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Does it cost to go Bankrupt?
[/vc_column_text][vc_single_image image=”1552″ img_size=”full”][vc_column_text]Obtaining the bankruptcy Application forms is a FREE service. If you would like assistance completing and / or lodging your application, you will be charged a fee for this service. This fee is different for each type of Bankruptcy and is determined by the complexity of your situation. We will contact you to let you know what the fee would be to assist you with your case.
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Do I need to go to court?
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With Voluntary Bankruptcy, the answer is NO!
You won’t be dragged off to court, you won’t be charged as a criminal, you won’t have your name splashed all over the media and up in lights. The process of Voluntary Bankruptcy is a very personal process.
Your bankruptcy will be recorded on your personal Credit file for 5 years, but all things going smoothly, your actual bankruptcy only goes for a period of 3 years and one day. After that time you will be able to go out and apply for a loan or whatever you need. This is called your discharge date, or the date your Bankruptcy is discharged.
Once your Bankruptcy is discharged, it is over. You will simply receive a letter informing you that your bankruptcy has now been discharged.
It is as though you have just been financially born again. A wonderful feeling.
Can I keep My Car?
You can keep a vehicle up to the value of $8000.
(Be sure to ask us to find the “Actual” value of your vehicle. The value is often very different to what you think.)[/vc_column_text][vc_single_image image=”1557″ img_size=”full”][vc_column_text]
If your vehicle is worth more than $8000.00 and there is no finance on it, you may still be able to keep it by using one of these options
Option 1: you may be able to speak with your Bankruptcy Trustee (the person who looks after you during your bankruptcy) and ask them if you can pay off the difference over the term of your bankruptcy. Here’s an example. Let’s say that your vehicle is worth $15000 and you would like to keep it. You could speak with the trustee and let them know that you realise you can only keep a car up to the value of $8000 but that you would like to keep the car and pay off the difference over the next year or two. Often you will find the Trustee very helpful and accommodating and will be more than happy to work with you on this.(We are happy to negotiate this for you)
Option 2: You could simply hand the vehicle to your trustee. He can then arrange for it to be sold and once it is sold your trustee will give you back $8000 from the sale of the vehicle and pay the rest of the money to your creditors. (People you owed money to.) You can then use this $8000 to go and buy another vehicle.
What if my vehicle is financed?
If your vehicle is under secured finance the situation is quite different. Here are the usual scenarios that exist regarding financed vehicles and Bankruptcy.
Scenario 1: Often you will find that you owe more on the vehicle than what it is worth. If this is the case and your finance company agree to let you keep the loan, then you can keep the vehicle so long as you continue to pay the loan. (That’s right, you can choose to keep a loan even if you go bankrupt!)
Scenario 2: If your vehicle is worth up to $8000 more than you have left on your loan and your finance company agree to let you keep the loan, then you can keep it. For example, if you have a vehicle worth $20,000 and your loan is only $12,000 you can keep the vehicle as you only own $8000 worth of the equity in the vehicle. If you are unsure, ask us.
Scenario 3: If the vehicle is worth $8000 or more than the loan, then you will again need to work something out with your Trustee to pay off the difference. (We can negotiate this for you if you want us to.)
Can I keep My House?
Often your house is your castle and to lose it in Bankruptcy can feel like a real blow. There may be ways that you can keep your house but that decision all comes down to your understanding of Bankruptcy and the options available to you, so be sure to involve us in this process.[/vc_column_text][vc_single_image image=”1551″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Firstly you need to work out how much “Equity” there is in your property.
What is equity?
Equity is the difference between how much the property is worth and how much you owe on it. For example, if your property is worth $500,000.00 and you owe $200,000.00 on your mortgage, then there is $300,000.00 worth of equity. This is how much of the property you own.
Whether you own a property yourself or it is owned by 2 or more people doesn’t change the options available to you, but it does change the way work out how much equity you own in the property. For example if your house was owned equally by two people instead of just you, then each person owns half the equity in the property, meaning your portion would be $150,000.00 instead of $300,000.00.
Once you have worked out how much equity there is in the property and how much of this you personally own, then some decisions can be made. Here are the options:
Option 1: If you have NO EQUITY in your property then the trustee would not be interested in trying to sell it. In this situation, you can work with your bank and if they agree that you can keep your mortgage, then you can keep your home. In most cases your Bank usually agrees to this unless you are very behind in mortgage payments.
Option 2: If you have a LITTLE BIT OF EQUITY in your home, usually anywhere between $10k and $50k, then you may be able to work with the trustee to keep your home and pay off any equity you have to them over the next few years. This money is then used to pay off your creditors. Organising this can be quite complicated, but we can take care of this for you.
Option 3: If you have A LOT OF EQUITY then the whole process can become a little tricky but there are still options available to you. To find out what you can do and how to do it, be sure to contact us and give us the full details of your property. We will then work through your options and help you find a solution.
Can I Travel Overseas?
This is a very common question because for some reason people believe that they are banned from overseas travel when they go bankrupt. This is not the case.[/vc_column_text][vc_single_image image=”1556″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]If you choose to travel overseas you need to complete a form and send it to your Trustee for permission to go, but this is usually just a formality and in almost every case you will be permitted to travel.
There are a few circumstances where the trustee may not agree to your going overseas. These include:
- You have not been helpful through the Bankruptcy process.
- You have not fully disclosed your financial position to the Trustee
- You have money outstanding to your trustee that is overdue for payment
- You are a potential flight risk and it is believed that you may not return if you go overseas.
Permission is at the discretion of the trustee.
So yes, you can travel overseas and you can travel as often as you like, you simply need to get permission from your trustee. If you do wish to travel we can assist you in obtaining permission and completing the application to leave Australia.
Will Bankruptcy affect my Unemployment Benefits?
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The short answer to this is NO. You are still able to apply for and receive unemployment benefits through Centrelink as a bankrupt. If you are already receiving these benefits they will continue as they currently are and if you are yet to apply for Unemployment benefits, you simply apply a usual. You are also able to continue to receive other benefits such as Family Allowance, rent assistance, a health care card and most other government benefits if you qualify.
GOT MORE QUESTIONS?
Click below to go to our frequently asked questions page
DON’T LET DEBT RULE YOUR LIFE
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”1555″ img_size=”full” alignment=”center”][vc_column_text]Often, for whatever reason, Australians may find themselves under financial stress. The current Corona Virus Economic Crisis has added a new dimension to these daily stresses.
Sometimes things just don’t go as planned. As a result we may end up struggling with debts that seem to cripple us. Debt stress affects our lives, our family, our relationships, our health, our work, our happiness and our state of mind.
Financial stress can often be the worst type of stress. It doesn’t go away however hard we try. Interest on our loans continues to go up and eventually we may find ourselves in a situation where we feel consumed and overwhelmed.
For more than a decade we have helped THOUSANDS of Aussies through bankruptcy and released them from crippling debt.
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Our initial consultation and our analysis of your Online Bankruptcy Evaluation are absolutely FREE OF CHARGE…. It is completely risk free with NO OBLIGATION to do anything. We will simply evaluate your position and let you know what we think of your current position. Don’t be embarrassed… Many of our staff have been where you are now and completely understand what you are going through. You may feel stupid being in the position you are… who cares …. just get it sorted today and move on and get your life back.
We take care of everything. We work through your situation, advise you on your options, help you choose which option is best for you, explain the process then we complete the maze of Paperwork. That’s right, we do it all for you from Eligibility to lodgement assisting you every step of the way.
It’s time to find happiness again:
Bankruptcy may be the key to a Fresh Start and quite frankly Bankruptcy may even save your life. It is a process where you can free yourself from the shackles of debt and let it all go.
[/vc_column_text][vc_single_image image=”1550″ img_size=”full”][vc_single_image image=”1553″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Bankruptcy is a key to a fresh start. It gives you the opportunity to start over again and free yourself from crippling debt and the stress associated with it. The choice to go Bankrupt is a very personal one and should be discussed with someone who knows the process to ensure it is right for your circumstances.
The fact is Bankruptcy can be life changing and in most cases is a wonderfully liberating experience. You can take back control of your life! Take back control of your health! Take back control of your emotions! Start sleeping well again….. Stop the harassing phone calls, the nasty letters and the feeling of hiding from everyone. If you have read over this information and are thinking “Hey that sounds like me” it means you are suffering from the feelings that come with the stress of overwhelming debt.
Have you applied for a Bankruptcy Application Form?
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