Yes. All you have to do is apply to your bankruptcy trustee for permission to go. You’ll get it, however there is a one-page document you have to fill out simply to update the trustee of how long you are going to be travelling, etc. This rule only actually exists so high flyers don’t skip the country. Occasionally the trustee will ask for your passport, but don’t stress over it considering that you can ask for it back when you would like to travel. The big aspect of this is ensuring that you actually ask– because if you forget this then you can actually get in a lot of trouble. Call us if you wish to understand more regarding travel on 1300 818 575.
In most cases the answer is yes! In fact, in many cases nowadays we can really help you keep your home. At Bankruptcy Experts Wagga Wagga we are specialists at helping people keep their homes. 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 house is very likely the most common deterrent to people declaring bankruptcy. We talk with people on a daily basis who have grappled for years under considerable financial stress so they don’t lose their home.
So how is it achievable when declaring bankruptcy to keep your house? Easy, really; it’s a concern of equity. Let’s put it this way, if you own a property that is actually worth $350,000 and you owe the bank $350,000 you essentially have no equity in the house, correct? The trustee will only sell your home if there is definitely enough equity in the home, if sold, to pay back a range of your debts. So in this specific situation, the trustee will then offer you some solutions, one of which is to merely to go on paying the mortgage and stay in your house while you are bankrupt.
So how can I discover the value of my home before I look at the process and pain of declaring bankruptcy? A basic way is simply to go onto www.realestate.com.au and take a look at the sold properties tab in the Wagga Wagga area and it will show you all the previous sales in your neighborhood. Another option, if you are uncertain or are very concerned, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, of course). Be warned doing this will cost you somewhere between $300-700. Just another thing about house prices – If the trustee needs to sell off your house they do this moderately quickly. It is certainly not a 6-month sleek advertising campaign and rather it’s generally by auction and they just meet the market on the day and that’s it. So when thinking of the value remember that it’s a sell right away price, not when the market improves.
Once you have figured out the market value of your house the next thing to look into is who owns your home.
Usually when our clients are declaring bankruptcy the majority of home loans are between 2 individuals as joint tenants who both contribute to the home loan. If only one person is declaring bankruptcy then the equity is worked out this way.
Say your home 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 complete equity is immediately allocated to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. From this $25,000 the declaring bankruptcy party must cover all of the selling costs including advertising etc.,
which, depending upon just where you live, can come to anywhere between $12,000-20 ,000. In this particular instance 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 offer the non-declaring bankruptcy party several options. Just one of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell your home and you will have it eliminated as an asset from the bankrupt’s estate.” Or, simply put, negotiate to pay the $10,000 and you can keep the house.
Just a side note: the bank who has delivered you the home loan will need the payments to be continued of course. No matter what the trustee decides, if you don’t pay the financial institution the property loan these guys will eventually ask you to leave. So, in plain English, keeping your home certainly implies continuing the mortgage as well.
There are many more options with your house when declaring bankruptcy, and we have actually just described one choice of potentially 20 options you can pick when it comes to your house. We understand you will need to get this right. Taking a chance with the family house may be a devastating choice. If you intend to get the appropriate advice about declaring bankruptcy or you merely want to speak to someone call us on 1300 818 575.
Bankruptcy lasts 3 years and will remain on your credit file for that time. However, as with any default it will show on your credit file for 7 years. You can have it wiped out if you get your bankruptcy annulled.
Bankruptcy is for 3 years and during that time you will most likely not get a loan. After the 3 years is up you will have the ability 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 absolved as a bankrupt then you will have an preferred credit history once again and you will get the most competitive deal on loans.
Typically, no. Bankrupts hardly ever lose their cars just because they’ve filed for bankruptcy. Of course, this is uncertain and we can let you know if your property is safe. Call Bankruptcy Experts Wagga Wagga on 1300 818 575.
How is this calculated? Well it is determined based upon a threshold value for your car. The threshold is the max wholesale market value your car could be worth, which is $7,350. You will find all sorts of flawed information about this on the internet, but here are simply the facts. That $7,350 represents not the total value; it represents equity. So, essentially, if you have a car worth $35,000 you are repaying or leasing and the amount you can sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that provided you the loan for the car will be pleased for you to retain the car despite the fact that you are bankrupt so long as you keep up the payments.
Get some advice on this. If you are thinking about declaring bankruptcy and simply just need some advice without delay call 1300 818 575. Basically, you will receive about two to three payments grace when it comes to car loans. The bottom line is uncomplicated: whether you are declaring bankruptcy or not, if you overlook three or more repayments on your loan they will retake the car. Don’t assume because you are declaring bankruptcy you are instantly going to lose your car because a lot of the time we help people retain them.
The creditors, or the people you owe money to, are notified in writing at about the same time you receive your bankruptcy file number.
No. The declaring bankruptcy process is essentially a paperwork exercise. The only thing that actually happens is that you will either be sent a letter by mail or emailed a notice informing you that you are simply bankrupt. At Bankruptcy Experts Wagga Wagga we make sure that this entire process is that uncomplicated, so if you have queries about this phone 1300 818 575.
Yes. This approach will take around two weeks and will completely eliminate the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that enable a bankrupt individual to have their bankruptcy annulled by means of a Section 73 proposal.
The consequences of creditor’s claims can commonly lead to bankruptcy, irrespective of if it was the individual’s decision to enter bankruptcy, or if it was simply filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the person who undergoes bankruptcy.
We have been assisting people declaring bankruptcy in the Wagga Wagga area for several years so phone us today on 1300 818 575 in order to get some information on this issue. We exercise probably the most suitable possible strategy for you to get back up and running, reducing remaining effects and hindrances of former financial circumstances to give you the best possible outcome. Having experience and skills in Section 73 proposals, we can integrate this with our proven techniques and approaches to bring you through bankruptcy unscathed, ready to start over.
To start with, having your bankruptcy annulled is virtually reversing it 100%. So if you are actually contemplating having your insolvency annulled there are a few things you need to know.
Firstly, exactly how does the annulment work? A simple way to understand it is this – let’s say someone owes you $50,000 and they have not paid you one cent back for years. Then to make matters worse you find out that they are declaring bankruptcy. You would kiss that money goodbye, right? Years go by and they come to you with an deal to pay you $5,000 that their grandparents are providing to them to resolve your debt with them. Without a doubt you are more than happy to take it, because it is far better than nothing. The only condition they ask for in return is that you agree to have the bankruptcy cleaned from their record, and if you don’t consent to do that then there will be no $5,000. Obviously you do not care about their credit file; you are just happy they are giving you some money after all these years.
In bankruptcy terms this method is usually described as a Section 73 proposal, and it is generally an approach where ‘everybody wins.’
Essentially, the trustee contacts your creditors, presents your offer, which is considerably less than the original debt owed, on the condition they clear your credit file clean.
This process takes a few weeks. The proposal can be done at any time in the 3 years you are bankrupt. However, you need to consider the timing of your proposal; you don’t want to do it the day you are filing for 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 more tricky 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 just need more information about the ideal time of when to put an offer forward, just phone us on 1300 818 575.
Yes! We can help you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them to start with before you go through the pain of declaring bankruptcy, but it is really no worry. If you are locked into one of these and simply aren’t able to get on top give us call at 1300 818 575.
Certainly there are very few debts that declaring bankruptcy won’t 100% get rid of, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, finally, money owed to an insurance provider due to a car accident in an without being insured while you were driving.
Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Actually, there are a lot of factors to list so if you have a specific debt you are bothered with just call for a free assessment 1300 818 575.
You can’t declare bankruptcy for an amount under $5,000; however, there is no limitation above that. If you owe a couple million dollars, that is generally managed no differently compared to $20,000.
An unsecured creditor is a lender that does not have a hold over the chattels/assets/property obtained with the credit provided to you. These debts include credit card debts.
A secured creditor has a hold over the chattels/assets/property until the debt is paid out in full. If a debtor defaults on a secured debt, the creditor can repossess and sell the chattels/assets/property to pay down the debt.
Our staff have helped countless people go through the process of declaring bankruptcy over several years and we have never had anyone’s application rejected. That is actually the reason why our company provide a 100% money back guarantee.
There is a essential method we use here before declaring bankruptcy and all you have to do is acquire a copy of your credit history as it definitely will have your credit history on there. Companies like www.veda.com.au will be capable to get you a copy for a modest fee.
Vehicle accidents may be challenging, so to keep it uncomplicated call us on 1300 818 575 in order to get the best advice on your situation. Declaring bankruptcy may not be the right option. However, as a standard rule, if you were driving a car that was not actually insured then the price of the repair works is not eliminated 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 at fault then you should really be fine.
You bet. However, this is a tough process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled badly, it can be disastrous. For a free consultation call Bankruptcy Experts Wagga Wagga 1300 818 575.
Usually, if you owe money to a lender they can get a court order and then bankrupt you. They need to follow a process, but it is actually possible. What you should avoid at all costs ideally is someone else bankrupting you, as it’s always best to voluntarily file for bankruptcy. Unless you enjoy going to court and frustrating phone calls, of course.
Yes. There actually is an strategy to follow, but if you win lotto or inherit some cash you can use it to get your slate wiped clean. There is really a way of doing this properly; just contact us first.
Yes! We can help you do this, even though it’s achievable there are consequences and plenty of regulations around this process, so phone us and we will guide you through the procedure on 1300 818 575. Bankruptcy Experts Wagga Wagga are pros at supporting companies get back on their feet.
No, we do that for you. Actually, we function as a buffer or a midway point between you and your creditors. So in the end you are not obligated to advise them of your bankruptcy; we take care of that for you.
Commonly, it takes approximately 2 weeks.
Yes. Typically a lender will pursue the other person who signed the loan files with you for the sum total of the outstanding money owing on the loan.
Don’t worry! If you missed a debt and remember it later on, just call your trustee with the name of the creditor, address, date the debt was acquired, amount of debt along with any account or reference number/s offered from lender. Your trustee will include the creditor to your bankruptcy and deliver a notification to the creditor.
No. We take care of the whole process for you.
As a rule this is not really a dilemma, so if you are actually a gambler, don’t stress. What the trustee doesn’t appreciate is inconsistency here. Put simply, if you have never gambled in your life and all of a sudden you lost $50,000 on the horses, then you might just have some explaining to do, of course, because it just won’t add up and looks suspicious.
Yes. We understand that you are busy. If you have a phone we can support you; simply give us a call on 1300 818 575.
Yes. This is generally possible. It requires some emails back and forth but it can be done.
Yes. If a person originally living in a different country is now living in Australia then declares bankruptcy and they have a liability incurred in that foreign country, you just note that liability on the paperwork.
In most cases the creditor overseas will wipe out the debt. It is entirely possible and legal for them, however, to refuse your application, and if you go back to that country you may be subject to their bankruptcy laws.
There are simply a few ways the trustee can find out, and the most effective and simplest way is for you to let them know when we do the paperwork. There is also a government website which has primary assets listed also. You should get some advice about assets; take care.
This is complicated and you will certainly want the right guidance, so if you need extra info about inheritances call us on 1300 818 575.
No. The income thresholds are the same for each person so regardless of how you earn your income you will have to earn about $50,000 each year before your income will be altered by bankruptcy.
You can keep money from tax returns only if you did not have any tax debts. So if you owed money to the Tax Office when you went bankrupt then they will get your tax return. The main reason for this is simply because your income tax return is considered as net income, so if you are actually below the threshold amount you can earn while bankrupt and provided you didn’t have those additional debts then you will get your whole tax return back.
If you are mandated to pay child support, this money will be removed 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.
Yes, however it’s not a smart idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them from you, as they are regarded as an asset.
You can keep almost everything when declaring bankruptcy except big things like houses, cars, shares and inheritances. Even items like houses and vehicles may be able to be saved. Just contact us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Wagga Wagga.