Free Bankruptcy Assistance
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Free Bankruptcy Assistance
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, having said that there is a one-page document you have to submit basically to update the trustee of how long you are going to be travelling, etc. This rule only really exists so high flyers don’t skip the country. In certain cases the trustee will ask for your passport, but don’t worry about it because you can ask for it back when you wish to travel. The big part of this is seeing to it that you in fact ask– because if you forget this then you can actually get in a bunch of trouble. Call us if you wish to know 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 Geraldton we are really experts at helping people keep their homes. It’s actually very tricky, so if you are troubled about losing your home call us on 1300 818 575 and we will guide you through your options.

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The notion of losing the family house is probably the most typical obstacle to people declaring bankruptcy. We chat with people every day who have fought for a long time under serious financial strain 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 this way, if you own a house that’s 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 definitely enough equity in the home, if sold, to repay a lot of your debts. So in this specific scenario, the trustee will then offer you some solutions, one of which is to simply to continue paying the mortgage and live in your home while you are simply bankrupt.

So how can I find out the value of my home before I look at the process and pain of declaring bankruptcy? A standard way is simply to go onto www.realestate.com.au and take a look at the sold properties tab in the Geraldton area and it will display all the more recent sales in your neighborhood. Another option, if you are unsure or are very worried, is to have a registered valuer do a valuation on your home, not a real estate agent ( except if they are registered valuers, naturally). Be warned this will cost you anywhere between $300-700. Just one more factor about house prices – If the trustee has to sell off your house they do so fairly promptly. It is certainly not a 6-month glossy advertising effort and rather it’s generally by auction and they simply meet the market on the day and that is probably 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 calculated the market value of your home the next thing to consider is who owns your home.

Generally when our clients are declaring bankruptcy the majority of home loans are generally between a couple of people as joint tenants who both contribute to the home loan. If only one party is declaring bankruptcy then the equity is formulated like this.

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? Half of that overall equity is immediately allocated to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of that $25,000 the declaring bankruptcy party has to cover all of the selling costs including advertising etc.,

which, depending upon just where you live, can cost anywhere between $12,000-20 ,000. With this particular case say the sales 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 provide the non-declaring bankruptcy party a number of choices. Just one of which is common is for the bank to say, “Pay us the $10,000 and we will not sell the house and you are going to have it eliminated as an asset from the bankrupt’s estate.” Or, in other words, negotiate to pay the $10,000 and you can keep your home.

Just a side note: the bank who has provided you the property loan will need the mortgage payments to be continued naturally. Regardless of what the trustee decides, 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 definitely implies continuing the mortgage as well.

There are many more choices with your house when declaring bankruptcy, and we have really just laid out one choice of probably 20 alternatives you can decide on when it comes to your home. We are aware that you will want to get this right. Trying one’s luck with the family house might be a devastating choice. If you intend to get the appropriate advice about declaring bankruptcy or you simply need to speak to someone call 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 takes 3 years and is going to remain on your credit file for that time. However, as with any default it will appear on your credit file for 7 years. You can have it cleared away if you get your bankruptcy annulled.

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Bankruptcy is for 3 years and during that time you will not get a loan. After the 3 years is done you are going to have the potential 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 absolved as a bankrupt then you will have an preferred credit history again and you will get the most competitive deal on loans.

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Commonly, no. Bankrupts hardly ever lose their cars simply because they’ve filed for bankruptcy. Obviously, this is conditional and we can let you know if yours is safe. Call Bankruptcy Experts Geraldton 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 retail value your car could be worth, which is $7,350. You will find all sorts of mistaken information about this on the internet, but here are simply the simple facts. That $7,350 represents not the full value; it represents equity. So, in other words, 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 offered you the loan for the car will be pleased for you to retain the car even though you are bankrupt as long as you maintain the payments.

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Get some guidance with this. If you are thinking about declaring bankruptcy and simply just need some advice today call 1300 818 575. Basically, you will get about 2 to 3 payments grace when it relates to car loans. The bottom line is simple: whether you are declaring bankruptcy or not, if you overlook three or more repayments on your loan they will repossess the car. Don’t presume because you are declaring bankruptcy you are instantly going to lose your car because in most cases we help people keep them.

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

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No. The filing for bankruptcy process is primarily a paperwork exercise. The only thing that actually happens is that you will quite possibly be sent a letter by mail or emailed a notice informing you that you are actually bankrupt. At Bankruptcy Experts Geraldton we ensure that this entire procedure is that straightforward, so if you have questions about this phone 1300 818 575.

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Yes. This process will take approximately two weeks and will entirely get rid of the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that enable a bankrupt individual to get their bankruptcy annulled through a Section 73 proposal.

The consequences of creditor’s claims can typically result in bankruptcy, no matter if it was the person’s decision to enter bankruptcy, or if it was actually filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the individual who undergoes bankruptcy.

We have been helping people declaring bankruptcy in the Geraldton area for a number of years so call us today on 1300 818 575 in order to get some knowledge on this matter. We exercise the most suitable possible strategy for you to get back up and running, reducing left over effects and hindrances of former financial circumstances to give you the best possible outcome. Having experience and skills in Section 73 proposals, we can combine this with our proven strategies and methods 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 really considering having your bankruptcy annulled there are a couple of things you have to know.

Firstly, exactly how does the annulment work? A quick 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 learn that they are declaring bankruptcy. You would most likely kiss that money goodbye, right? Years pass and they come to you with an offer to pay you $5,000 that their grandparents are offering to them to clear up your debt with them. Undoubtedly you are thrilled to take it, because it is much better than nothing. The only condition they ask for in return is that you consent to have the bankruptcy cleansed from their record, and if you don’t agree to do that then there will be no $5,000. Needless to say you don’t care about their credit file; you are just delighted they are giving you some money after all these years.

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

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

This method takes a few weeks. The proposal may be done whenever you like 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. 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 acquire 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 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 need support to put a section 73 proposal to your trustee or simply need more details about the timing of when to put an offer forward, just phone us on 1300 818 575.

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Yes! We can assist you cancel every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them first before you experience the pain of declaring bankruptcy, but it’s no worry. If you are locked into one of these and just simply aren’t able to get on top give us call at 1300 818 575.

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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, ultimately, money owed to an insurance company due to a car accident in an uninsured car 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. In truth, there are a bunch of things to list so if you have a particular debt you are bothered with just call for a free assessment 1300 818 575.

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You can’t file for bankruptcy for an amount under $5,000; however, there is no restriction above that. If you owe a couple million dollars, that’s managed no differently compared to $20,000.

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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 types of debts include credit card debts.

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

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We have helped countless people go through the process of declaring bankruptcy over several years and we have never had anybody’s application declined. That’s why we provide a 100% money back guarantee.

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There is a basic method we use here before declaring bankruptcy and all you have to do is acquire a copy of your credit history as it 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.

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Vehicle accidents may be complicated, so to keep it straightforward call us on 1300 818 575 in order to get the best advice on your situation. Declaring bankruptcy may not be the best option. However, as a standard rule, if you were driving a car that was not actually insured then the expense of the repair works is not removed with the filing for bankruptcy process. Having said that, it depends on who accepted liability or who was simply at fault. If you head to court and the court confirms you were not at fault then you really should be fine.

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Yes! We can help you do this, even though it is actually possible there are consequences and plenty of regulations around this process, so call us and we will steer you through the procedure on 1300 818 575. Bankruptcy Experts Geraldton are experts at helping companies get back on their feet.

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Yes. There certainly is an approach 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 a way of doing this correctly; just contact 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 will need to follow a process, but it is possible. What you need to avoid at all costs if possible is somebody else bankrupting you, as it’s always best to voluntarily apply for bankruptcy. Unless you appreciate going to court and frustrating phone calls, naturally.

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You bet. However, this is a tricky process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled improperly, it might be disastrous. For a free consultation call Bankruptcy Experts Geraldton 1300 818 575.

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No, we do that for you. In fact, we function as a buffer or a midway point between you and your creditors. So in the end you are not actually obliged to notify them of your bankruptcy; we take care of 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 pursue the other person who signed the loan documents with you for the sum total of the uncollected money owing on the loan.

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

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No. We take care of the whole procedure for you.

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Ordinarily this is not actually a issue, so if you are actually a gambler, don’t worry. What the trustee will not 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.

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

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Yes. This is usually a possibility. It involves some emails back and forth but it can be done.

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Yes. In the event that a person originally living in a different country is now residing in Australia then files for bankruptcy and they have a liability incurred in that foreign country, you just list that unpaid debt on the papers.

Most of the time the creditor overseas will wipe out the debt. It is potential and lawful for them, however, to reject your application, and if you return to that country you may be subject to their bankruptcy laws.

Most of the time the creditor overseas will wipe out the debt. It is potential and lawful for them, however, to reject your application, and if you return to that country you may be subject to their bankruptcy laws.

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There are generally a few ways the trustee can learn, 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 certainly get some advice about assets; take care.

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This is complicated and you will want the best advice, so if you need more information about inheritances contact us on 1300 818 575.

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No. The income thresholds are the same for each person so regardless of how you gain your income you have to earn about $50,000 every year before your income will be influenced 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 declared bankruptcy then they will take your tax return. The explanation 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.

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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.

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Yes, but it’s not a great idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them away from you, as they are regarded as an asset.

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You can keep almost 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. Simply give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Geraldton.

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