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Fast, Confidential and no Obligation

FAQ’s

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Yes. All you will have to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, however there is a one-page sheet you will need to complete basically to update the trustee of how long you will be travelling, etc. This policy only really exists so high flyers don’t skip the country. Sometimes the trustee will request your passport, but don’t worry 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 overlook this then you can actually get in a ton of trouble. Call us if you want to know more regarding travel on 1300 818 575.

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In a lot of cases the answer is yes! In fact, in many cases these days we can really help you keep your home. At Bankruptcy Experts Lismore we are really experts at helping people keep their houses. It’s actually pretty tricky, so if you are worried about losing your home call us on 1300 818 575 and we will walk you through your choices.

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The thought of losing the family house is probably one of the most common hindrance to people declaring bankruptcy. We talk with people daily who have fought for years under substantial 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 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 essentially have no equity in your house, correct? The trustee will only sell your house if there is enough equity in the home, if sold, to repay a lot of your debts. So for this specific situation, the trustee will then offer you some options, one of which is to just simply to go on 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 to go onto www.realestate.com.au and look at the sold houses tab in the Lismore area and it will show you all the latest sales in your area. 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 ( except if they are registered valuers, naturally). Be warned this will cost you somewhere between $300-700. Just another factor about house prices – If the trustee needs to sell your house they do so fairly quickly. It’s not a 6-month sleek marketing effort and rather it’s generally by auction and they merely meet the market on the day and that is generally it. So when thinking about the value keep in mind that it’s a sell right now price, not when the market improves.

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

Generally when our clients are declaring bankruptcy nearly all home loans are actually between 2 people as joint tenants who both support the home loan. When only one person is declaring bankruptcy then the equity is formulated this way.

Say your house is worth $400,000 and the current market value is $350,000. Then the balance of equity in the home is $50,000, right? One-half of that overall equity is immediately assigned to the person not declaring bankruptcy, leaving $25,000 for the bankrupt. From that $25,000 the declaring bankruptcy party has to pay for all of the selling costs including advertising etc.,

which, depending upon precisely where you live, can cost anywhere between $12,000-20 ,000. With this particular case say the marketing 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 options. Just one of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell your house and you are going to have it taken away as an asset from the bankrupt’s estate.” Or, simply put, arrange to pay the $10,000 and you can keep your home.

Just a side note: the financial institution who has provided you the home loan will need the repayments to be continued of course. Regardless of what the trustee decides, if you do not pay the bank the property loan these guys will in the end ask you to leave. So, in plain English, keeping your home without a doubt implies continuing the mortgage as well.

There are many more choices with your house when declaring bankruptcy, and we have really just outlined one option of potentially 20 alternatives you can decide on when it involves your house. We understand you will want to get this right. Trying one’s luck with the family house can be a devastating choice. If you intend to get the appropriate advice about declaring bankruptcy or you simply have 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 sit on your credit file for that time. However, as with any default it will show up 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 in 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 cleared as a bankrupt then you will have an preferred credit history in the future and you will get the most competitive deal on loans.

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

How is this figured out? Well it is calculated based upon a threshold market value for your car. The threshold is the maximum retail market value your car could be worth, which is $7,350. You will find all kinds of erroneous information about this online, but here are really the facts. That $7,350 represents not the full value; it represents equity. So, essentially, if you have a car worth $35,000 you are paying back or leasing and the amount you could possibly 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 even though you are bankrupt as long as you keep up the payments.

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Get some help on this. If you are considering declaring bankruptcy and just need some advice right away call 1300 818 575. Basically, you will receive about 2 to 3 repayments grace when it comes to car loans. The bottom line is basic: whether you are declaring bankruptcy or otherwise, if you miss three or more repayments on your loan they will retrieve the car. Don’t presume because you are declaring bankruptcy you are automatically 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 approximately 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 quite possibly be sent a letter by mail or emailed a notice advising you that you are actually bankrupt. At Bankruptcy Experts Lismore we make certain that this entire process is that simple, so if you have concerns about this phone 1300 818 575.

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Yes. This approach will take about two weeks and will completely get rid of the bankruptcy from your credit history. There are provisions within the Bankruptcy Act that permit a bankrupt individual to have their bankruptcy annulled by means of a Section 73 proposal.

The repercussions of creditor’s claims can often lead to bankruptcy, irrespective of if it was the individual’s choice to enter bankruptcy, or if it was filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the person who undergoes bankruptcy.

We have been taking care of people declaring bankruptcy in the Lismore area for several years so call us today on 1300 818 575 in order to get some information on this issue. We exercise the most suitable possible strategy for you in order to get back up and running, getting rid of residual effects and hindrances of former financial circumstances to give you the best potential outcome. Having experience and skills specialising in Section 73 proposals, we can integrate this with our proven strategies and approaches to bring you through bankruptcy unharmed, ready to start over.

To begin with, having your personal bankruptcy annulled is pretty much reversing it 100%. So if you are actually contemplating having your bankruptcy annulled there are a few things you have to know.

Firstly, precisely how does the annulment work? A basic way to understand it is this – let’s say someone owes you $50,000 and they haven’t paid you 1 cent back for years. Then to make things worse you find out that they are declaring bankruptcy. You would 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 resolve your debt with them. Certainly you are happy to take it, because it is much better than nothing. The only condition they ask for in return is that you agree to have the bankruptcy cleaned from their record, and if you don’t agree to do that then there will be no $5,000. Of course you do not care about their credit file; you are just delighted they are giving you some money after all of these years.

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

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

This procedure takes a few weeks. The proposal may be done at any time in the 3 years you are bankrupt. However, you must consider the right 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. As an 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 acquire 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 simply just 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 help to put a section 73 proposal to your trustee or simply need more information about the timing of when to put an offer forward, just phone us on 1300 818 575.

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Yes! We can help you cancel all of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them to start with before you endure 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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There certainly 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, finally, money owed to an insurance company as a result of a car accident in an without being insured 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 reality, there are a lot of things to list so if you have a certain debt you are worried about just call for a free assessment 1300 818 575.

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

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An unsecured creditor is a lender who does not actually have a hold over the chattels/assets/property acquired with the credit provided to you. Such debts include things like credit card debts.

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

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Our company have helped thousands of people undergo the process of declaring bankruptcy over several years and we have never had anyone’s application denied. That is actually why we offer a 100% money back guarantee.

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There is a basic method we use here prior to declaring bankruptcy and all you need 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 modest fee.

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Car accidents may be difficult, so to keep it simple call us on 1300 818 575 in order to get the proper advice on your situation. Declaring bankruptcy may not be the best option. However, as a general rule, if you were driving a motor vehicle that was not actually insured then the expense of the repair works is not removed with the declaring bankruptcy process. Having said that, it depends on who accepted liability or who was at fault. If you go to court and the court confirms you were actually not to blame then you ought to be fine.

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Yes! We can help you do this, even though it’s possible there are actually effects and lots of regulations around this process, so phone us and we will direct you through the procedure on 1300 818 575. Bankruptcy Experts Lismore are professionals at supporting businesses 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 slate wiped clean. There is really a way of carrying this out properly; just contact us first.

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Usually, if you owe money to a lender they could get a court order and bankrupt you. They need to follow a process, but it is possible. What you have 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 annoying phone calls, of course.

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Yes. However, this is generally a complicated process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled improperly, it could be disastrous. For a free consultation call Bankruptcy Experts Lismore 1300 818 575.

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No, we do that for you. In fact, we serve as a buffer or a midway point between you and your creditors. So in the end you are not actually obliged to advise them of your bankruptcy; we take care of that for you.

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Three Years.

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Typically, it takes about 2 weeks.

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Yes. Generally a lender will chase the other person who signed the loan documents with you for the sum total of the outstanding money owing on the loan.

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Don’t panic! If you forgot a debt and remember it later, just call your trustee with the name of the creditor, address, date the debt was acquired, amount of debt and any account or reference number/s provided from lender. Your trustee will include the creditor to your bankruptcy and give a notification 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 dilemma, so if you are a gambler, don’t stress. What the trustee won’t like 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 have some explaining to do, of course, because it just won’t add up and looks suspicious.

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Yes. We recognize 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 quite possible. It requires 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 residing in Australia then declares bankruptcy and they have a unpaid debt incurred in that foreign country, you just specify that debt on the papers.

In most cases the creditor internationally will erase the debt. It is potential and legal for them, however, to refuse your application, and if you go back to that country you may go through their bankruptcy laws.

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

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

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No. The income thresholds are the same for each person so no matter how you make your income you have to earn about $50,000 each year before your income will be impacted by bankruptcy.

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You can keep money from tax returns just if you did not have any tax debts. So if you owed money to the Tax Office when you declared bankruptcy at that point they will take your tax return. The main reason for this is because your income tax return is viewed as net income, so if you are below the threshold amount you can earn while bankrupt and provided you didn’t have those various other debts then you will get your whole tax return back.

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

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Yes, but it’s not a smart idea. You are allowed even while you are declaring bankruptcy, but the trustee will take them 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 things like houses and vehicles may be able to be saved. Simply just give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Lismore.

Our Clients

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