How We Can Guide You
Bankruptcy Maitland can guide you with anything which you would like to understand about going bankrupt. Everyone’s situations are different and require a reliable option. We have set the six most frequently asked questions on this page so you are able to get a simple and straightforward answer. In case you want additional specifics advance through our site or simply call us on 1300 818 575.
The idea of losing the family home is the main reason people procrastinate declaring bankruptcy and push the concern to the back of their minds. The question that everybody should understand when looking at personal bankruptcy is if they can retain their family home or apartment? The answer is YES in a lot of cases.
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In order to make it easy its truly about the equity you have in the property, or rather how much your home is worth beyond the mortgage loan sum. Should your residence has little to no equity within it, then it is very likely you will keep your home so long as you manage to keep paying off the property loan, rates etc. Naturally there is much more to this story and you will have different questions, so do not hesitate to phone us on 1300 818 575, to obtain the exact advice you really need regarding your house.
The second frequently asked about concern is if you can keep your vehicle if you are insolvent? The answer to this in most cases is YES! Simply put if your motor vehicle is at present on finance and you are able to continue to maintain the monthly payments its most likely you are going to have the chance to retain your motor vehicle.
If you own your car straight-out and have no loan then you can easily own a car as much as the wholesale value of $7,500.
In case both of these two situations do not apply to your car then give us a call on 1300 818 575.
Will I lose my business organisation in the event that I go bankrupt? The answer in many cases is NO! You can maintain your business and apply for bankruptcy. This is probably the most challenging feature of any kind of bankruptcy. The bottom line is the government does not wish you to become unemployed and bankrupt so therefore you can carry on as a self employed individual as a sole trader once you are insolvent. You can not be the director of a company for the 3 years you are bankrupt. If you have your own small business and have to file for bankruptcy then contact us on 1300 818 575.
Personal bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in most cases you do not need to return the financial obligation except if you earn over specific amounts of earnings. For example if you earn under $1,050.00 per week in the hand or after tax (net) for the 3 years you are bankrupt then you will never pay a cent towards the financial debt. If you pay child support or have dependent children then you can certainly make more. There is a table on the bankruptcy page of this site with increased information should you want to know more.
My Credit File
Is my credit rating ruined for life? Answer is NO! Your credit rating is essentially destroyed for the 3 years you are insolvent. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this means there are plenty of loan providers that will help you get a mortgage or a car loan etc. To obtain a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy duration.
How Much will it Cost
Obviously this is not an easy question to answer, as every single case we handle is unique. Having said that, sometimes we may help you file for bankruptcy at no charge. That’s right. If we can guide you make it happen for FREE then we will assist you. In some cases that are uncomplicated it will cost $395. There are much more complex scenarios where the price is higher. If you need to get an idea about what your circumstance will be priced at simply give us a call on 1300 818 575.