Free Bankruptcy Assistance
Fast, Confidential and no Obligation
Free Bankruptcy Assistance
Fast, Confidential and no Obligation

Are your personal or business credit debts getting out of control?

Bankruptcy Wagga Wagga

We offer straight-forward bankruptcy assistance. At Bankruptcy Wagga Wagga we accept that the very thought of bankruptcy is scary, and if it becomes a reality it is downright alarming. We understand that you are possibly feeling very overwhelmed, trapped or even like you have absolutely no possibilities left, therefore we would like to help walk you through the process.

However, here’s the important thing – you’ve already gone through the toughest part of the process – you have actually taken that first step towards putting your personal and/or business debts behind you and getting along with your life; you’ve found us.

The next step is truly to find out if bankruptcy is right for you. There’s a few factors you ought to know long before making that choice so we recommend that you continue searching across this site, it has lots of great information, or you can just simply pick up the phone and give us a ring on 1300 818 575.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

Are your personal or business debts getting out of control?

At Bankruptcy Adelaide we understand that the very thought of bankruptcy is scary, and having it become a reality is downright frightening. That’s why we only offer straight-forward bankruptcy advice. We know that you’re probably feeling very overwhelmed, trapped or even like you have no options left.
But here’s the thing…you’ve already gone through the hardest part of the process…you have taken that first step towards putting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is to figure out if bankruptcy is right for you. There’s a few things you need to know before making that decision so you can continue browsing around this site, it’s full of great information, or you can simply pick up the phone and give us a call on 1300 818 575.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

You Can Be 100 % Debt Free!

Can you imagine a future free from creditors’ distressing phone calls and even looking forward to the post again? There really are a couple of things you ought to know before you make that difficult decision. First of all, the earlier you act then the more choices you are going to have.

5 issues you need to answer even before you declare yourself bankrupt.

There are 5 fundamental questions you have to have an answer to before you declare bankruptcy. If you want to know what they are, feel free to download our free e-book on the right hand part of the page. This e-book will deal with these big 5 questions specifically and give you peace of mind that you are doing the best thing.

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Get your FREE copy of the Big 5










* We vow not to hound you with emails and phone calls when you register for our free e-book. In fact, we promise to only get in touch with you once to see if we can help you even more and that’s it.

Your Insolvency Options

Is declaring bankruptcy my only real choice?

No! Generally there are a few options readily available to you. Below is a chart explaining the advantages and disadvantages of the different debt solutions available. This graph is really by absolutely no means an extensive resource, but it will make it easy for you to make a well-informed choice.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga
Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

What exactly is a Personal Insolvency Agreement?

This is an adaptable arrangement amongst you and your lenders. It is supervised through a trustee who governs how much you will have to pay out and when you have to pay. Once those conditions have actually been met you are generally then free to start again with a new beginning.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

What is a Debt Agreement?

A debt agreement enables a debtor to enter into an agreement with their lenders to settle their money troubles without being made bankrupt.

You cannot become part of 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 wish to know more feel free to contact us on 1300 818 575.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

How do you Choose?

The reason you find plenty of expensive commercials on the TV in the Adelaide area inviting you to go for one of these alternatives is that there is lots of cash in it for the companies that administer them. You will notice, if you havent already, that every company has the tendency to give (biased) advice

according to the product that they offer. For instance, Debt Agreement Companies ridicule bankruptcy companies and so it goes with much of the financial services industry.

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Should I consider a Debt Consolidation Loan?

There are sometimes the very rare conditions where a debt consolidation loan is the most ideal plan. Usually the issue with them is that all it is really doing is bundling 5-15 various debts into one enormous debt. If you are battling to pay all your different loans now, then why do you think it will be amazingly simpler to have one huge bill? 9 times out of 10 it is just not going to make it easier. Just to make everything even worse you typically need to pay up front for the ‘ luxury’ of this choice. If you want to get some clarification or more information on this, then 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 manage to keep my house?

In many cases the answer is yes. If this is a serious issue for you then the best way to get the answer is to call us here at Bankruptcy Adelaide on 1300 818 575 and once we have an understanding about your circumstances we can give you a clear picture over the phone. Practically everyone is emotionally connected to their house; its where the kids have grown up, its where you enjoy life on a day to day basis. People often think its an inescapable repercussion of bankruptcy and consequently they pressure themselves to the brink of madness to not lose the family home.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga
Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

Will the bank let me keep my house even if I’m a bankrupt?

Why would the bank like bankrupt customers? Wouldn’t they need to sell your property and not take the risk? Take note – the bank that has kindly lent you the money for your house is making good money every month in interest from you, month in and month out. As long as you always keep up to date with your monthly payments then the bank prefers you in there at all costs. Nonetheless it is generally not the bank’s call – if a trustee determines that there is enough equity in your house the trustee will make you and the bank to sell off your home.

What factors would result in losing the house?

Equity! If you are up to date with your repayments then the most significant problem is equity. A trustee has a responsibility to get as much money to help pay off your debts 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 cover the debt then the trustee sees your equity as aapproach to pay your debt and so they will sell your home to pay off the debt and give you whatever money remains from the sale.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga
Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

How is equity determined?

Some people are not clear about exactly what equity is, and how it is measured– but it is really important to work out given that if you get it, it can mean the difference between keeping and losing your home or apartment. There are a few factors you should know here. Firstly, your gut reaction or belief about the true worth of the property is possibly far too generous. Most people think their home is worth much more than it really is.

Secondly, when you file for insolvency the trustee may question how you established your price for the home. Sometimes they will request more detail about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. An easy strategy would be to look on www.realestate.com.au then click on the ‘Sold’ tab on that website and search for the latest house sales in your community or neighbourhood. This may help you get some concept of the reality of the market right now. Keep in mind, the valuation is based on a quick sale not a slick real estate agent’s marketing and advertising campaign. So If you actually want a good idea, I would definitely recommend getting a valuer and asking them to give you 2 values for the house, one as a regular sale, and the other as a ‘quick sale’. This will give you a much better awareness for your home’s worth. Understanding this step is crucial, so get some advice before going ahead, call us on 1300 818 575.

What if my Partner’s name is on the mortgage?

Usually when a couple purchase a home one income will not be enough to apply for the loan, so the bank/lender will have each partners register for the loan. When the house is purchased both names are on the mortgage from the bank and the title deed of the property as joint tenants.

Let’s say Mick and Susie bought a house 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 and doesn’t need to go bankrupt.
However, the house has not improved in price in the 4 years they have used it and they also have only just managed to pay interest on the loan during that time so essentially they still have a $400,000 mortgage on a house worth $400,000.

Mick can then file for bankruptcy and so long as they keep paying the mortgage, rates etc. they may continue to keep the home for the 3 years Mick is bankrupt. This step will, in no way, affect Susie’s credit rating or force her to declare bankruptcy also. There is lots to consider when it comes to houses and bankruptcy so if you have questions don’t wait to phone us about your house on 1300 818 575.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

What if my house has too much Equity what can I do?

If your house has plenty of equity and you are nevertheless drowning in debt, there are still several possibilities readily available to you– it could be complicated, however the significant step is to talk to an expert to try and get ahead of it. In truth, this relates to cars 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 whatever assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be dire! Before you take your next step get some advice. We provide a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my boss be informed?

Often there is no good reason for your employer to be advised of your bankruptcy. In circumstances where you earn over the threshold amounts of income while you are bankrupt and you are required to make an income payment, you organise those payments on your own, it doesn’t go via your boss.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

Who will hear of my bankruptcy?

There are 4 categories of people that will find out 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 take place is if you sign a privacy document for them to gain access to your credit history. You only ever do this when you request 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 need to pay to see if a person is bankrupt on it

At Bankruptcy Wagga Wagga, we are completely aware that there is still a stigma attached to bankruptcy. We are aware of this issue and we can help to ensure 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 kind of failure. We can help ensure that bankruptcy is swift and easy. In fact, the whole process will only take a few days. It makes it possible for the normal 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..

Will I lose my job if I file for bankruptcy?

The answer to the question is – yes, but only in some cases. The issue with some professions isn’t that you can’t do the job any more, it’s more an issue of specialist bodies or associations that view bankruptcy in a dim light and can make things problematic for you.

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

Bankruptcy Income Thresholds

What can I earn when I’m bankrupt?

There are actually no constraints on the amount of you can earn, however if you earn over a certain amount, some of the extra can be taken by the trustee to repay your creditors. This means that you cannot be choosing not to pay your debts and still pull in a 6 figure salary– it simply wouldn’t be fair to the individuals you owe money to. So just how much can you earn before you start paying back money to your creditors via your trustee?

Well it isn’t a straight forward process, so let’s try and take you through it.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

Bankruptcy and Income

know what is happening then focus now. Since March 2016 there have been changes to the Income Threshold amounts. This signifies that there are changes to just how much money you are able to keep when bankrupt. This is your net income after tax and child support (if applicable) are subtracted. If you’re in a business when bankrupt then, obviously, it’s also net (after tax) of business spending, which is commonly calculated annually.

Your net income may be governed to consider things like salary sacrifice and substantial superannuation payments etc. Your net income might also enable more unusual costs incurred as a result of being employed. As an example, if you are subjected to an uncommonly high amount of travel expenses to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee needs to ascertain your real net income, according to the bankruptcy rules.

The income threshold numbers are also per person and are adjusted by the Government each and every March and September to allow for the movement in the cost of living.

What can my partner earn if I go bankrupt?

There is no limit to what your spouse/partner can earn. There are a few implications that need to be considered in some circumstances, but in most cases your partner is a completely separate legal entity and will not be impacted financially when you file for bankruptcy. Just as a word of warning – this could change if you have joint loans together, so be careful about the implications of that. If you are not sure just give us a call on 1300 818 575.

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

Who is considered a dependent?

This can be any person, of any age, that resides with you and earns less than $3,343 per year. If, in the case you have a child or children that you give child support for and they don’t live with you full-time, then you can not declare these children as dependents.

Exactly what can my spouse make if I go bankrupt?

There really is no limit to exactly what your spouse/partner can earn. There are a few implications that need to be considered in some scenarios, but in most cases your partner is an entirely distinct legal entity and will not be affected financially when you file for bankruptcy. Just as a word of warning – this could alter if you have joint loans together, so be careful about the implications of that. If you are unsure just call us on 1300 818 575.

What if my spouse or partner and I both need to go bankrupt?

If a couple have to both declare bankruptcy and you have no dependents then you can each earn $1,048.25 net. An useful way to understand it is the same income rules apply for everyone individually.

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Self Employment & Bankruptcy

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Will I lose my small business if I go bankrupt?

The straightforward answer is no, you don’t have to but you do need to get the right guidance. Company insolvency laws are very involved and you ought to tread diligently 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. Even so, that doesn’t inevitably mean you can’t run your very own business and choose staff etc

What if I have both Business and Personal Debts?

If you are a small business and you have a combo of personal and business debts then it is generally possible to have most, or even all, of the debts eliminated with bankruptcy. Don’t forget this is an intricate process and requires special attention. The reality is, personal bankruptcy doesn’t automatically indicate company bankruptcy as well.

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

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Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

Should I put my company into liquidation?

Among the main reasons you may wish to think about liquidation as opposed to bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, businesses that become insolvent have a few options, for instance, liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575..

What impact will bankruptcy have on my business?

There are restrictions for business owners that are bankrupt. For example, as a bankrupt business owner you can be in your own business as a sole trader only. For some business owners, bankruptcy can affect their ability to run the business because of the licensing issues. For example, a builder with a builders license cannot continue to use that license for the 3 years he or she is bankrupt.

There are other implications for business owners whilst bankrupt that need to be considered. If you need to know more about this please feel free to give us a call for a no obligation free consultation on 1300 818 575.

Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga
Bankruptcy Wagga Wagga,Bankrupt Wagga Wagga,Insolvency Wagga Wagga

Isn’t it against the law to run a similar business after bankruptcy?

It could be. There are factors to consider when and if you declare bankruptcy as a small business owner. You can not run up heaps of debt in your business, then go bankrupt and after that open the doors the next day like absolutely nothing has taken place. There are laws in effect to stop these ‘Phoenix companies’ rising up out of the ashes of an old company. Don’t get too stressed about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Wagga Wagga today on 1300 818 575.

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