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

Are your personal or business money troubles getting out of control?

Are your personal or business money troubles getting out of control?

We provide straight-forward bankruptcy tips and advice. At Bankruptcy Geraldton we recognize that the very thought of bankruptcy is distressing, and if it becomes a reality it is extremely bewildering. We know that you’re feeling very overwhelmed, ambushed and even like you have zero alternatives left, therefore we wish to help walk you through the process.

However 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 getting along with your life; you’ve found us.

The next step is simply to find out if bankruptcy is truly right for you. There is certainly a few factors you will need to know well before making that choice so we recommend that you continue browsing around this site, it’s full of great information, or you can just simply pick up the phone and give us a call on 1300 818 575.

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Are your personal or business money troubles getting out of control?

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You Can Be 100 % Debt Free!

Can you picture a future free from bankers’ hounding phone calls and looking forward to the mail again? Generally there are a couple of things you need to know before you make that formidable choice. First of all, the earlier you take action then the more choices you are going to have.

5 Problems you need to answer long before you declare yourself bankrupt.

There are 5 crucial questions you have to have an response 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 side of the web page. This e-book will focus on these big 5 questions specifically and give you peace of mind that you are doing the ideal thing.

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Get your FREE copy of the Big 5

* We pledge not to hound you with e-mails and phone calls when you sign up for our free e-book. In fact, we promise to only get in touch with you just once to see if we can help you further and that’s it.

Insolvency Options

Is Going bankrupt my only choice?

No! There are a number of options readily available to you. Listed here is a chart describing the strengths and drawbacks of the different debt alternatives available. This chart is really by absolutely no means an all-inclusive resource, but it will enable you to make a well-informed choice.

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

What exactly is a Personal Insolvency Agreement?

This is an adaptable deal involving you and your creditors. It is supervised through a trustee who administers how much you need to pay out and when you have to pay. Once those conditions have been met you are then free to start out again with a new beginning.

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What is a Debt Agreement?

A debt agreement helps a debtor to enter into an arrangement with their lenders to repay their debts without being made bankrupt.

You can’t participate in 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 additionally income restrictions, as well as restrictions on property value and unsecured debt value. If you want to know more please call 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 loads of expensive commercials on the TV in the Geraldton area inviting you to go for some of these alternatives is that there is tons of cash in it for the firms that administer them. You will notice (if you haven’t already) that each and every firm has the tendency to give (biased) suggestions depending on the product that they offer. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to increase their own business. It is rather common across the industry, so ensure 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 think about a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the best plan. Usually the matter with them is that all it is really doing is bundling 5-15 various debts into one sizable debt. If you are battling to pay all your various loans now, then why do you believe it will be amazingly easier to get one massive bill? 9 times out of 10 it is just not going to make it easier. Just to make it all more frustrating you typically need to pay up front for the ‘ luxury’ of this option. If you wish 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 keep my house?

In a lot of cases the answer is yes. If this is a considerable issue for you then the most efficient way to get the answer is to contact us here at Bankruptcy Experts Geraldton on 1300 818 575 and when we have an understanding about your circumstances we can provide you a clear picture over the phone. Practically everyone is emotionally 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 commonly think it’s an inescapable effect of bankruptcy and for that reason they press themselves to the verge of madness to not surrender the family home.

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

Will the bank allow me to keep my house even though I’m a bankrupt?

Why would the bank want bankrupt customers? Wouldn’t they choose to sell your home and not take the risk? Bear in mind – the bank that has generously offered you the money for your house is making good money each month in interest from you, month in and month out. As long as you keep up to date with your payments then the bank prefers you in there at all costs. Having said that it is generally not the bank’s call – if a trustee decides that there is suitable equity in your house the trustee will make you and the bank to sell your home.

What things would result in losing the house?

Equity! If you are up to date with your payments then the most notable issue is equity. A trustee has a obligation to gather as much money to help pay your debts once you go bankrupt. Equity is the key here. If you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to pay off the debt then the trustee sees your equity as a approach to pay your debt and so they are going to sell your home to repay the debt and give you whatever money is left from the sale.

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

How is equity discovered?

Lots of people are not quite sure about just what equity is, or how it is considered– but it is certainly crucial to work out considering that if you understand, it can mean the big difference between keeping and losing your home. There are a few factors you need to know here. First of all, your gut instinct or guess about the true value of the home is possibly far too generous. Many people presume their home is worth more than it really is.

Secondly, when you declare bankruptcy the trustee may ask about how you established your price for the house. Sometimes they will call for more information about your valuation, maybe a rates notice or a real estate agency’s valuation or a registered valuation. A simple tactic would certainly be to search then click on the ‘Sold’ tab on that site and look for current house sales in your street or area. This will help you have some idea of the reality of the marketplace right now. Bear in mind, the appraisal is based on a quick sale not a slick real estate agent’s marketing campaign. So If you truly want a good idea, I would definitely encourage getting a valuer and telling them to give you 2 values for your house, one as a standard sale, and the other as a ‘quick sale’. This will give you a better appreciation for your home’s worth. Being aware of this step is critical, so get some advice before proceeding, call us on 1300 818 575.

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

Typically when a couple purchase a home one income isn’t enough to secure the loan, so the bank/lender will have each partners register for the loan. As soon as your home 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 got a home 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a builder and needs to go bankrupt but Susie has a good job teaching high school and doesn’t have to go bankrupt.

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

Mick can then file for bankruptcy and as long as they manage to keep paying the mortgage, rates etc. they can 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 go bankrupt as well. There is lots to think about when it concerns homes and bankruptcy so if you have concerns don’t wait to phone us about your house on 1300 818 575.

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

Suppose my home has a lot of equity? What could I do?

If your house has a lot of equity and you are nevertheless drowning in debt, there are still various possibilities available to you– it could be complicated, but the significant step is to speak with an expert to try and get ahead of it. In fact, this relates 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 just about any assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be catastrophic! 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 given notice?

Commonly there is no reason for your workplace 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 through your job.

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

Who will hear of my bankruptcy?

There are 4 categories of people that will discover that you are bankrupt.

  1. People that you tell
  2. Your creditors or individuals you owe money to
  3. People that see your credit file when you’re bankrupt. However, the only way this will happen 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 someone is bankrupt on it.

At Bankruptcy Experts Geraldton, we are fully conscious that there is still a stigma linked to bankruptcy. We realise 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 newspapers or be publicly made out to be a criminal or some type of failure. We can help ensure that bankruptcy is short and easy. In fact, the entire process will only take a few days. It makes it possible for the ordinary 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 declare bankruptcy?

The response to the question is – yes, but only in some cases. The issue with some professions isn’t that you just 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 troublesome for you.

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

Bankruptcy Income Thresholds

How much money can I make when I’m bankrupt?

There are in fact no restrictions on how much you can earn, but if you earn over a certain amount, some of the excess can be taken by the trustee to pay off your creditors. This means that you cannot be deciding not to pay your debts and still pull in 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 paying back money to your creditors via your trustee?

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

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 happening then focus now. Since March 2016 there have been changes to the Income Threshold amounts. This suggests that there are modifications 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, by all means, it’s also net (after tax) of business spending, which is generally calculated annually.

Your net income may be controlled 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. For example, if you are subjected to an unusually high amount of travel expenses to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee has to ascertain your real net income, depending on the bankruptcy rules.

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

Just what can my spouse earn if I go bankrupt?

There really is no limit to what your spouse/partner can earn. There are a few ramifications that need to be considered in some scenarios, but in most cases your partner is a totally independent legal entity and will not be affected financially when you declare 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 not sure just give us a call on 1300 818 575.

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

Who is considered a dependent?

This might be anyone, of any age, that lives 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 particular children as dependents.

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

If a couple have to both file for 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

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

Can I forfeit my small business if I go bankrupt?

The straightforward answer is no, you really don’t have to but you do need to get the appropriate guidance. Business insolvency laws are very entailed and you need to tread carefully if you wish to continue to be self-employed.

You may already recognise that you can no longer be the director of a Pty Ltd Company if you are bankrupt. However, that doesn’t definitely mean you can’t run your very own business and hire staff etc.

Suppose I have both Business and Personal Debts?

If you are a businessmen and you have a mix of personal and business debts then it’s possible to have most, or even all, of the debts eliminated with bankruptcy. Bear in mind this is an intricate process and needs special attention. The reality is, personal bankruptcy doesn’t automatically indicate company bankruptcy as well.

Regardless if you manage your business as a Sole Trader, Partnership, Company or Trust we can help guide you through your options. Feel free to contact us on 1300 818 575 for a no obligation FREE consultation.

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Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

Should I place my business into liquidation?

Among the main reasons you may wish to consider liquidation instead of bankruptcy is due to the fact that if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, small businesses that become insolvent have a few options, just 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 business?

There are limitations for business owners that are bankrupt. For example, as a bankrupt company owner you may be in your own business as a sole trader only. For some small business owners, bankruptcy can have an effect on their ability to take care of the business due to the licensing issues. For example, a builder with a builder’s license can not really continue to use that license for the 3 years she or he is actually bankrupt.

There are some other implications for small business owners whilst bankrupt that should be considered. In case you have to know even more about this please feel free to call us for a no responsibility, free consultation on 1300 818 575.

Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton
Bankruptcy Geraldton,Bankrupt Geraldton,Insolvency Geraldton

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

It could be. There are factors when and if you declare bankruptcy as a 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 happened. There are laws in place to avoid these ‘Phoenix companies’ rising up out of the ashes of an old company. Don’t get overly stressed about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Experts Geraldton today on 1300 818 575.

Our Clients

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