Free Bankruptcy Assistance

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Free Bankruptcy Assistance

Fast, Confidential and no Obligation

Enquire Online Now Or Request A Callback

Are your personal or business debts getting out of control?

We offer straight-forward bankruptcy help. At Bankruptcy Port Stephens we know that the very thought of bankruptcy is scary, and if it becomes a reality it is thoroughly bewildering. We know that you’re feeling very overwhelmed, ambushed or perhaps like you have no choices left, therefore we really want to help advise you through the process.

However, here’s the thing – you’ve pretty much gone through the toughest part of the process – you have actually taken that initial step towards setting your personal and/or business debts behind you and getting along with your life; you’ve found us.

The next step is simply to determine if bankruptcy is actually right for you. There is certainly a few points you need to know even before making that choice so we recommend that you continue searching around this site, it has lots of great information, or you can just pick up the phone and give us a ring on 1300 818 575.

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You Can Be 100 % Debt Free!

Can you imagine a future without bankers’ attacking phone calls and even looking forward to the post again? Certainly there are a number of things you should know before you make that hard decision. Firstly, the sooner you take action then the more options you are going to have.

5 problems you have to answer before you declare yourself bankrupt.

There are 5 critical questions you need to have an solution to before you declare bankruptcy. If you need to know what they are, feel free to download our free e-book on the right hand part of the page. This e-book is going to deal with these big 5 questions specifically and give you peace of mind that you are doing the correct thing.

Get your FREE copy of the Big 5

* We promise not to barrage you with e-mails and phone calls when you apply for our free e-book. Really, we vow to only get in touch with you just once to see if we are able to help you even more and that’s it.

Insolvency Options

Is Going bankrupt my one and only choice?

No! There certainly are numerous options available to you. Below is a chart detailing the advantages and disadvantages of the various debt options available. This chart is definitely by no means an exhaustive resource, but it will enable you to make a well-informed choice.

What exactly is a Personal Insolvency Agreement?

This is an adaptable agreement among you and your creditors. It is managed through a trustee who administers what you will have to pay and when you have to pay. Once those circumstances have been met you are then free to begin again with a clean slate.

What is a Debt Agreement?

A debt agreement makes it possible for a debtor to take part in an understanding with their creditors to pay off their loans without being made bankrupt.

You can’t take part in a Debt Agreement if you have been bankrupt, or if you are currently already in a debt agreement. Also keep in mind that there are additionally income restrictions, as well as restrictions on property value and unsecured debt value. If you want to know more feel free to call us on 1300 818 575.

Why do some business say Debt Agreements or Personal Insolvency Agreements

The reason you find plenty of expensive commercials on the TV in the Adelaide area inviting you to go for one of these alternatives is that there is lots of cash in it for the companies that administer them. You will notice, if you havent already, that every company has the tendency to give (biased) advice

according to the product that they offer. For instance, Debt Agreement Companies ridicule bankruptcy companies and so it goes with much of the financial services industry.

Should I contemplate a Debt Consolidation Loan?

There are sometimes the very occasional conditions where a debt consolidation loan is the most ideal strategy. Usually the problem with them is that all it is really doing is wrapping 5-15 various debts into one large debt. If you are battling to pay all your various loans now, then why do you presume it will be magically simpler to have one substantial bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it even worse you typically will need to pay up front for the ‘pleasure’ of this choice. If you want to get some clarification or more information on this, then 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 concern for you then the best way in order to get the solution is to contact us here at Bankruptcy Experts Port Stephens on 1300 818 575 and when we have an understanding about your circumstances we can offer you a clear picture over the phone. Practically everybody is emotionally connected to their house; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People frequently think it’s an unescapable effect of bankruptcy and consequently they pressure themselves to the verge of madness to not surrender the family house.

Will the bank allow me to keep my house even if I’m a bankrupt?

Why might the bank like bankrupt customers? Wouldn’t they need to sell your home and not take the chance? Bear in mind – the bank that has generously offered you the cash for your house is making good money each month in interest from you, month in and month out. Provided that you maintain up to date with your repayments then the bank prefers you in there at all costs. However it is generally not the bank’s call – if a trustee concludes that there is ample equity in your house the trustee will force you and the bank to sell off your house.

What aspects would contribute to losing the house?

Equity! If you are up to date with your monthly payments then the most significant problem is equity. A trustee has a responsibility to gather up as much money in order to help pay your debts once you go bankrupt. Equity is the ticket here. Supposing that you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to pay the debt then the trustee sees your equity as a solution to pay back your debt therefore they will sell your house to pay off the debt and give you whatever money is left from the sale.

How is equity determined?

Some people are not confident about what exactly equity is, or how it is determined– but it is definitely vital to work out given that if you get it, it can mean the big difference between keeping and losing your home or apartment. There are a few things you need to understand here. To start with, your gut instinct or belief about the real worth of the home is undoubtedly far too generous. Many people feel their home is worth more than it actually is.

Secondly, when you file for insolvency the trustee may ask how you established your value for the house. In many cases they will want more detail about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. A straightforward strategy would be to look on www.realestate.com.au then select the ‘Sold’ tab on that website and search for the latest house sales in your street or area. This will help you have some idea of the reality of the marketplace right now. Keep in mind, the appraisal is based upon a quick sale not a slick real estate agent’s advertising campaign. So If you truly want a good idea, I would suggest getting a valuer and asking them to give you 2 values for your home, one as a regular sale, and the other as a ‘quick sale’. This will give you a better awareness for your home’s worth. Being aware of this step is crucial, so get some advice before going ahead, call us on 1300 818 575.

What if my Partners name is on the Mortgage?

Usually when a couple buy a home one income isn’t really enough to secure the loan, so the bank/lender will have both partners sign up for the loan. Once the house 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 home 4 years ago for $400,000 with no deposit so their mortgage was also $400,000. Mick is a plumber and has to go bankrupt but Susie has a good job teaching and doesn’t have to go bankrupt.

Unfortunately, the house has not improved in price in the 4 years they have used it and they also have merely managed to pay interest on the loan during that time so essentially they still have a $400,000 mortgage on a home worth $400,000.

Mick can then file for bankruptcy and so long as they manage to keep paying the mortgage, rates etc. they may continue to keep the home for the 3 years Mick is bankrupt. This decision will, in no way, affect Susie’s credit rating or force her to go bankrupt also. There is lots to consider when it comes to homes and bankruptcy so if you have concerns don’t hesitate to call us about your house on 1300 818 575.

What if My House has too much Equity? What can I do?

If your home has plenty of equity and you are still drowning in debt, there are still some choices readily available to you– it may be complicated, however the crucial step is to speak with an expert to try and get ahead of it. In fact, this concerns 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 just about any assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be dire! Before you take your next step get some advice. We offer a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my workplace be given notice?

Commonly there is simply no good reason for your job to be advised of your bankruptcy. In instances where you earn more than the threshold amounts of income while you are bankrupt and you are required to make an income contribution, you organise those payments on your own, it doesn’t go via your workplace.

Who will know about my bankruptcy?

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

Individuals that you tell
Your creditors or people you owe money to
Individuals that see your credit file while youre bankrupt. The only way this will happen is if you sign a privacy form for them to access your credit history. You only ever do this when you apply for a loan.
You will be listed on the National Insolvency Index on the internet somewhere. Its hard to find and people need to pay to see if someone is bankrupt on it.

At Bankruptcy Experts Port Stephens, we are completely conscious that there is nonetheless a stigma attached to bankruptcy. We are aware of this problem 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 normal person to get out of debt and on with their lives. For more detailed info about bankruptcy and your job, download ‘The Big 5’ e-book.

Could I lose my job if I file for bankruptcy?

The response to the question is – yes, but only in some cases. The problem with some jobs isn’t that you cannot do the job any longer, it’s more an issue of specialist bodies or associations that view bankruptcy in a dim light and can make things problematic for you.

What we would absolutely suggest is that you do your very own research here. It will make a big difference if you check out this process prior to filing for bankruptcy because that may help you decide. Check if your job is on the chart below. If it is, we recommend talking to them personally and explaining your problem. A few organisations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by shady or suspicious practices. If you think your employment may be affected by your possible bankruptcy call us here at Bankruptcy Experts Port Stephens on 1300 818 575.

Bankruptcy Income Thresholds

Just how much can I make when I’m bankrupt?

There are actually no limitations on how much you can earn, however if you earn over a certain amount, some of the extra can be taken by the trustee to payoff your creditors. This means that you cannot be refusing 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 how much can you make before you start paying back money to your creditors via your trustee?

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you have to know what is happening then pay attention now. Since March 2016 there have been alterations to the Income Threshold amounts. This shows that there are changes 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, of course, it’s also net (after tax) of business spending, which is commonly calculated annually.

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

The income threshold figures are also per person and are set by the Government each and every March and September to permit the movement in the cost of living.

What can my spouse make if I go bankrupt?

Generally there is no limit to exactly what your spouse/partner can earn. There are a few implications that must be considered in some scenarios, but most of the time your partner is an entirely different legal entity and will not be impacted 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 not sure just contact us on 1300 818 575.

Who is thought of as a dependent?

This might be anybody, of any age, that lives with you and earns less than $3,343 per year. If, in the case you have a young child or children that you give child support for and they do not live with you full-time, then you can not declare these children as dependents.

What if 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. A practical way to understand it is the same income rules apply for everyone individually.

Self Employment & Bankruptcy

Can I forfeit my small business if I go bankrupt?

The simple answer is no, you really don’t have to but you do need to get the appropriate guidance. Business insolvency laws are very entailed and you need to tread cautiously if you wish to continue to be self-employed.

You may already recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. However, that doesn’t inevitably mean you can’t run your very own business and hire staff etc .

What if I have both Business and Personal Debts?

If you are a company owner and you have a blend of personal and business debts then it is generally possible to have most, or even all, of the debts wiped out with bankruptcy. Remember this is a challenging process and needs special attention. The fact is, personal bankruptcy does not automatically suggest company bankruptcy as well.

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

Should I put my company into liquidation?

Among the main reasons you may wish to consider liquidation as opposed to bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, small businesses that become insolvent have a few options, for instance, liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What effect will bankruptcy have on my business?

There are restrictions for small business owners that are bankrupt. For example, as a bankrupt business owner you can be in your own business as a sole trader only. For a number of small business owners, bankruptcy can impact their ability to manage the business due to the licensing problems. For instance, a builder with a builder’s license can not really continue to use that license for the 3 years she or he is simply bankrupt.

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

Isn’t it against the law to run a similar business after bankruptcy?

It could be. There are factors when and if you declare bankruptcy as a company owner. You can not run up heaps of debt in your business, then go bankrupt then open the doors the next day like nothing has taken place. There are laws in effect to avoid these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get too stressed about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Port Stephens today on 1300 818 575.

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Are your personal or business debts getting out of control?