Yes. All you must do is apply to your bankruptcy trustee for approval to go. You’ll get it, on the other hand there is a one-page document you will need to fill out simply to inform the trustee of how long you will be travelling, etc. This rule only actually exists so high flyers don’t skip the country. At times the trustee will ask for your passport, but don’t fret about it considering that you can ask for it back when you want to travel. The big aspect of this is seeing to it that you in fact ask– because if you overlook this then you can actually get in a ton of trouble. Call us if you want to learn more regarding travel on 1300 818 575.
In a lot of cases the answer is yes! In fact, in many cases nowadays we can help you keep your home. At Bankruptcy Experts Cairns we are really experts at helping people keep their homes. It’s actually rather tricky, so if you are concerned about losing your home call us on 1300 818 575 and we will guide you through your choices.
The idea of losing the family house is very likely one of the most common deterrent to people declaring bankruptcy. We talk with people on a daily basis who have grappled for several years under considerable financial pressure so they don’t lose their home.
So how is it possible 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’s worth $350,000 and you owe the bank $350,000 you essentially have no equity in your home, correct? The trustee will only sell your home if there is definitely enough equity in the home, if sold, to pay off a range of your debts. So with this particular scenario, the trustee will then offer you some choices, one of which is to simply to carry on paying the mortgage and stay in your house while you are simply bankrupt.
So how can I discover the value of my home before I undergo the process and pain of declaring bankruptcy? A general way is generally to go onto www.realestate.com.au and take a look at the sold properties tab in the Cairns area and then it will show you all the recent sales in your area. Another option, if you are uncertain or are very worried, is to have a registered valuer do a valuation on your home, not a real estate agent (unless they are registered valuers, naturally). Be warned this will cost you anywhere between $300-700. Just another thing about house prices – If the trustee has to sell your house they do this fairly promptly. It’s not a 6-month sleek advertising effort and rather it’s usually by auction and they simply meet the market on the day and that is generally it. So when thinking about the value keep in mind that it’s a sell now price, not when the market improves.
Once you have figured out the market value of your house the next thing to look at is who owns your home.
Generally when our clients are declaring bankruptcy the majority of home loans are actually between a couple of people as joint tenants who both add to the home loan. If only one individual is declaring bankruptcy then the equity is formulated this way.
Say your home is worth $400,000 and the current market value is $350,000. Then the balance of equity in the home is $50,000, right? Half of that complete equity is automatically assigned to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. From this $25,000 the declaring bankruptcy party needs to pay for 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. With this particular situation say the sales expenses are going to be $15,000 then the remaining left over following the sale is $10,000. So in this case the trustee will provide the non-declaring bankruptcy party a number of options.
Just one of which is common is for the bank to say, “Pay us the $10,000 and we will not sell your house and you are going to have it removed as an asset from the bankrupt’s estate.” Or, in other words, negotiate to pay the $10,000 and you can keep your house. Just a side note: the bank who has brought you the property loan will need the payments to be continued naturally. Whatever the trustee determines, if you don’t pay the bank the property loan these guys will in the end ask you to leave. So, in plain English, keeping your home definitely implies continuing the mortgage as well.
There are many more alternatives with your house when declaring bankruptcy, and we have actually just outlined one option of possibly 20 alternatives you can pick when it involves your house. We know you will need to get this right. Trying one’s luck with the family home may be a devastating choice. If you intend to get the right advice about filing for bankruptcy or you just want to speak to someone call us on 1300 818 575.
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.
Bankruptcy takes 3 years and is going to sit on your credit file for that time. However, just like any default it will be present on your credit file for 7 years. You can have it removed if you get your bankruptcy annulled.
Bankruptcy is for 3 years and in that time you definitely will not get a loan. After the 3 years is done you will have the ability to get loans; you just won’t get the very best rate. Your credit file will be erased clean 4 years after you have been dismissed as a bankrupt then you will have an preferred credit history in the future and you will get the most competitive deal on loans.
Usually, no. Bankrupts hardly ever lose their cars just because they’ve filed for bankruptcy. Certainly, this is granted on certain terms and we can let you know if yours is safe. Call Bankruptcy Experts Cairns on 1300 818 575.
How is this worked out? Well it is calculated based upon a threshold market value for your car. The threshold is the highest retail market value your car could be worth, which is $7,350. You will find all types of incorrect information about this on the internet, but here are the facts. That $7,350 represents not the full value; it represents equity. So, basically, if you have a car worth $35,000 you are repaying 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 as long as you maintain the payments.
Get some advice on this. If you are thinking about declaring bankruptcy and simply need some advice without delay call 1300 818 575. Basically, you will have about 2 to 3 payments grace when it concerns car loans. The bottom line is straightforward: whether you are declaring bankruptcy or otherwise, if you overlook three or even more repayments on your loan they will repossess the car. Don’t assume because you are declaring bankruptcy you are immediately going to lose your car because in many cases we help people retain them.
The creditors, or the people you owe money to, are notified in writing at approximately the same time you receive your bankruptcy file number.
No. The declaring bankruptcy procedure is fundamentally a paperwork exercise. All that actually occurs is that you will quite possibly be sent a letter by mail or emailed a notice advising you that you are bankrupt. At Bankruptcy Experts Cairns we ensure that this entire process is that uncomplicated, so if you have concerns about this phone 1300 818 575.
Of course. This approach will take about two weeks and will entirely get rid of the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that help a bankrupt individual to have their bankruptcy annulled with a Section 73 proposal.
The effects of creditor’s claims can commonly lead to bankruptcy, regardless of if it was the individual’s decision to enter bankruptcy, or if it was actually filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the person who undergoes bankruptcy.
We have been working with people declaring bankruptcy in the Cairns area for a number of years so phone us today on 1300 818 575 in order to get some information on this matter. We exercise probably the most suitable possible strategy for you in order to get back up and running, removing lingering effects and hindrances of former financial circumstances to give you the best possible outcome. Having experience and skills specialising in Section 73 proposals, we can combine this with our proven strategies and methods to bring you through bankruptcy unharmed, ready to begin again.
To start with, having your bankruptcy annulled is essentially reversing it 100%. So if you are really thinking about having your insolvency annulled there are a handful of things you have to know.
Firstly, exactly how does the annulment work? A easy way to comprehend it is this – let’s say someone owes you $50,000 and they haven’t paid you 1 cent back for many years. Then to make matters worse you discover 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 offering to them to work out your debt with them. Certainly 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 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. Of course you do not care about their credit file; you are just pleased they are offering you some money after all of these years.
In bankruptcy terms this technique is usually described as a Section 73 proposal, and it is possibly an approach where ‘everybody wins.’
Basically, the trustee contacts your creditors, presents your offer, which is significantly less than the initial debt owed, on the condition they clear your credit file clean.
This process takes a few weeks. The proposal may be done whenever you like in the 3 years you are bankrupt. However, you will have to consider the time 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. For instance, 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 more than it will add up to.
similarly, If you have simply just been bankrupt three weeks it will definitely 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 want 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 nonetheless go through the process of declaring bankruptcy if I am actually already in a Debt Agreement or Personal Insolvency Agreement or even in a Debt Consolidation Loan Contract?
Yes! We can help 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 suffer through the pain of declaring bankruptcy, but it’s no problem. If you are locked into one of these and just can’t get on top give us call at 1300 818 575.
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.
Generally there are very few debts that declaring bankruptcy won’t 100% eliminate, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, lastly, money owed to an insurance company due to a car accident in an without insurance 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. Actually, there are a lot of factors to list so if you have a particular debt you are bothered with just call for a free consult 1300 818 575.
You can’t file for bankruptcy for an amount under $5,000; however, there is no limitation above that. If you owe a few million dollars, that is actually managed no differently than $20,000.
An unsecured creditor is a lender that does not actually have a hold over the chattels/assets/property acquired with the credit afforded to you. Such debts include things like credit card debts.
A secured creditor has a hold over the chattels/assets/property up until the debt is paid out in full. If a debtor defaults on a secured debt, the creditor can get back and sell the chattels/assets/property to pay for the debt.
Our team have helped thousands of people go through the process of declaring bankruptcy over several years and we have never had anyone’s application denied. That is actually the reason why we provide a 100% money back guarantee.
There is a basic method we use here prior to declaring bankruptcy and all you need 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 be capable to get you a copy for a small fee.
Vehicle accidents may be problematic, so to keep it straightforward call us on 1300 818 575 to get the proper advice on your predicament. Declaring bankruptcy may not be the best option. However, as a general rule, if you were driving a car that was not insured then the expense of the repairs is not eliminated with the declaring bankruptcy process. Having said that, it depends upon who admitted liability or who was simply at fault. If you go to court and the court proves you were not at fault then you shall be fine.
Yes! We can really help you do this, although it is actually possible there are actually effects and lots of regulations around this process, so phone us and we will direct you through the procedure on 1300 818 575. Bankruptcy Experts Cairns are pros at supporting companies get back on their feet.
Yes. There actually 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 really a way of carrying this out correctly; just call us first.
Generally, if you owe money to a lender they can get a court order and even bankrupt you. They will have to follow a process, but it is possible. What you need to avoid at all costs ideally is somebody else bankrupting you, as it’s always best to voluntarily file for bankruptcy. Unless you enjoy attending court and annoying phone calls, naturally.
Yes. However, this is generally a challenging process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled inappropriately, it could be disastrous. For a free consultation call Bankruptcy Experts Cairns 1300 818 575.
No, we do that for you. In fact, we serve as a buffer or a midway point between you and your creditors. So ultimately you are not obliged to notify them of your bankruptcy; we deal with that for you.
Generally, it takes approximately 2 weeks.
Yes. Generally a lender will chase the other person who signed the loan papers with you for the sum total of the outstanding money owing on the loan.
Don’t panic! If you neglected a debt and remember it later, just contact your trustee with the name of the creditor, address, date the debt was acquired, amount of debt and any account or reference
number/s provided from lender. Your trustee will add the creditor to your bankruptcy and send a notice to the creditor.
No. We deal with the entire procedure for you.
Commonly this is not really a problem, so if you are actually a gambler, don’t stress. What the trustee will not 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.
Yes. We understand that you are busy. If you have a phone we can help you; simply give us a call on 1300 818 575.
Yes. This is achievable. It needs some emails back and forth but it can be done.
Yes. In the event that a person originally living in another country is now residing in Australia then declares bankruptcy and they have a debt incurred in that foreign country, you just note that unpaid debt on the documentation.
In most cases the creditor overseas will erase the debt. It is potential and legal for them, however, to decline your application, and if you return to that country you may be subject to their bankruptcy laws.
There are normally a few ways the trustee can learn, and one of the most effective and easiest way is for you to let them find out when we do the documents. There is also a government website which has primary assets listed also. You should certainly get some guidance about assets; be careful.
This is complicated and you are going to want the right guidance, so if you need more info about inheritances contact us on 1300 818 575.
No. The income thresholds are the same for each person so no matter how you earn your income you will have to earn about $50,000 every year before your income will be influenced by bankruptcy.
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 at that point they will take your tax return. The explanation for this is because your income tax return is considered as net income, so if you are 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 entire tax return back.
If you are required to pay child support, this money will be taken off from your net income, so what you have the ability to keep after you pay your tax and then child support is considered 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 off you, as they are considered an asset.
You can keep practically everything when filing for bankruptcy except big things like houses, cars, shares and inheritances. Even items like houses and cars may be able to be saved. Just call us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Cairns.