How We Support You
Bankruptcy Geraldton can support you with anything which you would like to learn about declaring bankruptcy. Everyone’s scenarios are unique and require a skilled alternative. We have set the six highest frequently asked questions on this page so you may receive a simple and effortless response. In case you require even more information continue through our site or simply call us on 1300 818 575.
The concern of losing the family home is certainly the greatest reason that people stall declaring bankruptcy and push the issue to the back of their thoughts. The inquiry that everyone should know when thinking about bankruptcy is if they can retain their family property? The answer is YES in many cases.
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To try to keep it straightforward its certainly about the equity you have in the home, or rather what amount your home is worth over the property loan amount. Supposing that your residence has little to no equity in it, at that point it is likely you will keep your property provided you always keep paying the mortgage, rates etc.
Normally there is a lot more to this story and you will have different concerns, so don’t hesitate to contact us on 1300 818 575, to receive the exact suggestions you require about your home.
The second frequently asked concern is if you can have your car if you are insolvent? The answer to this in most cases is YES! Simply put if your motor vehicle is presently on finance and you could continuously maintain the monthly payments its highly likely you will certainly have the chance to retain your automobile.
If you own your car straight-out and have no finance then you can possess a car up to the wholesale value of $7,500.
If either of these two circumstances don’t relate to your vehicle then give us a call on 1300 818 575.
Will I lose my business if I declare bankruptcy? The reply in most cases is NO! You can keep your business and apply for insolvency. This is often times the most complex component of any kind of insolvency. The bottom line is the government does not want you to be without a job and insolvent so as a result you can continue as a self employed individual as a sole trader once you are bankrupt. You can no longer be the director of a company for the 3 years you are bankrupt. If you have your very own small business and have to declare personal bankruptcy then call us on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in many cases you don’t have to return the debt except if you earn over specific amounts of income. As an example if you make under $1,050.00 every week in the hand or after tax (net) for the 3 years you are bankrupt then you would never pay a cent to the financial obligation. If you pay child support or have dependent children then you can certainly make more. There is a table on the bankruptcy page of this website with significantly greater detailed information should you wish to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is basically damaged for the 3 years you are insolvent. Then after the 3 years you will be considered a discharged bankrupt on your credit file, which indicates there are plenty of financial institutions that may help you get a home mortgage or a car loan etc. To obtain a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy duration.
How Much will it Cost
Of course this is not an easy one to answer, as each case we manage is unique. Having said that, sometimes we may help you declare bankruptcy at no charge. That’s right. If we can assist you do this for FREE then we will certainly assist you. In some cases that are simple it will cost $395. There are many more challenging situations where the price is higher. If you need to get an idea on what your situation will require simply give us a ring on 1300 818 575.