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Fast, Confidential and no Obligation

FAQ’s

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Yes. All you must do is apply to your bankruptcy trustee for permission to go. You’ll get it, having said that there is a one-page sheet you will need to fill out just to update the trustee of how long you will be taking a trip, etc. This policy only honestly exists so high flyers don’t skip the country. In some cases the trustee will ask for your passport, but don’t worry about it considering that you can ask for it back when you want 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 great deal of trouble. Call us if you want to learn more regarding travel on 1300 818 575.

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In some cases the answer is yes! In fact, in many cases nowadays we can help you keep your home. At Bankruptcy Experts Emerald we are actually specialists at helping people keep their homes. It’s actually really tricky, so if you are concerned about losing your home call us on 1300 818 575 and we will walk you through your options.

The idea of losing the family home is very likely one of the most common obstacle to people declaring bankruptcy. We talk with people everyday who have fought for a long time under substantial financial strain so they don’t lose their home.

So how is it likely when declaring bankruptcy to keep your house? Easy, really; it’s a concern of equity. Let’s put it this way, if you own a house that’s worth $350,000 and you owe the bank $350,000 you actually have no equity in your home, correct? The trustee will only sell your house if there is actually enough equity in the home, if sold, to repay a number of your debts. So in this particular situation, the trustee will then offer you some solutions, one of which is to merely to continue paying the mortgage and remain in your house while you are simply bankrupt.

So how can I learn the value of my home before I undergo the process and pain of declaring bankruptcy? A standard way is actually to go onto www.realestate.com.au and take a look at the sold houses tab in the Emerald area and then it will display all the most recent sales in your neighborhood. Another option, if you are unsure or are very fearful, 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 one more point about house prices – If the trustee needs to sell off your house they do this moderately quickly. It is certainly not a 6-month sleek advertising effort and instead it’s usually 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 away price, not when the market improves.

Once you have calculated the market value of your home the next thing to look into is who owns your home.

Usually when our clients are declaring bankruptcy nearly all home loans are actually between two individuals as joint tenants who both support the home loan. In the event that only one party is declaring bankruptcy then the equity is calculated like this.

Say your home is worth $400,000 and the current market value is $350,000. Then the balance of equity in the home is $50,000, right? Fifty percent of that overall equity is by default assigned to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. Out of this $25,000 the declaring bankruptcy party must cover all of the selling costs including advertising etc.,

which, depending upon where you live, can cost anywhere between $12,000-20 ,000. With this particular instance say the sales 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 give the non-declaring bankruptcy party a number of choices. Just one of which is common is for the bank to say, “Pay us the $10,000 and we won’t sell your property and you are going to have it eliminated as an asset from the bankrupt’s estate.” Or, simply put, arrange to pay the $10,000 and you can keep the house.

Just a side note: the bank who has delivered you the home loan will need the payments to be continued of course. Regardless of what the trustee chooses, if you do not pay the bank the property loan these guys will ultimately ask you to leave. So, in plain English, keeping your home of course implies continuing the mortgage as well.

There are many more alternatives with your house when declaring bankruptcy, and we have really just detailed one choice of probably 20 alternatives you can decide on when it comes to your home. We know you will need to get this right. Taking a chance with the family home might be a devastating choice. If you intend to get the right advice about declaring bankruptcy or you simply just want to talk with 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, it’s possible the trustee will restrict your travel.

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Bankruptcy takes 3 years and is going to remain on your credit file for that time. However, as with any default it will be present on your credit file for 7 years. You can have it taken off if you get your bankruptcy annulled.

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Bankruptcy is for 3 years and during that time you definitely will not get a loan. After the 3 years is up you are going to have the potential to get loans; you just won’t get the very best rate. Your credit file will be wiped clean 4 years after you have been cleared as a bankrupt then you will have an fitting credit history once more and you will get the most competitive deal on loans.

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

How is this calculated? Well it is determined based upon a threshold value for your car. The threshold is the max retail market value your car could be worth, which is $7,350. You will find all types of incorrect information about this on the internet, but here are simply the simple facts. That $7,350 represents not the total value; it represents equity. So, put simply, if you have a car worth $35,000 you are paying off or leasing and the amount you could sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that gave you the loan for the car will be pleased for you to manage to keep the car despite the fact that you are bankrupt just as long as you keep up the payments.

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Get some advice with this. If you are thinking about declaring bankruptcy and just need some advice as soon as possible call 1300 818 575. Basically, you will receive about two to three payments grace when it comes to car loans. The bottom line is basic: whether you are declaring bankruptcy or otherwise, if you miss out on three or even more repayments on your loan they will take back the car. Don’t presume because you are declaring bankruptcy you are instantly going to lose your car because a lot of the time we help people retain them.

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The creditors, or the people you owe money to, are alerted in writing at around the same time you receive your bankruptcy file number.

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No. The declaring bankruptcy process is basically a paperwork exercise. The only thing that actually happens is that you will either be sent a letter by mail or emailed a letter advising you that you are bankrupt. At Bankruptcy Experts Emerald we make sure that this entire process is that straightforward, so if you have concerns about this phone 1300 818 575.

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Of course. This process will take approximately two weeks and will thoroughly get rid of the bankruptcy from your credit history. There are arrangements within the Bankruptcy Act that allow a bankrupt individual to have their bankruptcy annulled using a Section 73 proposal.

The effects of creditor’s claims can commonly lead to bankruptcy, despite if it was the individual’s decision to enter bankruptcy, or if it was filed by a creditor. Nonetheless, bankruptcy is far from the end of the world for the person who undergoes bankruptcy.

We have been working with people declaring bankruptcy in the Emerald area for several years so phone us today on 1300 818 575 to get some understanding on this issue. We exercise probably the most suitable possible strategy for you in order to get back up and running, dealing with left over effects and hindrances of past financial circumstances to give you the best conceivable outcome. Having experience and skills specialising in Section 73 proposals, we can combine this with our proven strategies and approaches to bring you through bankruptcy unharmed, ready to begin again.

To start with, having your personal bankruptcy annulled is essentially reversing it 100%. So if you are really considering having your insolvency annulled there are a few things you have to know.

Firstly, exactly how does the annulment work? A easy way to comprehend it is this – let’s say someone owes you $50,000 and they have not paid you 1 cent back for many years. Then to make matters worse you learn that they are declaring bankruptcy. You would kiss that money goodbye, right? Years go by and they come to you with an deal to pay you $5,000 that their grandparents are giving to them to clear up your debt with them. Certainly you are happy to take it, because it is far better than nothing. The only condition they request 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. Needless to say you don’t care about their credit file; you are just happy they are offering you some money after all of these years.

In bankruptcy terms this approach is usually called a Section 73 proposal, and it is simply an approach where ‘everybody wins.’

Basically, the trustee contacts your creditors, presents your offer, which is substantially less than the initial debt owed, on the condition they clear your credit file clean.

This procedure takes a few weeks. The proposal may be done whenever you like in the 3 years you are bankrupt. However, you have to consider the time of your proposal; you don’t want to do it the day you are filing for bankruptcy because it does cost money to do this, you want to ensure the odds are on your side. For instance, 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 obtain a certain amount from you over the 3 years anyway so it better be more than it will add up to.

similarly, If you have only been bankrupt three weeks it will definitely be harder to get an annulment since they may get some cash from you over the 3 years if you earn over the threshold sum of money.

If you need support to put a section 73 proposal to your trustee or simply just 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 every one of these agreements. With Debt Agreements and Personal Insolvency Agreements we will have to have you discharged from them first 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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Of course, there 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 due to a car accident in an uninsured car while you were driving.

Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Essentially, there are a lot of factors to list so if you have a particular debt you are worried about just call for a free assessment 1300 818 575.

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

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An unsecured creditor is a lender who does not have a hold over the chattels/assets/property obtained with the credit afforded to you. These sorts of debts normally include 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 has the right to get back and sell the chattels/assets/property to pay down the unpaid debt.

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We have helped lots of people undergo the process of declaring bankruptcy over several years and we have certainly never had anyone’s application denied. That is actually the reason why we provide a 100% money back guarantee.

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There is a general method we use here before declaring bankruptcy and all you will have 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 have the capacity to get you a copy for a modest fee.

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Vehicle accidents may be tricky, so to keep it straightforward call us on 1300 818 575 in order to get the proper advice on your circumstance. Declaring bankruptcy may not be the best option. However, as a standard rule, if you were driving a motor vehicle that was not actually insured then the cost of the repair works is not eliminated with the declaring bankruptcy process. Having said that, it depends upon who accepted liability or who was at fault. If you head to court and the court proves you were actually not to blame then you shall be fine.

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Yes! We can really help you carry this out, although it’s possible there are actually consequences and lots of regulations around this process, so call us and we will direct you through the process on 1300 818 575. Bankruptcy Experts Emerald are professionals at assisting companies get back on their feet.

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Yes. There actually is an approach to follow, but if you win lotto or inherit some cash you can use it in order to get your record wiped clean. There is really a way of doing this correctly; just contact us first.

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Normally, if you owe money to a lender they can get a court order and bankrupt you. They will need to follow a process, but it is actually possible. What you should avoid at all costs ideally is other people bankrupting you, as it’s always best to voluntarily declare bankruptcy. Unless you enjoy attending court and annoying phone calls, of course.

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Absolutely. Even so, this is generally a tough process and we suggest you get some expert advice before declaring bankruptcy; if it’s handled incorrectly, it could be disastrous. For a free consultation call Bankruptcy Experts Emerald 1300 818 575.

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

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Three Years.

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Typically, it takes approximately 2 weeks.

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Yes. Generally a lender will go after the other person who signed the loan papers with you for the sum total of the overdue money owing on the loan.

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Don’t panic! If you overlooked a debt and remember it afterwards, just contact your trustee with the name of the creditor, address, date the debt was acquired, amount of debt as well as any account or reference number/s provided from lender. Your trustee will include the creditor to your bankruptcy and send out a notice to the creditor.

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No. We deal with the entire process for you.

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Usually this is not actually a issue, so if you are actually a gambler, don’t worry. What the trustee does not like is inconsistency here. Simply put, if you have never gambled in your life and all of a sudden you lost $50,000 on the horses, then you may have some explaining to do, of course, because it just doesn’t add up and looks suspicious.

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Yes. We recognize that you are busy. If you have a phone we can guide you; simply give us a call on 1300 818 575.

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Yes. This is usually workable. It needs some emails back and forth but it can be done.

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Yes. In the event that a person originally living in a different country is now living in Australia then declares bankruptcy and they have a liability incurred from that foreign country, you just list that unpaid debt on the paperwork.

Most of the time the creditor overseas will erase the debt. It is possible and lawful for them, however, to reject your application, and if you go back to that country you may go through their bankruptcy laws.

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There are generally a few ways the trustee can learn, and one of the most effective and simplest way is for you to let them know when we do the documents. There is also a government web page that has major assets listed also. You should get some advice about assets; so look out.

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

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No. The income thresholds are the same for everybody so no matter how you get your income you will have to earn about $50,000 yearly before your income will be affected 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 went bankrupt then they will get your tax return. The main reason for this is because your income tax return is considered as net income, so if you are below the threshold amount you can earn while bankrupt and provided you didn’t have those other debts then you will get your entire tax return back.

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If you are mandated to pay child support, this money will be subtracted from your net income, so what you have the ability to keep after you pay your tax then child support is looked at as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.

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Yes, however it’s not a smart idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them from you, as they are viewed 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 items like houses and vehicles may be able to be saved. Simply call us before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Emerald.

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