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?

Are your personal or business debts getting out of control?

Our company provides straight-forward bankruptcy information. At Bankruptcy Lismore we accept that the very thought of bankruptcy is distressing, and if it becomes a reality it is positively horrifying. We understand that you are likely feeling very overwhelmed, ambushed and even like you have absolutely no possibilities left, and so we want to help steer you through the process.

But here’s the important thing – you’ve already endured the toughest aspect of the process – you have taken that initial 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 truly to figure out if bankruptcy is right for you. There is generally a few points you have to know long before making that choice so we recommend that you continue browsing around this site, it has lots of great information, or you can just grab the phone and give us a ring on 1300 818 575.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Are your personal or business debts getting out of control?

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Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

You Can Be 100 % Debt Free!

Can you imagine a future free from lenders’ distressing phone calls and looking forward to the mail again? Certainly there are a few things you need to know before you make that difficult choice. First of all, the faster you act then the more options you are going to have.

5 issues you should answer even before you declare yourself bankrupt.

There are 5 important problems you must have an response to before you declare bankruptcy. If you wish to know what they are, feel free to download our free e-book on the right hand side of this page. This e-book is going to address these big 5 questions specifically and give you peace of mind that you are doing the correct thing.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Get your FREE copy of the Big 5

* We vow not to hound you with emails and phone calls when you apply for our free e-book. In fact, we promise to only get in touch with you one time to see if we are able to help you further and that’s it.

Insolvency Options

Is declaring bankruptcy my only choice?

No! There really are many options readily available to you. Below is a graph describing the perks and drawbacks of the different debt options available. This diagram is really by absolutely no means an full-scale resource, but it will make it possible for you to make a well-informed decision.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

What exactly is a Personal Insolvency Agreement?

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

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

What is a Debt Agreement?

A debt agreement helps a debtor to enter into an plan with their creditors to repay their loans without being made bankrupt.

You cannot become part of a Debt Agreement if you have been bankrupt, or if you are 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 get in touch with us on 1300 818 575.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

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 Lismore area inviting you to go for some of these alternatives is that there is huge amounts of cash in it for the agencies that provide them. You will see (if you haven’t already) that every business has the tendency to give (biased) recommendations according to the product that they supply. 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 make sure you don’t get deceived. 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!

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Should I consider a Debt Consolidation Loan?

There are the very occasional conditions where a debt consolidation loan is the best idea. Usually the issue with them is all it is really There are sometimes the very rare conditions where a debt consolidation loan is the best strategy. Usually the problem with them is that all it is really doing is packaging 5-15 various debts into one sizable debt. If you are fighting to pay all your different loans now, then why do you think it will be amazingly simpler 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 more frustrating you typically have to pay up front for the ‘pleasure’ of this choice. 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 declare bankruptcy can I keep my house?

Often the answer is yes. If this is a significant issue for you then the most efficient way to get the answer is to call us here at Bankruptcy Experts Lismore 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 sentimentally connected to their home; it’s where the kids have grown up, it’s where you enjoy life on a day to day basis. People usually think it’s an unescapable effect of bankruptcy and hence they press themselves to the verge of madness to not lose the family home.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

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

Why might the bank like bankrupt customers? Wouldn’t they prefer to sell your home and not take the chance? Keep in mind – the bank that has generously offered you the money for your house is making good money every month in interest from you, month in and month out. Just as long as you maintain up to date with your mortgage payments then the bank would like you in there at all costs. However it is normally not the bank’s call – if a trustee concludes that there is plentiful equity in your house the trustee will oblige you and the bank to sell your house.

What factors would contribute to losing the house?

Equity! If you are up to date with your monthly payments then the most important problem is equity. A trustee has a duty to collect as much money to help settle your bills once you go bankrupt. Equity is the key here. If you have $300,000 equity in your house 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 repay your debt therefore they will sell your home to pay off the debt and give you whatever money is left from the sale.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

How is equity discovered?

Many individuals are not certain about just what equity is, and how it is considered– but it is really crucial to figure out considering that if you understand, it can mean the difference between keeping and losing your home. There are a few factors you need to understand here. First and foremost, your gut reaction or theory about the real worth of the property is undoubtedly far too generous. Most people presume their home is worth much more than it truly is.

Secondly, when you declare bankruptcy the trustee may ask how you determined your price for the house. Sometimes they will want more information about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. A basic tactic would certainly be to look on then select the ‘Sold’ tab on that website and look for recent house sales in your community or area. This may help you get some idea of the reality of the marketplace right now. Keep in mind, the valuation is based upon a quick sale not a slick real estate agent’s promotion and marketing campaign. So If you really want a good idea, I would likely recommend 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 far 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 happens if my Partners name is on the Home Loan?

Often when a couple buy a home one income isn’t enough to qualify for the loan, so the bank/lender will have both partners sign up for the loan. When 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 house 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a builder and has to go bankrupt but Susie has a good job teaching at a local school and doesn’t have to go bankrupt.

Sadly, the house has not improved in price 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 basically they still have a $400,000 mortgage on a home worth $400,000.

Mick can then file for bankruptcy and just as long as they keep paying the mortgage, rates etc. they may continue to keep the house for the 3 years Mick is bankrupt. This action will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is plenty to think about when it comes to houses and bankruptcy so if you have questions don’t wait to call us about your house on 1300 818 575.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

What if My Home has too much Equity what can I do?

If your house has plenty of equity and you are nevertheless drowning in debt, there are still a couple of alternatives available to you– it could be complicated, but the crucial step is to talk to an expert to try and get ahead of it. In truth, this relates to cars 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. We provide a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my employer be informed?

Usually there is actually no reason for your workplace to be advised of your bankruptcy. In situations where you earn in excess of 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.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Who will hear of my bankruptcy?

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

  1. Individuals that you tell
  2. Your creditors or individuals you owe money to
  3. People that see your credit file while 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 apply for a loan.
  4. You will be noted on the National Insolvency Index on the web somewhere. But this is not too big a problem because it is hard to locate and people have to pay to see if somebody is bankrupt on it.

At Bankruptcy Experts Lismore, we are fully mindful that there is nonetheless a stigma attached to bankruptcy. We understand this concern and we can help to guarantee that if you declare yourself bankrupt that you don’t have to go to court, get your name in the papers or be publicly made out to be a criminal or some kind of failure. We can help ensure that bankruptcy is short and easy. In fact, the whole 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 information about bankruptcy and your job, download ‘The Big 5’ e-book.

Might I lose my job if I declare bankruptcy?

The answer to the question is – yes, but only in some cases. The issue with some occupations isn’t that you aren’t able to 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 problematic for you.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

What we would absolutely suggest is that you do your own research here. It will make a big difference if you investigate this process before filing for bankruptcy since that may really help you
decide. Check if your job is on the chart below. If it is, we recommend talking with them personally and explaining your problem. 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 impacted by your possible bankruptcy call us here at Bankruptcy Experts Lismore on 1300 818 575.

Bankruptcy Income Thresholds

How much can I make when I’m bankrupt?

There are in fact no constraints on the amount of you can earn, but if you earn over a certain amount, some of the excess can be taken by the trustee to repay your creditors. This means that you cannot be choosing not to pay your debts and still take home a 6 figure salary– it simply wouldn’t be fair to the many people you owe money to. So just how much can you earn before you start paying back money to your creditors via your trustee?

Well it isn’t a straight forward process, so let’s try and take you through it.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Bankruptcy and Income

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

Your net income may be managed to take into consideration things like salary sacrifice and significant superannuation payments etc. Your net income might also enable more unusual costs incurred as a result of being employed. For instance, if you are subjected to an uncommonly high amount of travel charges to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee needs to ascertain your real net income, based on the bankruptcy rules.

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

Exactly what can my partner earn if I go bankrupt?

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

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Who is considered a dependent?

This could be any person, of any age, that resides 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 claim these particular children as dependents.

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

If a couple need to both declare 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.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Self Employment & Bankruptcy

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Will I lose my small business if I go bankrupt?

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

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

Suppose I have both Business and Personal Debts?

If you are a company owner and you have a mix of personal and business debts then it is actually possible to have most, if not all, of the debts erased with bankruptcy. Don’t forget this is an intricate process and needs special attention. The reality is, personal bankruptcy won’t automatically signify company bankruptcy as well.

No matter if you run your business as a Sole Trader, Partnership, Company or Trust we can really help guide you with your options. Don’t hesitate to call us on 1300 818 575 for a no obligation FREE consultation.

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Should I put my company into liquidation?

Among the main reasons you may wish to consider 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 choices, for example, liquidation, voluntary administration etc. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my company?

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

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

Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore

Isn’t it illegal to run an identical business after bankruptcy?

It could be. There are factors when and if you declare bankruptcy as a small business 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 happened. There are laws in effect to prevent 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 correct advice by calling Bankruptcy Experts Lismore today on 1300 818 575.

Our Clients

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