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Fast, Confidential and no Obligation

FAQ’s

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Yes. All you will need to do is apply to your bankruptcy trustee for approval to go. You’ll get it, on the other hand there is a one-page form you have to complete basically to advise the trustee of how long you will be taking a trip, etc. This rule only honestly exists so high flyers don’t skip the country. In certain cases the trustee will ask for your passport, but don’t fret about it because you can ask for it back when you intend to travel. The big part of this is being sure that you in fact ask– because if you overlook this then you can actually get in a lot of trouble. Call us if you wish to learn more regarding travel on 1300 818 575.

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In a lot of cases the answer is yes! In fact, in many cases these days we can help you keep your home. At Bankruptcy Experts Canberra we are truly experts at helping people keep their houses. It’s actually pretty tricky, so if you are troubled about losing your home call us on 1300 818 575 and we will guide you through your options.

The idea of losing the family home is undoubtedly one of the most common hindrance to people declaring bankruptcy. We chat with people everyday who have wrestled for many years under considerable financial stress so they don’t lose their home.

So how is it likely when declaring bankruptcy to keep your house? Easy, really; it’s a matter 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 actually have no equity in the house, correct? The trustee will only sell your home if there is generally enough equity in the home, if sold, to pay back a lot of your debts. So with this particular situation, the trustee will then offer you some solutions, one of which is to just to keep on paying the mortgage and live in your home while you are bankrupt.

So how can I find out the value of my home before I experience the process and pain of declaring bankruptcy? A simple way is actually to go onto www.realestate.com.au and look at the sold houses tab in the Canberra area and then it will display all the latest sales in your location. Another possibility, if you are not sure 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, obviously). Be warned this will cost you anywhere between $300-700. Just one more detail about house prices – If the trustee has to sell your house they do so reasonably swiftly. It is definitely not a 6-month sleek advertising campaign and rather it’s usually by auction and they merely meet the market on the day and that is generally it. So when considering the value remember that it’s a sell right away price, not when the market improves.

Once you have calculated the market value of your house the next thing to consider is who owns the house.

Typically when our customers are declaring bankruptcy nearly all home loans are actually between two people as joint tenants who both contribute to the home loan. When only one party is declaring bankruptcy then the equity is formulated in this manner.

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? Fifty percent of that overall equity is immediately allocated to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. From this $25,000 the declaring bankruptcy party has to cover all of the selling costs including advertising etc.,

which, depending upon exactly where you live, can set you back anywhere between $12,000-20 ,000. In this particular case say the marketing expenses are going to be $15,000 then the remaining left over after the sale is $10,000. So in this case the trustee will provide the non-declaring bankruptcy party several alternatives. One of which is common is for the bank to say, “Pay us the $10,000 and we will not sell your home and you are going to have it taken away as an asset from the bankrupt’s estate.” Or, simply put, work out a deal to pay the $10,000 and you can keep your house.

Just a side note: the financial institution who has granted you the property loan will need the mortgage payments to be continued of course. Whatever the trustee chooses, if you don’t pay the financial institution the property loan these guys will at some point ask you to leave. So, in plain English, keeping your home obviously implies keeping the mortgage also.

There are many more choices with your house when declaring bankruptcy, and we have actually just detailed one choice of potentially 20 options you can choose when it comes to your home. We know you will need to get this right. Trying one’s luck with the family household may be a devastating choice. If you intend to get the appropriate advice about filing for bankruptcy or you just need to speak with someone call us on 1300 818 575.

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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.

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Bankruptcy lasts 3 years and will sit on your credit file for that time. However, as with any default it will appear on your credit file for 7 years. You can have it cleared away if you get your bankruptcy annulled.

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Bankruptcy is for 3 years and in that time you definitely will not get a loan. After the 3 years is up you may 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 cleared as a bankrupt then you will have an fitting credit history once again and you will get the most competitive deal on loans.

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Typically, no. Bankrupts hardly ever lose their cars because they’ve filed for bankruptcy. Of course, this is limited and we can let you know if your property is safe. Call Bankruptcy Experts Canberra 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 value your car could be worth, which is $7,350. You will find all kinds of erroneous information about this on the internet, but here are simply the facts. That $7,350 represents not the full 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 could possibly 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 keep the car despite the fact that you are bankrupt so long as you maintain the payments.

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Get some help on this. If you are thinking about declaring bankruptcy and simply just need some advice as soon as possible call 1300 818 575. Basically, you will receive about 2 to 3 repayments grace when it involves car loans. The bottom line is uncomplicated: whether you are declaring bankruptcy or otherwise, if you overlook three or more repayments on your loan they will take back the car. Don’t assume because you are declaring bankruptcy you are immediately going to lose your car because a lot of the time we help people retain them.

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The creditors, or the people you owe money to, are informed in writing at about the same time you receive your bankruptcy file number.

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No. The filing for bankruptcy process is basically a paperwork exercise. The only thing that actually happens is that you will possibly be sent a letter by mail or emailed a notice advising you that you are actually bankrupt. At Bankruptcy Experts Canberra we make certain that this whole procedure is that straightforward, so if you have questions about this phone 1300 818 575.

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Absolutely. This process will take about two weeks and will completely get rid of the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that allow a bankrupt individual to have their bankruptcy annulled using a Section 73 proposal.

The consequences 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 actually filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the individual who experiences bankruptcy.

We have been taking care of people declaring bankruptcy in the Canberra area for a number of years so phone us today on 1300 818 575 to get some insight on this issue. We exercise probably the most suitable possible strategy for you in order to get back up and running, removing residual effects and hindrances of former financial circumstances to give you the best potential outcome. Having experience and skills in Section 73 proposals, we can integrate this with our proven strategies and methods to bring you through bankruptcy unharmed, ready to start over.

To begin with, having your personal bankruptcy annulled is essentially reversing it 100%. So if you are really thinking about having your insolvency annulled there are a few things you will have to know.

Firstly, exactly how does the annulment work? A straightforward way to comprehend 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 learn that they are declaring bankruptcy. You would 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 offering to them to clear up your debt with them. Without a doubt you are happy to take it, because it is better than nothing. The only condition they request in return is that you consent to have the bankruptcy cleaned from their record, and if you don’t consent to do that then there will be no $5,000. Needless to say you do not care about their credit file; you are just thrilled they are offering you some money after all of these years.

In bankruptcy terms this approach is usually called a Section 73 proposal, and it is generally an approach where ‘everybody wins.’

Essentially, the trustee contacts your creditors, shows your offer, which is much less than the starting debt owed, on the condition they clear your credit file clean.

This procedure takes a few weeks. The proposal can be done at any time in the 3 years you are bankrupt. However, you have to consider the timing of your proposal; you don’t want to do it the day you are declaring bankruptcy because it does cost money to do this, you want to ensure the odds are on your side. As an example, 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 obtain 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 because they may get some cash from you over the 3 years if you earn over the threshold sum of money.

If you would like advice to put a section 73 proposal to your trustee or simply just need more details about the ideal time of when to put an offer forward, just phone us on 1300 818 575.

Can I also undergo the process of declaring bankruptcy if I am actually currently in a Debt Agreement or Personal Insolvency Agreement or even in a Debt Consolidation Loan Contract?

Yes! We can assist you cancel all of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them first off before you experience the pain of declaring bankruptcy, but it is really no problem. If you are locked into one of these and just simply aren’t able to get on top give us call at 1300 818 575.

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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 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.

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Of course, 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, ultimately, money owed to an insurance company due to a car accident in an uninsured car 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. In reality, there are a lot of things to list so if you have a specific debt you are bothered with just call for a free consultation 1300 818 575.

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You can’t declare bankruptcy for an amount under $5,000; however, there is no limit above that. If you owe a couple million dollars, that is simply managed no differently compared to $20,000.

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An unsecured creditor is a creditor who does not have a hold over the chattels/assets/property obtained with the credit afforded to you. Such debts also include credit card debts.

A secured creditor has a hold over the chattels/assets/property up until the debt is paid out completely. 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.

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Our people have helped countless people undergo the process of declaring bankruptcy over several years and we have certainly never had anybody’s application declined. That’s exactly why we provide a 100% money back guarantee.

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There is a simple method we use here before declaring bankruptcy and all you will 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 small fee.

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Car accidents may be complicated, so to keep it straightforward call us on 1300 818 575 to get the proper advice on your situation. Declaring bankruptcy may not be the best option. However, as a standard rule, if you were driving a car that was not insured then the cost of the repairs is not removed with the declaring 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 shall be fine.

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Yes! We can really help you do this, even though it is actually possible there are actually effects and plenty of regulations around this process, so phone us and we will guide you through the process on 1300 818 575. Bankruptcy Experts Canberra are specialists at assisting businesses get back on their feet.

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Yes. Generally there is an strategy 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 carrying this out correctly; just contact us first.

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Usually, if you owe money to a lender they can get a court order and then bankrupt you. They must follow a process, but it is 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, naturally.

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Of course. Even so, this is generally a tricky process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled badly, it might be disastrous. For a free consultation call Bankruptcy Experts Canberra 1300 818 575.

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No, we do that for you. In fact, we function as a buffer or a midway point in between you and your creditors. So in the end you are not actually obliged to alert them of your bankruptcy; we deal with that for you.

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Three Years.

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Typically, it takes approximately 2 weeks.

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Yes. Generally a lender will chase the other person who signed the loan files with you for the sum total of the overdue money owing on the loan.

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Don’t stress! If you overlooked a debt and remember it later, just call your trustee with the name of the creditor, address, date the debt was incurred, amount of debt and any account or reference number/s offered from lender. Your trustee will include the creditor to your bankruptcy and deliver a notice to the creditor.

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No. We deal with the whole process for you.

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Generally this is not a problem, so if you are a gambler, don’t stress. What the trustee doesn’t 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 won’t add up and looks suspicious.

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Yes. We acknowledge that you are busy. If you have a phone we can help you; simply contact us on 1300 818 575.

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Yes. This is generally a possibility. It involves some emails back and forth but it can be done.

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Yes. In the event that a person actually living in another country is now residing in Australia then files for bankruptcy and they have a unpaid debt incurred from that foreign country, you just note that unpaid debt on the papers.

Most of the time the creditor overseas will erase the debt. It is possible and legal for them, however, to decline your application, and if you go back to that country you may be subject to their bankruptcy laws.

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There are a few ways the trustee can learn, and one of the most effective and simplest way is for you to let them know when we do the paperwork. There is also a government web page which has significant assets listed also. You should get some guidance about assets; so look out.

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This is complicated and you are going to want the right support, so if you need more info about inheritances call us on 1300 818 575.

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No. The income thresholds are the same for everybody so regardless of how you make your income you will have to earn about $50,000 every year before your income will be influenced by bankruptcy.

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You can keep money from tax returns simply if you did not have any tax debts. So if you owed money to the Tax Office when you declared bankruptcy then they will get your tax return. The good reason for this is because your income tax return is viewed 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 various other debts then you will get your whole tax return back.

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If you are required to pay child support, this money will be deducted from your net income, so what you have the ability to keep after you pay your tax and after that child support is thought of as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.

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Yes, but 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.

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You can keep just about everything when declaring bankruptcy except big things like houses, cars, shares and inheritances. Even items 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 Canberra.

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