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

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

We provide straight-forward bankruptcy assistance. At Bankruptcy Wollongong we accept that the very thought of bankruptcy is distressing, and if it becomes a reality it is downright alarming. We know that you are truly feeling very overwhelmed, ambushed or even like you have zero alternatives left, and so we want to help lead you through the process.

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

Bankruptcy Wollongong

The next step is undoubtedly to determine if bankruptcy is actually right for you. There is certainly a few details you need to know even before making that decision so we recommend that you continue browsing across this site, it’s full 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 picture a future free from financial institutions’ distressing phone calls and even looking forward to the post again? Certainly there are a few things you should certainly know before you make that complicated choice. First of all, the faster you act then the more choices you are going to have.

5 Questions you must answer before you declare yourself bankrupt.

There are 5 important questions you should have an answer to before you declare bankruptcy. If you wish to know what they are, feel free to download our free e-book on the right hand part of this web page. This e-book will address these big 5 questions specifically and offer you peace of mind that you are doing the best thing.

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Get your FREE copy of the Big 5

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* 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 one time to see if we will be able to help you further and that’s it.

Insolvency Options

Is Going bankrupt my only choice?

No! There really are a number of options readily available to you. Below is a graph describing the advantages and downsides of the various debt choices offered. This chart is certainly by absolutely no means an all-inclusive resource, but it will enable you to make a well-informed decision.

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Exactly whatis a Personal Insolvency Agreement?

This is an adaptable understanding amongst you and your lenders. It is managed through a trustee who administers the amount of money you will have to pay and when you have to pay. Once those circumstances have actually been met you are generally then free to begin again with a new beginning.

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What is a Debt Agreement?

A debt agreement allows a debtor to take part in an understanding with their lenders to settle their debts without being made bankrupt.

You can’t enter into a Debt Agreement if you have actually 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 wish to know more feel free to contact us on 1300 818 575.

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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 lots of expensive commercials on the TV in the Wollongong area inviting you to go for one of these alternatives is that there is lots of cash in it for the firms that administer them. You will see (if you haven’t already) that every firm has the tendency to give (biased) recommendations depending on the product that they provide. For instance, Debt Agreement Companies ridicule bankruptcy companies as a way of trying to increase their own business. It is very common across the industry, so make sure you don’t get sucked in. 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!

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Should I consider a Debt Consolidation Loan?

There are the very occasional conditions where a debt consolidation loan is the best idea. Usually the issue with them is all it is really doing is bundling 5-15 various debts into one large debt. If you are battling to pay all your various loans now why do you think it will be magically easier to have one enormous bill. Just to make it all worse you typically have to pay up front for the pleasure of this choice. If you wish to get some clarification on this 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?

In many cases the answer is yes. If this is a serious concern for you then the best way to get the solution is to call us here at Bankruptcy Experts Wollongong on 1300 818 575 and after we have an understanding about your circumstances we can give you a clear picture over the telephone. Practically everyone is sentimentally connected to their home; it’s where the kids have grown up, it’s where you enjoy life on a day to day basis. People usually think it’s an inescapable repercussion of bankruptcy and as a result they pressure themselves to the verge of madness to not lose the family home.

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

Why would the bank like bankrupt customers? Wouldn’t they really want to sell your property and not take the risk? Keep in mind – the bank that has generously offered you the money for your house is making good money each month in interest from you, month in and month out. So long as you always keep up to date with your monthly payments then the bank prefers you in there at all costs. Having said that it is simply not the bank’s call – if a trustee thinks that there is plenty of equity in your house the trustee will make you and the bank to sell your home.

What things would contribute to losing the house?

Equity! If you are up to date with your payments then the most notable problem is equity. A trustee has a responsibility to gather as much money to help pay off your bills once you go bankrupt. Equity is the key here. If you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to cover the debt then the trustee sees your equity as a way to pay your debt and so they are going to sell your home to settle the debt and give you whatever money remains from the sale.

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How is equity determined?

Many individuals are not certain about what equity is, as well as how it is calculated– but it is truly vital to figure out because if you get it, it can mean the big difference between keeping and losing your home or apartment. There are a few factors you will need to know here. To begin with, your gut instinct or expectation about the real worth of the property is possibly far too generous. The majority of people believe their home is worth more than it actually is.

Secondly, when you apply for personal bankruptcy the trustee may ask about how you formed your price for the home. Sometimes they will call for more detail about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A basic method would be to search www.realestate.com.au then select the ‘Sold’ tab on that site and look for the latest house sales in your street or neighbourhood. This will help you get some idea of the reality of the marketplace right now. Bear in mind, the assessment is based on a quick sale not a slick real estate agent’s promotion and marketing campaign. So If you actually want a good idea, I would likely advise 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 far better appreciation for your home’s worth. Recognizing this step is critical, so get some advice before going ahead, call us on 1300 818 575.

What happens if my Partners name is on the Home Loan?

Typically when a couple buy a home one income isn’t really enough to qualify for the loan, so the bank/lender will have each 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 home as joint tenants.

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

Unfortunately, the house has not improved 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 effectively they still have a $400,000 mortgage on a house worth $400,000.

Mick can then declare bankruptcy and provided that they manage to keep paying the mortgage, rates etc. they may continue to keep the house 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 lots to consider when it concerns houses and bankruptcy so if you have concerns don’t hesitate to call us about your house on 1300 818 575.

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What if My House 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 various possibilities available to you– it could be complicated, however the necessary step is to speak with a professional to try and get ahead of it. In truth, 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 whatever assets you have when you file for bankruptcy and put that money towards your debts. Getting this wrong will be disastrous! 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 employer be told?

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

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Who will know about my bankruptcy?

There are 4 categories of people that will discover that you are bankrupt.

  1. People that you tell
  2. Your creditors or individuals you owe money to
  3. Individuals that see your credit file while you’re bankrupt. However, the only way this will take place is if you sign a privacy form for them to gain access to your credit history. You only ever do this when you make an application for a loan.
  4. You will be noted on the National Insolvency Index online 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 Wollongong, we are fully mindful that there is nonetheless a stigma connected to bankruptcy. We recognize this issue and we can help to make sure that if you declare yourself bankrupt that you don’t need 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 away from debt and on with their lives. For more detailed info about bankruptcy and your job, download ‘The Big 5’ e-book.

CouldI lose my job if I file for bankruptcy?

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

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What we would definitely suggest is that you do your own research here. It will make a big difference if you check out this process before filing for bankruptcy considering that may help you decide. Check if your job is on the chart below. If it is, we suggest speaking to them personally and explaining your circumstance. 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 impacted by your possible bankruptcy call us here at Bankruptcy Experts Wollongong on 1300 818 575.

Bankruptcy Income Thresholds

How much money can I make when I’m bankrupt?

There are in fact no restrictions on how much you can earn, however if you make over a certain amount, some of the excess can be taken by the trustee to pay off your creditors. This means that you cannot be choosing not to pay your debts and still take home a 6 figure salary– it simply wouldn’t be fair to the individuals you owe money to. So just how much can you earn before you start repaying money to your creditors via your trustee?

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Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you should know what is taking place then focus now. Since March 2016 there have been modifications to the Income Threshold amounts. This suggests 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 subtracted. 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.

First of all, it is important to know that changes are coming to the world of bankruptcy. If you should know what is taking place then focus now. Since March 2016 there have been modifications to the Income Threshold amounts. This suggests 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 subtracted. 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.

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

What can my partner earn if I go bankrupt?

There really is no limit to what your spouse/partner can earn. There are a few implications that need to be thought about in some circumstances, but most of the time your partner is a completely separate legal entity and will not be influenced financially when you declare 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.

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Who is considered a dependent?

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

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

If a couple have to both file for bankruptcy and you have no dependents then you can each earn $1,048.25 net. An useful way to understand it is the same income rules apply for everyone individually.

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Self Employment & Bankruptcy

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Can i forfeit my small business if I go bankrupt?

The straightforward answer is no, you don’t have to but you do need to get the right guidance. Business insolvency laws are very involved and you need to tread carefully if you wish to continue to be self-employed.

The straightforward answer is no, you don’t have to but you do need to get the right guidance. Business insolvency laws are very involved and you need to tread carefully if you wish to continue to be self-employed.

What if I have both Business and Personal Debts?

If you are a company owner and you have a combo of individual and business debts then it’s possible to have most, if not all, of the debts eliminated with bankruptcy. Don’t forget this is a challenging process and needs special attention. The fact is, personal bankruptcy doesn’t automatically suggest business bankruptcy as well.

Whether you administer your business as a Sole Trader, Partnership, Company or Trust we can help guide you through your options. Feel free to contact us on 1300 818 575 for a no commitment FREE consultation.

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Should I put my company into liquidation?

Among the main reasons you may wish to consider liquidation instead of bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, small businesses that become insolvent have a few possibilities, for example, 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 limitations for small business owners that are bankrupt. For instance, as a bankrupt company owner you could be in your own business as a sole trader only. For several small business owners, bankruptcy can impact their ability to run the business because of the licensing concerns. For instance, a builder with a builder’s license can not really continue to use that license for the 3 years he or she is simply bankrupt.

There are limitations for small business owners that are bankrupt. For instance, as a bankrupt company owner you could be in your own business as a sole trader only. For several small business owners, bankruptcy can impact their ability to run the business because of the licensing concerns. For instance, a builder with a builder’s license can not really continue to use that license for the 3 years he or she is simply bankrupt.

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Isn’t it illegal to run a similar business after bankruptcy?

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

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