How Our People Can Support You
Bankruptcy Bendigo can help you with everything that you would like to know about going bankrupt. Everyone’s circumstances are unique and require a professional solution. We have put the six most frequently asked questions on this page so you can get a quick and easy answer. If you need more details continue on through our website or simple call us on 1300 818 575.
The idea of losing the family residence is certainly the greatest reason that people hesitate declaring bankruptcy and push the concern to the back of their thoughts. The inquiry that everybody should know when looking at personal bankruptcy is if they can retain their family house? The answer is YES in most cases.
Bankruptcy Lismore,Bankrupt Lismore,Insolvency Lismore
In order to try to keep it basic its honestly concerning the equity you have in the home, or in other words how much your house is worth over the financial loan sum. If your house has hardly any to no equity within it, then it is very likely you can keep your household just as long as you manage to keep paying the mortgage loan, rates etc. Normally there is even more to this story and you will have other problems, so do not hesitate to get in touch with us on 1300 818 575, to get the correct recommendations you really need regarding your property.
The second frequently asked about inquiry is if you can have your motor vehicle if you are insolvent? The answer to this in some cases is YES! Simply put if your automobile is currently on finance and you can easily continue to keep up the payments its very likely you will certainly have the chance to keep your automobile.
If you own your car outright and have no finance then you can possess a car up to the wholesale value of $7,500.
In the event that either of these two circumstances do not relate to your car then give us a ring on 1300 818 575.
Might I lose my business if I declare bankruptcy? The answer in most cases is NO! You can easily retain your business organization and apply for bankruptcy. This is perhaps the most complex feature of any insolvency. The bottom line is the government does not want you to be out of work and insolvent so consequently you can proceed as a self employed individual as a sole trader once you are insolvent. You can not be the director of a company for the 3 years you are bankrupt. If you have your very own business and need to apply for personal bankruptcy then give us a call on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in many cases you don’t need to repay the debt except if you earn over certain amounts of income. As an example if you make under $1,050.00 weekly in the hand or after tax (net) for the 3 years you are insolvent then you would never pay a cent towards the financial debt. 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 site with greater detail should you wish to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is basically ruined for the 3 years you are bankrupt. Then after the 3 years you will be considered a discharged bankrupt on your credit file, which means there are a lot of loan providers that will help you get a home mortgage or a loan etc. To have 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
Naturally this is certainly not an easy question to answer, as each case we take on is different. Having said that, sometimes we can help you file for insolvency at no charge. That’s right. If we can guide you do it for FREE then we will certainly support you. Sometimes that are simple it will cost $395. There are much more complicated cases where the price is higher. If you need to get an idea about what your circumstance will cost just give us a call on 1300 818 575.