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Fast, Confidential and no Obligation

FAQ’s

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Yes. All you will need to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, but there is a one-page document you have to fill in basically to advise the trustee of how long you are going to be travelling, etc. This policy only honestly exists so high flyers don’t skip the country. In some cases the trustee will request your passport, but don’t fret about it considering that you can ask for it back when you intend to travel. The big part of this is seeing to it that you in fact ask– because if you ignore this then you can actually get in a great deal of trouble. Call us if you want to understand more about travel on 1300 818 575.

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In some cases the answer is yes! In fact, in many cases nowadays we can really help you keep your home. At Bankruptcy Experts Sydney we are actually 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 lead you through your options.

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The thought of losing the family home is probably one of the most typical deterrent to people declaring bankruptcy. We talk with people daily who have wrestled for several years under serious financial pressure so they don’t lose their home.

So how is it likely when declaring bankruptcy to keep your house? Easy, really; it’s a concern of equity. Let’s put it like this, if you own a property that is actually worth $350,000 and you owe the bank $350,000 you in reality have no equity in your home, correct? The trustee will only sell your house if there is actually enough equity in the home, if sold, to repay a number of your debts. So for this particular situation, the trustee will then offer you some options, one of which is to simply to keep on paying the mortgage and remain in the house while you are bankrupt.

So how can I discover the value of my home before I undergo the process and pain of declaring bankruptcy? A basic way is simply to go onto www.realestate.com.au and look at the sold properties tab in the Sydney area and then it will show you all the latest sales in your region. Another possibility, if you are uncertain or are very anxious, 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 somewhere between $300-700. Just one more point about house prices – If the trustee needs to sell off your house they do this fairly promptly. It is definitely not a 6-month glossy advertising campaign and rather it’s typically by auction and they merely meet the market on the day and that is generally it. So when considering the value remember that it’s a sell right away price, not when the market improves.

Once you have calculated the market value of your house the next thing to look at is who owns the house.

Normally when our customers are declaring bankruptcy most home loans are generally between 2 individuals as joint tenants who both contribute to the home loan. When only one party is declaring bankruptcy then the equity is formulated like this.

Say your home is worth $400,000 and the current market value is $350,000. Then the balance of equity in the house is $50,000, right? Half of that total equity is by default assigned to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. From that $25,000 the declaring bankruptcy party needs to pay for all of the selling costs including advertising etc.,which, depending upon just where you live, can come to anywhere between $12,000-20 ,000. With this particular instance 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 offer the non-declaring bankruptcy party a few choices. 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 are going to have it taken away as an asset from the bankrupt’s estate.” Or, simply put, work out a deal to pay the $10,000 and you can keep your house.

Just a side note: the financial institution who has provided you the property loan will need the repayments to be continued of course. Despite what the trustee determines, if you don’t pay the financial institution the property loan these guys will ultimately ask you to leave. So, in plain English, keeping your home of course implies retaining the mortgage too.

There are many more alternatives with your house when declaring bankruptcy, and we have just described one choice of probably 20 alternatives you can choose when it involves your property. We know you will need to get this right. Gambling with the family home may be a devastating choice. If you intend to get the necessary advice about declaring bankruptcy or you simply want to speak to someone contact us on 1300 818 575.

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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, its possible the trustee will restrict your travel.

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Bankruptcy lasts 3 years and will remain on your credit file for that time. However, as with any default it will be present on your credit file for 7 years. You can have it removed if you get your bankruptcy annulled.

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Bankruptcy is for 3 years and during that time you will most likely 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 cleared as a bankrupt then you will have an fitting credit history ever again and you will get the most competitive deal on loans.

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Typically, no. Bankrupts hardly ever lose their cars simply because they’ve filed for bankruptcy. Certainly, this is conditional and we can let you know if yours is safe. Call Bankruptcy Experts Sydney on 1300 818 575.

How is this worked out? Well it is calculated based upon a threshold price for your car. The threshold is the maximum wholesale market value your car could be worth, which is $7,350. You will find all types of wrong information about this on the internet, but here are simply the facts. That $7,350 represents not the total value; it represents equity. So, simply put, if you have a car worth $35,000 you are paying back or leasing and the amount you could 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 manage to keep the car despite the fact that you are bankrupt just as long as you maintain the payments.

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Get some guidance with this one. If you are thinking about declaring bankruptcy and just need some advice today call 1300 818 575. Basically, you will have about 2 to 3 payments grace when it comes to car loans. The bottom line is basic: whether you are declaring bankruptcy or otherwise, if you miss out on three or even more repayments on your loan they will retrieve the car. Don’t think because you are declaring bankruptcy you are automatically going to lose your car because most of the time we help people retain them.

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The creditors, or the people you owe money to, are informed in writing at around the same time you receive your bankruptcy file number.

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No. The filing for bankruptcy process is simply a paperwork exercise. The only thing that actually happens is that you will either be sent a letter by snail mail or emailed a notice warning you that you are simply bankrupt. At Bankruptcy Experts Sydney we ensure that this whole procedure is that straightforward, so if you have queries about this phone 1300 818 575.

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Of course. This process will take about two weeks and will completely eliminate the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that help a bankrupt individual to get their bankruptcy annulled with a Section 73 proposal.

The effects of creditor’s claims can commonly result in bankruptcy, regardless of if it was the person’s choice to enter bankruptcy, or if it was filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the person who experiences bankruptcy.

We have been working with people declaring bankruptcy in the Sydney area for many years so phone us today on 1300 818 575 to get some knowledge on this issue. We exercise the most suitable possible strategy for you to get back up and running, dealing with left over effects and hindrances of former financial circumstances to give you the best potential outcome. Having experience and skills in Section 73 proposals, we can combine this with our proven strategies and methods to bring you through bankruptcy unharmed, ready to start over.

To begin with, having your bankruptcy annulled is just about reversing it 100%. So if you are contemplating having your insolvency annulled there are a few things you will have to know.
Firstly, precisely how does the annulment work? A simple 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 things worse you learn that they are declaring bankruptcy. You would most likely 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 giving to them to clear up your debt with them. Most certainly you are delighted to take it, because it is better than nothing. The only condition they request 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. Needless to say you don’t care about their credit file; you are just thrilled they are offering you some money after all of these years.

In bankruptcy terms this strategy is usually described as a Section 73 proposal, and it is generally an approach where ‘everybody wins.’

Essentially, the trustee contacts your creditors, shows your offer, which is significantly less than the initial debt owed, on the condition they clear your credit file clean.

This procedure takes a few weeks. The proposal can be done any time in the 3 years you are bankrupt. However, you have to consider the time of your proposal; you don’t want to do it the day you are declaring bankruptcy because it does cost money to carry this out, you want to ensure the odds are on your side. For 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 receive 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 definitely be more difficult 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 need support to put a section 73 proposal to your trustee or just need more details about the ideal time of when to put an offer forward, just phone us on 1300 818 575.

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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 just aren’t able to get on top give us call at 1300 818 575.

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Certainly there are very few debts that declaring bankruptcy won’t 100% remove, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, lastly, money owed to an insurance company because of a car accident in an uninsured car while you were driving.

Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Honestly, there are a lot of factors to list so if you have a specific debt you are worried about just call for a free consult 1300 818 575.

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You can’t declare bankruptcy for an amount under $5,000; however, there is no limitation above that. If you owe a few million dollars, that is really managed no differently than $20,000.

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An unsecured creditor is a creditor that does not really have a hold over the chattels/assets/property acquired with the credit provided to you. Such debts include credit card debts.

A secured creditor has a hold over the chattels/assets/property until the debt is paid out completely. If a debtor defaults on a secured debt, the creditor can reclaim and sell the chattels/assets/property to pay for the unpaid debt.

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Our team have helped thousands of people go through the process of declaring bankruptcy over many years and we have never had anyone’s application rejected. That is actually why we provide a 100% money back guarantee.

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There is a general method we use here prior to declaring bankruptcy and all you will have 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.

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Car accidents may be problematic, so to keep it straightforward call us on 1300 818 575 to get the correct advice on your situation. Declaring bankruptcy may not be the best option. However, as a standard rule, if you were driving a motor vehicle that was not insured then the expense of the repair works is not eliminated with the declaring bankruptcy process. Having said that, it depends upon who admitted liability or who was usually at fault. If you head to court and the court confirms you were actually not at fault then you should be fine.

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Yes! We can really help you do this, though it is actually possible there are effects and lots of regulations around this process, so call us and we will steer you through the process on 1300 818 575. Bankruptcy Experts Sydney are pros at helping companies get back on their feet.

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Yes. Generally there is an strategy to follow, but if you win lotto or inherit some cash you can use it to get your record wiped clean. There is a way of doing this properly; just call us first.

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Typically, if you owe money to a lender they could get a court order and then bankrupt you. They must follow a process, but it is possible. What you have to avoid at all costs ideally is someone else bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you appreciate attending court and frustrating phone calls, naturally.

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Yes. Even so, this is a tough process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled incorrectly, it can be disastrous. For a free consultation call Bankruptcy Experts Sydney 1300 818 575.

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No, we do that for you. Actually, we serve as a buffer or a midway point in between you and your creditors. So ultimately you are not actually obliged to alert them of your bankruptcy; we look after that for you.

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Three Years.

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Commonly, it takes around 2 weeks.

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Yes. Typically a lender will go after the other person that signed the loan papers with you for the sum total of the remaining money owing on the loan.

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Don’t worry! If you overlooked a debt and remember it afterwards, just get in touch with your trustee with the name of the creditor, address, date the debt was acquired, amount of debt and any account or reference number/s supplied by the lender. Your trustee will add the creditor to your bankruptcy and give a notice to the creditor.

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No. We deal with the whole process for you.

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As a rule this is not a dilemma, so if you are a gambler, don’t worry. What the trustee doesn’t appreciate 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 might just have some explaining to do, of course, because it just doesn’t add up and looks suspicious.

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Yes. We understand that you are busy. If you have a phone we can support you; simply contact us on 1300 818 575.

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Yes. This is generally achievable. It needs some emails back and forth but it can be done.

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Yes. If a person originally living in another country is now living in Australia then declares bankruptcy and they have a liability incurred in that foreign country, you just note that unpaid debt on the paperwork.

Most of the time the creditor overseas will wipe out the debt. It is potential and legal for them, however, to refuse your application, and if you go back to that country you may be subject to their bankruptcy rules.

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There are normally a few ways the trustee can learn, and one of the most effective and simplest way is for you to let them find out when we do the paperwork. There is also a government site which has primary assets listed also. You should certainly get some guidance about assets; be careful.

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This is complicated and you will certainly want the right support, so if you need more info about inheritances call us on 1300 818 575.

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No. The income thresholds are the same for every person so regardless of how you make your income you will have to earn about $50,000 annually before your income will be impacted by bankruptcy.

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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 went bankrupt then 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 actually below the threshold amount you can earn while bankrupt and provided you really did not have those other debts then you will get your entire tax return back.

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If you are mandated to pay child support, this money will be deducted from your net income, so what you have the ability to keep after you pay your tax then child support is thought of as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.

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Yes, however it’s not a great idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them off you, as they are considered an asset.

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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. Simply give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Sydney.

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