Free Bankruptcy Assistance
Fast, Confidential and no Obligation
Free Bankruptcy Assistance
Fast, Confidential and no Obligation

Are your personal or business credit debts getting out of control?

We offer straight-forward bankruptcy advice. At Bankruptcy Emerald we understand that the very thought of bankruptcy is terrifying, and if it becomes a reality it is downright menacing. We know that you are truly feeling very overwhelmed, trapped or even like you have absolutely no choices left, and so we want to help assist you through the process.

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

The next step is truly to determine if bankruptcy is simply right for you. There is definitely a few points you will need to know long before making that decision so we recommend that you continue browsing around this site, it has plenty of great information, or you can merely pick up the phone and give us a call on 1300 818 575.

Are your personal or business credit debts getting out of control?

We offer straight-forward bankruptcy advice. At Bankruptcy Emerald we understand that the very thought of bankruptcy is terrifying, and if it becomes a reality it is downright menacing. We know that you are truly feeling very overwhelmed, trapped or even like you have absolutely no choices left, and so we want to help assist you through the process.

However here's the thing - you've actually gone through the hardest part of the process - you have actually taken that initial step towards placing your personal and/or business debts behind you and getting along with your life; you've found us.

The next step is truly to determine if bankruptcy is simply right for you. There is definitely a few points you will need to know long before making that decision so we recommend that you continue browsing around this site, it has plenty of great information, or you can merely pick up the phone and give us a call on 1300 818 575.

You Can Be 100 % Debt Free!

Can you picture a future free from lenders’ attacking phone calls as well as looking forward to the mail once more? There actually are a couple of things you should know before you make that difficult choice. Firstly, the faster you take action then the more options you are going to have.

5 problems you need to answer you declare yourself bankrupt.

There are 5 essential problems you must have an solution to before you declare bankruptcy. If you would like to know what they are, feel free to download our free e-book on the right hand part of the web page. This e-book is going to focus on these big 5 questions specifically and offer you peace of mind that you are doing the right thing.

Get your FREE copy of the Big 5










* We pledge not to pester you with e-mails and phone calls when you register for our free e-book. In fact, we promise to only call you once to see if we are able to help you even more and that’s it.

Your Insolvency Options

Is declaring bankruptcy my only choice?

No! Generally there are a variety of options readily available to you. Below is a chart describing the strengths and problems of the different debt solutions available. This graph is really by absolutely no means an all-inclusive resource, but it will help you to make a well-informed choice.

Exactly what is a Personal Insolvency Agreement?

This is an adaptable understanding among you and your creditors. It is handled through a trustee who supervises what you need to pay out 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 permits a debtor to enter into an understanding with their lenders to satisfy their finances without being made bankrupt.

You can’t participate 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 also income restrictions, as well as restrictions on property value and unsecured debt value. If you want to know more please contact us on 1300 818 575.

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 a lot of expensive commercials on the TV in the Emerald area inviting you to go for some of these alternatives is that there is huge amounts of cash in it for the agencies that administer them. You will notice (if you haven’t already) that each and every business has the tendency to give (biased) suggestions 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 pretty common across the industry, so ensure you don’t get fooled. 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!

Should I think about a Debt Consolidation Loan?

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 enormous debt. If you are battling to pay all your different loans now, then why do you believe it will be amazingly easier to get one massive bill? 9 times out of 10 it is just not going to make it easier. Just to make everything more frustrating you typically need to pay up front for the ‘ luxury’ of this choice. If you wish 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 file for bankruptcy can I keep my house?

Often the answer is yes. If this is a serious problem for you then the most efficient way in order to get the solution is to call us here at Bankruptcy Experts Emerald on 1300 818 575 and after we have an understanding about your circumstances we can provide you a clear picture over the telephone. Practically everybody is emotionally connected to their home; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People normally think it’s an inescapable consequence of bankruptcy and consequently they press themselves to the edge of madness to not surrender the family home.

Will the bank let me keep my house even when I’m a bankrupt?

Why would the bank want bankrupt customers? Wouldn’t they want to sell your home and not take the risk? Keep in mind – the bank that has generously lent you the cash for your house is making good money every month in interest from you, month in and month out. Just as long as you manage to keep up to date with your payments then the bank wants you in there at all costs. Nevertheless it is usually not the bank’s call – if a trustee thinks that there is plenty of equity in your house the trustee will compel you and the bank to sell your home.

What factors would result in losing your home?

Equity! If you are up to date with your repayments then the most notable issue is equity. A trustee has a obligation to gather up as much money to help settle your bills once you go bankrupt. Equity is the key here. Supposing that you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to pay the debt then the trustee sees your equity as a manner to pay back your debt and so they will sell your home to settle the debt and give you whatever money remains from the sale.

How is equity discovered?

Many people are not quite certain about precisely what equity is, and how it is worked out– but it is absolutely crucial to work out considering that if you understand, it can mean the difference between keeping and losing your home. There are a few things you should understand here. To start with, your gut instinct or presumption about the real worth of the home is probably far too generous. Many people think their house is worth much more than it actually is.

Secondly, when you file for insolvency the trustee may wonder how you established your price for the house. In many cases they will ask for more detail about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A basic strategy would be to look on www.realestate.com.au then click on the ‘Sold’ tab on that site and look for the latest house sales in your community or neighbourhood. This may help you have some concept of the reality of the marketplace right now. Keep in mind, the valuation is based upon a quick sale not a skillful real estate agent’s advertising campaign. So If you truly want a good idea, I would definitely suggest getting a valuer and asking them to give you 2 prices for your house, one as a typical sale, and the other as a ‘quick sale’. This will give you a much better awareness for your home’s worth. Knowing this step is vital, so get some advice before proceeding, call us on 1300 818 575.

What if my partner’s name is on the mortgage?

Often when a couple purchase a home one income isn’t enough to get the loan, so the bank/lender will have both partners register for the loan. As soon as the house is purchased both names are on the mortgage from the bank and the title deed of the house as joint tenants.

Let’s say Mick and Susie bought a house 4 years ago for $400,000 with no deposit so their mortgage was also $400,000. Mick is a plumber and needs to go bankrupt but Susie has a good job teaching high school and doesn’t have to go bankrupt.

Sadly, the house has not risen in value in the 4 years they have used it and they also have merely managed to pay interest on the loan in that time so ultimately they still have a $400,000 mortgage on a house worth $400,000.

Mick can then declare bankruptcy and provided that they keep paying the mortgage, rates etc. they can continue to keep the home 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 a lot to consider when it comes to homes and bankruptcy so if you have questions don’t hesitate to phone us about your house on 1300 818 575.

What if my home has too much Equity? What can I do?

If your house has lots of equity and you are nevertheless drowning in debt, there are still some possibilities available to you– it could be complicated, however the crucial step is to speak with a professional to try and get ahead of it. Actually, this applies 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 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 provide a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my boss be advised?

Normally there is actually no good reason for your boss to be advised of your bankruptcy. In situations where you earn over the threshold amounts of income while you are bankrupt and you are required to make an income payment, you organise those payments yourself, it doesn’t go through your boss.

Who will know of my bankruptcy?

There are 4 categories of people that will find out 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 whilst you’re bankrupt. However, the only way this will happen is if you sign a privacy form for them to gain access to your credit history. You only ever do this when you request 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 need to pay to see if someone is bankrupt on it.

At Bankruptcy Experts Emerald, we are fully aware that there is nonetheless a stigma connected to bankruptcy. We recognize this issue and we can help to ensure 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 type of failure. We can help ensure that bankruptcy is swift 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.

Will I lose my job if I declare bankruptcy?

The answer to the question is – yes, but only in some cases. The problem with some professions isn’t that you can’t 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 it problematic for you.

Employment Restrictions for Bankrupts

What we would definitely propose is that you do your own research here. It will make a big difference if you investigate this process prior to declaring bankruptcy because that may help you decide. Check if your job is on the chart below. If it is, we suggest talking with them personally and explaining your case. 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 Emerald on 1300 818 575.

Bankruptcy Income Thresholds

What amount can I make when I’m bankrupt?

There are in fact no restrictions 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 deciding not to pay your debts and still pull in a 6 figure salary– it simply wouldn’t be fair to the individuals you owe money to. So how much can you make before you start repaying 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 and Income

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

Your net income may be managed to take into consideration things like salary sacrifice and sizable superannuation payments etc. Your net income might also enable more unusual costs suffered as a result of being employed. As an example, if you are subjected to an unusually high amount of travel expenses to get to and from your job this can often also be taken into consideration. Your bankruptcy trustee has to ascertain your real net income, according to the bankruptcy rules.

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

What can my partner make if I go bankrupt?

There really is no limit to exactly what your spouse/partner can earn. There are a few implications that must be thought about in some scenarios, but most of the time your partner is a totally distinct legal entity and will not be influenced financially when you file for bankruptcy. Just as a word of caution – this could change 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 considered a dependent?

This can be anyone, of any age, that resides with you and earns no more 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.

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

If a couple need to both file for 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 basic answer is no, you do not have to but you do need to get the appropriate guidance. Company 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 not be the director of a Pty Ltd Company if you are bankrupt. Even so, 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 businessmen and you have a blend of individual and business debts then it is generally possible to have most, or even all, of the debts erased with bankruptcy. Note this is an intricate process and requires special attention. The truth is, personal bankruptcy does not automatically suggest business bankruptcy also.

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

Among the main reasons you may wish to liquidation?

Among the main reasons you may wish to consider liquidation as opposed to bankruptcy is due to the fact that if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, businesses that become insolvent have a few possibilities, 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 business?

There are limitations for business owners that are bankrupt. As an example, as a bankrupt business owner you could be in your own business as a sole trader only. For a number of small business owners, bankruptcy can impact their ability to operate the business because of the licensing concerns. For instance, a builder with a builder’s license can not 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 need to be considered. In case you have to know 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 comparable business after bankruptcy?

It could be. There are considerations when and if you declare bankruptcy as a company owner. You can not run up heaps of debt in your business, then go bankrupt and after that open the doors the next day like nothing at all has happened. There are laws in place to prevent these ‘Phoenix companies’ rising up out of the ashes of an old company. Don’t get too worried about what you can and can’t do as a company owner; just get the right advice by calling Bankruptcy Experts Emerald today on 1300 818 575.

Our Clients

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce scelerisque nibh et neque faucibus suscipit. Sed auctor ipsum ut tellus faucibus tincidunt.

Copyright © 2016 Bankruptcy Emerald.