How We Can guide You
Bankruptcy Wollongong can help you with everything that you want to learn about going bankrupt. Everyone’s problems are unique and need a reliable solution. We have set the six most commonly asked questions on this page so you can surely receive a fast and uncomplicated response. In case you require additional particulars continue on through our website or simply call us on 1300 818 575.
The prospect of losing the family residential property is certainly the greatest reason why people hold off going bankrupt and push the issue to the back of their minds. The question that almost everyone needs to determine when considering bankruptcy is if they could retain their family house? The answer is YES in most cases.
In order to make it uncomplicated its honestly regarding the equity you have in the home, or to puts it simply how much your home is worth over the home mortgage amount. If your property has hardly any to no equity in it, then it is likely you will maintain your home just as long as you always keep paying the home loan, rates etc. Normally there is far more to this tale and you will have some other inquiries, so don’t hesitate to get in touch with us on 1300 818 575, to obtain the exact guidance you need to get regarding your home.
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 car is presently on finance and you are able to continuously maintain the repayments its very likely you will certainly have the chance to retain your automobile.
If you own your car outright and have no financing then you can possess a vehicle as much as the wholesale value of $7,500.
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In the event that either of these two circumstances do not relate to your vehicle then contact us on 1300 818 575.
Could I lose my business in the event that I go bankrupt? The reply for the most parts is NO! You can easily retain your business organization and declare bankruptcy. This is perhaps the most intricate part of any kind of bankruptcy. The bottom line is the government does not want you to be jobless and bankrupt so therefore you can carry on as a self employed individual as a sole trader once you are bankrupt. You may no longer be the director of a company for the 3 years you are bankrupt. If you have your very own business and need to declare insolvency then give us a call on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans a lot of the time you do not have to repay the financial obligation except if you earn over certain amounts of earnings. For instance if you make under $1,050.00 weekly in the hand or after tax (net) for the 3 years you are bankrupt then you would never pay a cent towards the financial obligation. If you pay child support or have dependent children then you can certainly earn more. There is a table on the bankruptcy page of this site with increased information should you wish to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is essentially damaged for the 3 years you are bankrupt. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this indicates there are a lot of lenders that may help you get a home loan 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 time period.
How Much will it Cost
Of course this is not an easy one to answer, as every case we take on is different. Having said that, sometimes we may help you file for insolvency at no charge. That’s right. If we can assist you do this for FREE then we will certainly help you. In many cases that are easy it will cost $395. There are much more intricate cases where the cost is higher. If you need to get an idea on what your circumstance will be priced at simply call us on 1300 818 575.