How We Can Help You
Bankruptcy Canberra can really help you with everything which you wish to understand about declaring bankruptcy. Everyone’s scenarios are one-of-a-kind and require a skilled resolution. We have put the six most frequently asked questions on this page so you can gain a quick and straightforward response. If you need even more details advance through our site or simply call us on 1300 818 575.
The thought of losing the family dwelling is certainly the main reason that people hold off going bankrupt and push the issue to the back of their minds. The inquiry that everybody ought to understand when thinking about personal bankruptcy is if they could retain their family residence? The answer is YES in many cases.
In order to try to keep it basic its truly about the equity you have in the property, or to puts it simply what amount your home is worth over the mortgage loan sum. Should your residence has little to no equity within it, then it is very likely you will maintain your property just as long as you always keep paying the mortgage, rates etc. Typically there is even more to this tale and you will have other questions, so do not hesitate to get in touch with us on 1300 818 575, in order to get the exact information you really need about your property.
Naturally there is much more to this story and you will have other questions, feel free to call us on 1300 818 575, to get the exact advice you need about your house.
The next most often asked question is if you can retain your vehicle if you are insolvent? The answer to this in many cases is YES! Simply put if your motor vehicle is at present on finance and you can continuously keep up the monthly payments its likely you will be able to retain your vehicle.
If you own your car outright and have no loan then you can possess a car up to the wholesale worth of $7,500.
In the event that both of these two situations don’t relate to your vehicle then call us on 1300 818 575.
Will I lose my firm in the event that I go bankrupt? The answer for the most parts is NO! You can maintain your business and declare bankruptcy. This is often times the most intricate element of any type of bankruptcy. The bottom line is the government does not wish you to be jobless and insolvent so because of this you can proceed as a self employed individual as a sole trader once you are insolvent. You may no longer be the director of a company for the 3 years you are bankrupt. If you have your very own small business and need to declare bankruptcy then give us a call on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans a lot of the time you do not have to repay the debt unless you earn over specific amounts of earnings. For example if you make under $1,050.00 each week in the hand or after tax (net) for the 3 years you are insolvent then you will never pay a cent to the financial obligation. If you pay child support or have dependent children then you can certainly make more. There is a table on the bankruptcy page of this website with better information should you want to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is basically damaged for the 3 years you are insolvent. Then after the 3 years you will be considered a discharged bankrupt on your credit file, which indicates there are a number of loan providers that may help you get a home mortgage or an auto loan etc. To have a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy duration.
How much Money will it Cost
Obviously this is certainly not an easy one to answer, as each case we handle is unique. Having said that, in some cases we can help you file for insolvency at no charge. That’s right. If we can assist you do it for FREE then we can support you. In many cases that are easy it will cost $395. There are many more complicated circumstances where the price is more. If you need to get an idea about what your scenario will be priced at simply give us a call on 1300 818 575.