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

Are your personal or business debts getting out of control?

We provide straight-forward bankruptcy information. At Bankruptcy Sydney we are aware that the very thought of bankruptcy is terrifying, and if it becomes a reality it is thoroughly horrifying. We know that you are certainly feeling very overwhelmed, cornered or maybe like you have no alternatives left, and so we would like to help walk you through the process.

However here’s the thing – you’ve actually gone through the most difficult part of the process – you have actually taken that initial step towards placing your personal and/or business debts behind you and carrying on with your life; you’ve found us.

The next step is literally to determine if bankruptcy is right for you. There is generally a few factors you have to know well before making that decision so we recommend that you continue searching across this site, it’s full of great information, or you can simply grab the phone and give us a call on 1300 818 575.

Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

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.

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You Can Be 100 % Debt Free!

Can you picture a future without lenders’ distressing phone calls as well as looking forward to the post again? There are a couple of things you need to know before you make that tough decision. First of all, the sooner you take steps then the more options you will have.

5 Issues you must answer long before you declare yourself bankrupt.

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

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Get your FREE copy of the Big 5

Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

* We promise not to hound you with e-mails and phone calls when you sign up for our free e-book. Really, we vow to only call you once to see if we will be able to help you even more and that’s it.

Your Insolvency Options

Is Going bankrupt my only choice?

No! There are a few options readily available to you. Listed here is a graph detailing the advantages and drawbacks of the various debt alternatives available. This diagram is really by no means an comprehensive resource, but it will enable you to make a well-informed choice.

Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney
Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

Exactly what is a Personal Insolvency Agreement?

This is an adaptable agreement among you and your creditors. It is managed through a trustee who administers the amount of money you need to pay and when you have to pay. Once those circumstances have been met you are generally then free to start out again with a clean slate.

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What is a Debt Agreement?

A debt agreement makes it possible for a debtor to take part in an agreement with their lenders to settle their money troubles without being made bankrupt.

You can’t 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 want to know more feel free to contact us on 1300 818 575.

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How do you Choose?

Ultimately it is up to you, but don’t be fooled by certain companies because many of them have a strong bias! The main reason you find an abundance of expensive commercials on the TV in the Sydney area inviting you to go for one of these alternatives is that there is huge amounts of cash in it for the services that provide them. You will see (if you haven’t already) that every single company has the tendency to give (biased) advice according to the product that they provide. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to drive up their own business. It is very common across the industry, so make sure you don’t get fooled. And nor should this website be the only thing you read! We try to give unbiased advice, but please do your research across a range of sources to find what approach is going to be best for you!

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Should I look at a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the most ideal strategy. Usually the trouble with them is that all it is really doing is packaging 5-15 different debts into one large debt. If you are fighting to pay off all your various loans now, then why do you believe it will be amazingly easier to get one huge bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it worse you generally will need to pay up front for the ‘ luxury’ of this option. If you wish to get some clarification or more information on this, then just simply contact us on 1300 818 575 or go and download ‘The Big 5’ e-Book.

Bankruptcy and the Family Home

If I file for bankruptcy can I keep my house?

In many cases the answer is yes. If this is a serious issue for you then the most efficient way in order to get the solution is to call us here at Bankruptcy Experts Sydney on 1300 818 575 and once we have an understanding about your circumstances we can give you a clear picture over the telephone. Practically everyone is on an emotional level connected to their home; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People usually think it’s an unescapable repercussion of bankruptcy and for this reason they press themselves to the verge of madness to not surrender the family house.

Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney
Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

Will the bank allow me to keep my home even if I’m a bankrupt?

Why might the bank like bankrupt customers? Wouldn’t they choose to sell your property and not take the chance? Keep in mind – the bank that has generously offered you the cash for your house is making good money monthly in interest from you, month in and month out. Provided that you keep up to date with your mortgage payments then the bank prefers you in there at all costs. Nevertheless it is generally not the bank’s call – if a trustee determines that there is plentiful equity in your house the trustee will compel you and the bank to sell off your house.

What factors would contribute to losing your home?

Equity! If you are up to date with your payments then the most important issue is equity. A trustee has a duty to get as much money in order to help pay off your bills once you go bankrupt. Equity is the ticket here. If you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to settle the debt then the trustee sees your equity as a approach to pay your debt and so they will sell your home to settle the debt and give you whatever money remains from the sale.

Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney
Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

How is equity determined?

Many people are not sure about just what equity is, as well as how it is calculated– but it is definitely essential to figure out considering that if you understand, it can mean the huge difference between keeping and losing your house. There are a few factors you will need to know here. First of all, your gut instinct or expectation about the real worth of the property is most likely far too generous. Most people think their home is worth more than it actually is.

Secondly, when you file for personal bankruptcy the trustee may ask how you formed your price for the home. In many cases they will ask for more detail about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. An easy method would certainly be to search then click on the ‘Sold’ tab on that website and look for recent house sales in your street or area. This will help you have some idea of the reality of the market right now. Remember, the appraisal is based on a quick sale not a slick real estate agent’s advertising campaign. So If you truly want a good idea, I would likely advise getting a valuer and asking them to give you 2 values for your house, one as a typical sale, and the other as a ‘quick sale’. This will give you a better awareness for your home’s worth. Recognizing this step is crucial, so get some advice before going ahead, call us on 1300 818 575.

What if my Partners name is on the Mortgage?

Commonly when a couple purchase a home one income isn’t enough to apply for the loan, so the bank/lender will have both partners sign up for the loan. Once your house is purchased both names are on the mortgage from the bank and the title deed of the home as joint tenants.

Let’s say Mick and Susie got a house 4 years ago for $400,000 with no deposit so their mortgage was also $400,000. Mick is an electrician and has to go bankrupt but Susie has a good job teaching primary school and doesn’t need to go bankrupt.

Unfortunately, the house has not increased in value in the 4 years they have used it and they also have only just managed to pay interest on the loan in that time so ultimately they still have a $400,000 mortgage on a home worth $400,000.

Mick can then file for bankruptcy and provided that they keep paying the mortgage, rates etc. they may continue to keep the home for the 3 years Mick is bankrupt. This decision will, in no way, affect Susie’s credit rating or force her to declare bankruptcy also. There is lots to consider when it concerns 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 Sydney,Bankrupt Sydney,Insolvency Sydney

Suppose My Home has a lot of Equity what could I do?

If your home has lots of equity and you are nevertheless drowning in debt, there are still several alternatives readily available to you– it may be complicated, but the significant step is to speak to an expert to try and get ahead of it. In fact, this applies to vehicles 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 disastrous! Before you take your next step get some advice. Our company provides a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my job be advised?

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

Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney
Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

Who will know about my bankruptcy?

There are four groups of people that will learn that you are bankrupt.

  1. Individuals that you tell
  2. Your creditors or people you owe money to
  3. People that see your credit file whilst you’re bankrupt. However, the only way this will happen is if you sign a privacy document for them to access your credit history. You only ever do this when you apply for a loan.
  4. You will be noted on the National Insolvency Index on the internet somewhere. But this is not too big a problem because it is hard to find and people have to pay to see if somebody is bankrupt on it.

At Bankruptcy Experts Sydney, we are completely mindful that there is still a stigma attached to bankruptcy. We recognize this worry and we can help to ensure that if you declare yourself bankrupt that you don’t need to go to court, get your name in the newspapers or be publicly made out to be a criminal or some type of failure. We can help ensure that bankruptcy is swift and easy. In fact, the entire process will only take a few days. It makes it possible for the common person to get away from debt and on with their lives. For more detailed info about bankruptcy and your job, download ‘The Big 5’ e-book.

Could I lose my job if I file for bankruptcy?

The response to the question is – yes, but only in some cases. The difficulty with some jobs isn’t that you simply cannot do the job any longer, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make things troublesome for you.

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

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

There are in fact no restrictions on the amount of you can earn, but if you earn over a certain amount, some of the extra can be taken by the trustee to satisfy your creditors. This means that you cannot be refusing to pay your debts and still take home a 6 figure salary– it simply just wouldn’t be fair to the individuals you owe money to. So just how much can you earn before you start repaying 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 Sydney,Bankrupt Sydney,Insolvency Sydney

Bankruptcy and Income

First of all, it is important to know that changes are relating to the world of bankruptcy. If you should know what is taking place then focus now. Since March 2016 there have been adjustments to the Income Threshold amounts. This shows that there are changes to just how much money you can keep when bankrupt. This is your net income after tax and child support (if applicable) are removed. If you’re in a business when bankrupt then, by all means, it’s also net (after tax) of business spending, which is commonly calculated annually.

Your net income may be controlled to take into consideration things like salary sacrifice and sizable superannuation payments etc. Your net income might also allow for more unusual costs acquired as a result of being employed. For example, if you are subjected to an unusually high amount of travel charges to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee must ascertain your real net income, based on the bankruptcy rules.

The income threshold figures are also per person and are set up by the Government every March and September to permit the movement in the cost of living.

What can my spouse earn if I go bankrupt?

There is no limit to exactly what your spouse/partner can earn. There are a few ramifications that need to be thought about in some circumstances, but most of the time your partner is a completely different legal entity and will not be affected financially when you file for bankruptcy. Just as a word of caution – this could change if you have joint loans together, so take care about the implications of that. If you are uncertain just call us on 1300 818 575.

Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney
Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

Who is considered a dependent?

This may be anyone, of any age, that lives with you and earns below $3,343 per year. If, in the case you have a child or children that you pay child support for and they don’t live with you full-time, then you can not declare these particular children as dependents.

Suppose 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. A practical way to understand it is the same income rules apply for each person individually.

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Self Employment & Bankruptcy

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Will I lose my small business if I go bankrupt?

The basic 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 cautiously 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 definitely mean you can’t run your very own business and hire staff etc.

What if I have both Business and Personal Debts?

If you are a business owner and you have a blend of individual and business debts then it is generally possible to have most, or even all, of the debts eliminated with bankruptcy. Always remember this is a complex process and requires special attention. The fact is, personal bankruptcy does not automatically imply 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.

Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney
Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

Should I put my company into liquidation?

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

What effect will bankruptcy have on my company?

There are restrictions for small business owners that are bankrupt. As an example, as a bankrupt company owner you can be in your very own business as a sole trader only. For several business owners, bankruptcy can have an effect on their ability to operate the business because of the licensing problems. For example, a builder with a builder’s license can not continue to use that license for the 3 years she or he is bankrupt.

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

Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney
Bankruptcy Sydney,Bankrupt Sydney,Insolvency Sydney

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

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

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