Bankruptcy | Bankruptcy Albury

1300 818 575

Free Bankruptcy Assistance

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Free Bankruptcy Assistance

Fast, Confidential and no Obligation

Enquire Online Now Or Request A Callback

Enquire Online Now

Request A Callback

Are your personal or business bills getting out of control?

We offer straight-forward bankruptcy advice. At Bankruptcy Albury we realise that the very thought of bankruptcy is scary, and if it becomes a reality it is absolutely menacing. We understand that you are likely feeling very overwhelmed, cornered and even like you have absolutely no alternatives left, therefore we would like to help instruct you through the process.

But here’s the important thing – you’ve already endured the hardest aspect of the process – you have taken that primary step towards putting your personal and/or business debts behind you and getting along with your life; you’ve found us.

The next step is simply to work out if bankruptcy is simply right for you. There is definitely a few details you need to know long before making that choice so we recommend that you continue searching across this site, it has plenty of great information, or you can just get the phone and give us a call on 1300 818 575.

Bankruptcy Albury,Bankrupt Albury,Insolvency Albury

You Can Be 100 % Debt Free!

Can you picture a future without financial institutions’ distressing phone calls and even looking forward to the mail once more? There really are a few things you should certainly know before you make that hard decision. First of all, the earlier you act then the more choices you are going to have.

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

There are 5 principal questions you have to have an solution 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 side of the page. This e-book is going to concentrate on these big 5 questions specifically and offer you peace of mind that you are doing the best thing.

Get your FREE copy of the Big 5

* We vow not to pester you with emails and phone calls when you apply for our free e-book. In fact, we vow to only get in touch with you just once to see if we are able to help you further and that’s it.

Insolvency Options

Is declaring bankrupt my only choice?

No! Generally there are a variety of options readily available to you. Below is a graph detailing the perks and issues of the various debt solutions offered. This graph is definitely by no means an all-encompassing resource, but it will make it possible for you to make a well-informed choice.

Exactly What is a Personal Insolvency Agreement?

This is an adaptable agreement among you and your lenders. It is controlled through a trustee who supervises what you will need to pay and when you have to pay. Once those circumstances have been met you are then free to start out again with a clean slate.

What is a Debt Agreement?

A debt agreement permits a debtor to enter into an understanding with their creditors to satisfy their unpaid debts without being made bankrupt.

You cannot become part of a Debt Agreement if you have been bankrupt, or if you are 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 wish to know more please 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 Albury 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 look at a Debt Consolidation Loan?

There are sometimes the very rare conditions where a debt consolidation loan is the most ideal strategy. Usually the matter with them is that all it is really doing is bundling 5-15 different debts into one sizable debt. If you are fighting to pay off all your various loans now, then why do you think it will be magically simpler to have one massive bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it more frustrating you generally 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 apply for bankruptcy can I keep my house?

In a lot of cases the answer is yes. If this is a significant problem for you then the best way in order to get the solution is to contact us here at Bankruptcy Experts Albury on 1300 818 575 and when we have an understanding about your circumstances we can offer you a clear picture over the telephone. Practically everybody is emotionally connected to their house; it’s where the kids have grown up, it’s where you enjoy life on a day to day basis. People typically think it’s an inevitable consequence of bankruptcy and subsequently they press themselves to the brink of madness to not lose the family home.

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

Why might the bank want bankrupt customers? Wouldn’t they really want to sell your property and not take the risk? Keep in mind – the bank that has kindly lent you the money for your house is making good money monthly in interest from you, month in and month out. Provided that you keep up to date with your monthly payments then the bank would like you in there at all costs. Having said that it is simply not the bank’s call – if a trustee decides that there is suitable equity in your house the trustee will force you and the bank to sell your home.

What factors would result to in losing your home?

Equity! If you are up to date with your monthly payments then the most significant problem is equity. A trustee has a job to get as much money to help pay off your debts once you go bankrupt. Equity is the key here. If you have $300,000 equity in your house and you have $100,000 worth of debt and no other way to pay off the debt then the trustee sees your equity as a approach to pay your debt therefore they are going to sell your house to settle the debt and give you whatever money is left from the sale.

How is equity worked out?

Most people are not quite sure about what exactly equity is, and how it is considered– but it is really important to figure out because if you understand, it can mean the huge difference between keeping and losing your home. There are a few things you ought to understand here. First and foremost, your gut instinct or belief about the true value of the home is possibly far too generous. Many people presume their house is worth more than it actually is.

Secondly, when you file for personal bankruptcy the trustee may ask about how you determined your value for the house. In many cases they will want more information about your valuation, maybe a rates notice or a real estate agency’s valuation or a registered valuation. An uncomplicated tactic would be to search www.realestate.com.au then select the ‘Sold’ tab on that website and search for current house sales in your street or area. This may help you have some concept of the reality of the marketplace right now. Bear in mind, the appraisal is based on a quick sale not a slick real estate agent’s promotion and marketing campaign. So If you really want a good idea, I would certainly encourage getting a valuer and telling them to give you 2 values for your house, one as a regular sale, and the other as a ‘quick sale’. This will give you a better awareness for your home’s worth. Knowing this step is vital, so get some advice before going forward, call us on 1300 818 575.

What if my Partners name is on the Mortgage?

Often when a couple buy a home one income isn’t really enough to get approved for the loan, so the bank/lender will have both partners register for the loan. When 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 house 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 primary school and doesn’t have to go bankrupt.

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

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

What if My home has has a lot of equity? what can I do?

If your house has plenty of equity and you are nevertheless drowning in debt, there are still a number of choices readily available to you– it could be complicated, but the vital step is to talk to a professional to try and get ahead of it. In truth, this concerns vehicles 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 devastating! 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 employer be given notice?

Generally 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 yourself, it doesn’t go via your company.

Who will hear 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 Albury, we are fully aware that there is nonetheless a stigma connected to bankruptcy. We understand this problem 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 sort of failure. We can help ensure that bankruptcy is fast and easy. In fact, the whole process will only take a few days. It makes it possible for the typical person to get away from debt and on with their lives. For more detailed facts 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 can’t 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.

What we would absolutely propose is that you do your very own research here. It will help make a big difference if you investigate this process before filing for bankruptcy considering that may really help you decide. Check if your job is on the diagram below. If it is, we recommend speaking with them personally and explaining your issue. A few organisations won’t have a problem with your bankruptcy so long as it wasn’t accompanied by shady or suspicious behaviour. If you think your employment may be affected by your possible bankruptcy call us here at Bankruptcy Experts Albury on 1300 818 575.

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

The first thing you need to know about going bankrupt is that there is no restriction on how much you can earn. However, we will point out that your income is a significant consideration when working through whether you need to declare bankruptcy. The very first thing you have to know is just how much you can earn 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 changes 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 deducted. 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 controlled to take into consideration things like salary sacrifice and substantial superannuation payments etc. Your net income might also include more unusual costs incurred as a result of being employed. For instance, if you are subjected to an uncommonly high amount of travel charges to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee needs to ascertain your real net income, based on the bankruptcy rules.

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

What can my spouse earn if I go bankrupt?

There is no limit to what your spouse/partner can earn. There are a few implications that need to be considered in some circumstances, but in most cases your partner is a totally separate legal entity and will not be impacted financially when you file for 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 call us on 1300 818 575.

Who is considered a dependent?

This might be anyone, of any age, that resides with you and earns under $3,343 per year. If, in the case you have a young child or children that you pay child support for and they don’t live with you full-time, then you can not claim these particular 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

Will I forfeit my small business if I go bankrupt?

The simple answer is no, you do not have to but you do need to get the suitable guidance. Business 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 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 small business and you have a combo of personal and business debts then it is generally possible to have most, if not all, of the debts erased with bankruptcy. Remember this is a complex process and requires special attention. The truth is, personal bankruptcy won’t automatically suggest business bankruptcy also.

No matter if you manage your business as a Sole Trader, Partnership, Company or Trust we can really help guide you with your options. Feel free to contact us on 1300 818 575 for a no commitment FREE consultation.

Should I place my company into liquidation?

Among the main reasons you might wish to think about liquidation as opposed to bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, companies that become insolvent have a few possibilities, such as 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. Such as, as a bankrupt business owner you can be in your own business as a sole trader only. For several business owners, bankruptcy can impact their ability to administer the business due to the licensing issues. For example, a builder with a builder’s license can not actually continue to use that license for the 3 years he or she is actually bankrupt.

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

Isn’t it against the law to run a identical 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 and then open the doors the next day like absolutely nothing 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 correct advice by calling Bankruptcy Experts Albury today on 1300 818 575..

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