order to help pay your bills once you go bankrupt. Equity is the ticket here. Supposing that you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to pay off the debt then the trustee sees your
equity as a way to repay your debt therefore they are going to sell your home to repay the debt and give you whatever money is left from the sale.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

How is equity decided?

Most people are not clear about what exactly equity is, or how it is calculated– but it is certainly crucial to find out considering that if you understand, it can mean the difference between keeping and losing your home or apartment. There are a few factors you ought to understand here. To start with, your gut reaction or guess about the true value of the property is undoubtedly far too generous. Many people think their home is worth much more than it actually is.

Secondly, when you declare bankruptcy the trustee may ask how you established your value for the home. In some cases they will want 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 look on www.realestate.com.au then click on the ‘Sold’ tab on that website and look for latest house sales in your community or neighbourhood. This may help you have some concept of the reality of the market right now. Remember, the appraisal is based upon a quick sale not a slick real estate agent’s marketing and advertising campaign. So If you actually want a good idea, I would likely advise getting a valuer and asking them to give you 2 prices for your house, one as a regular sale, and the other as a ‘quick sale’. This will give you a better awareness for your home’s worth. Knowing this step is critical, so get some advice before going forward, call us on 1300 818 575.

What if my Partner’s name is on the Home Loan?

Often when a couple buy a home one income isn’t enough to get approved for the loan, so the bank/lender will have each partners register for the loan. Once your house is purchased both names are on the mortgage from the bank and the title deed of the home as joint tenants.

Let’s say Mick and Susie got a home 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is an electrician and has to go bankrupt but Susie has a good job teaching high school and doesn’t have to go bankrupt.

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

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

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Suppose My Home has a lot of Equity? What can I do?

If your home has lots of equity and you are still drowning in debt, there are still several choices available to you– it can be complicated, however the vital step is to speak to a professional to try and get ahead of it. As a matter of fact, this relates 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 devastating! Before you take your next step get some advice. Our company provides a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my workplace be told?

Usually there is actually no good reason for your workplace to be advised of your bankruptcy. In circumstances where you earn in excess of 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 company.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

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. People that see your credit file while you’re bankrupt. However, 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 look for a loan. 4. You will be noted on the National Insolvency Index online somewhere. But this is not too big a problem because it is hard to find and people have to pay to see if a person is bankrupt on it.

At Bankruptcy Experts Canberra, we are fully mindful that there is still a stigma attached to bankruptcy. We understand this problem and we can help to make sure 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 sort of failure. We can help ensure that bankruptcy is quick and easy. In fact, the entire process will only take a few days. It makes it possible for the typical person to get out of 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 answer to the question is – yes, but only in some cases. The difficulty with some occupations isn’t that you simply cannot do the job any longer, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make things problematic for you.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

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

Bankruptcy Income Thresholds

Just how much can I earn when I’m bankrupt?

There are in fact no limitations on how much you can earn, however if you make over a certain amount, some of the excess can be taken by the trustee to pay off your creditors. This means that you cannot be choosing not to pay your debts and still take home a 6 figure salary– it simply wouldn’t be fair to the many people you owe money to. So 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 it.
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

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 pay attention now. Since March 2016 there have been modifications to the Income Threshold amounts. This suggests 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 removed. If you’re in a business when bankrupt then, by all means, it’s also net (after tax) of business spending, which is frequently calculated annually.

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

The income threshold figures are also per person and are established by the Government each and every March and September to permit the movement in the cost of living.

Just what can my spouse make if I go bankrupt?

There really is no limit to what your spouse/partner can earn. There are a few ramifications that should be considered in some circumstances, but in most cases your partner is a totally separate 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 take care about the implications of that. If you are uncertain just give us a call on 1300 818 575.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Who is thought of as a dependent?

This may possibly be anybody, of any age, that lives with you and earns no more than $3,343 per year. If, in the case you have a child or children that you pay child support for and they do not live with you full time, then you can not claim these particular children as dependents.

Suppose my spouse or partner and I both have to go bankrupt?

If a couple need to both declare 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.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Self Employment & Bankruptcy

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Can I lose my small business if I go bankrupt?

The basic answer is no, you do not have to but you do need to get the suitable guidance. Company insolvency laws are very involved and you have to tread carefully if you wish to continue to be self-employed.

You may already recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. However, that does not inevitably mean you can’t run your very own business and employ staff etc.

What happens if I have both Business and Personal Debts?

If you are a business owner and you have a combination of individual and business debts then it is really possible to have most, if not all, of the debts wiped out with bankruptcy. Remember this is an intricate process and requires special attention. The truth is, personal bankruptcy does not automatically suggest business bankruptcy as well.

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

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

Should I put my business into liquidation?

Among the main reasons you may wish to consider liquidation as opposed to bankruptcy is due to the fact that 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, like 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 rules for business owners that are bankrupt. For example, as a bankrupt company owner you can be in your very own business as a sole trader only. For a few business owners, bankruptcy can have an effect on their ability to manage the business because of the licensing issues. 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 bankrupt.

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

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra
Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

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

It could be. There are factors when and if you declare bankruptcy as a small business owner. You can not run up heaps of debt in your company, then go bankrupt then open the doors the next day like nothing at all has happened. There are laws in effect to stop 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 Canberra today on 1300 818 575.

Bankruptcy Canberra,Bankrupt Canberra,Insolvency Canberra

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