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

Are your personal or business debts getting out of control?

Our company provides straight-forward bankruptcy information. At Bankruptcy Darwin we recognize that the very thought of bankruptcy is scary, and if it becomes a reality it is positively bewildering. We understand that you are certainly feeling very overwhelmed, ambushed or maybe like you have zero options left, and so we would like to help assist 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 setting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is truly to find out if bankruptcy is truly right for you. There is certainly a few points you will need to know long before making that decision so we recommend that you continue browsing across this site, it’s full of great information, or you can just simply get the phone and call us on 1300 818 575.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Are your personal or business debts getting out of control?

Our company provides straight-forward bankruptcy information. At Bankruptcy Darwin we recognize that the very thought of bankruptcy is scary, and if it becomes a reality it is positively bewildering. We understand that you are certainly feeling very overwhelmed, ambushed or maybe like you have zero options left, and so we would like to help assist 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 setting your personal and/or business debts behind you and moving on with your life; you've found us.

The next step is truly to find out if bankruptcy is truly right for you. There is certainly a few points you will need to know long before making that decision so we recommend that you continue browsing across this site, it's full of great information, or you can just simply get the phone and call us on 1300 818 575.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

You Can Be 100 % Debt Free!

Can you picture a future free from bankers’ attacking phone calls and even looking forward to the post once more? There really are a few things you should 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 need to answer even before you declare yourself bankrupt.

There are 5 essential problems you ought to have an solution to before you declare bankruptcy. If you would like to know what exactly they are, feel free to download our free e-book on the right hand side of this web page. This e-book is going to deal with these big 5 questions specifically and offer you peace of mind that you are doing the right thing.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Get your FREE copy of the Big 5










* We vow not to barrage you with e-mails and phone calls when you apply for our free e-book. In fact, we vow to only call you one time to see if we will be able to help you further and that’s it..

Your Insolvency Options

Is declaring bankruptcy my only real choice?

No! There are a variety of options readily available to you. Here is a chart describing the benefits and drawbacks of the different debt choices available. This chart is definitely by absolutely no means an exhaustive resource, but it will help you to make a well-informed choice.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

What is a Personal Insolvency Agreement?

This is an adaptable arrangement among you and your lenders. It is managed through a trustee who governs the amount of money you have to pay out and when you have to pay. Once those circumstances have actually been met you are then free to start again with a clean slate.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

What is a Debt Agreement?

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

You can’t participate in 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 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.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

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 loads of expensive commercials on the TV in the Darwin area inviting you to go for one of these alternatives is that there is huge amounts of cash in it for the agencies that provide them. You will see (if you haven’t already) that each and every firm has the tendency to give (biased) advice according to the product that they supply. 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 deceived. 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!

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Should I look at a Debt Consolidation Loan?

There are sometimes the very occasional conditions where a debt consolidation loan is the most beneficial strategy. Usually the trouble with them is that all it is really doing is wrapping 5-15 various debts into one sizable debt. If you are battling to pay off all your different loans now, then why do you think it will be amazingly easier to have one huge bill? 9 times out of 10 it is just not going to make it easier. Just to make all of it worse you generally need to pay up front for the ‘ luxury’ of this option. If you wish to get some clarification or more information on this, then just 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 manage to keep my house?

In a lot of cases the answer is yes. If this is a considerable issue for you then the most efficient way in order to get the solution is to call us here at Bankruptcy Experts Darwin on 1300 818 575 and as soon as we have an understanding about your situation we can offer you a clear picture over the phone. Practically everyone is emotionally connected to their home; it’s where the kids have grown up, it’s where you appreciate life on a day to day basis. People often think it’s an unescapable repercussion of bankruptcy and as a result they pressure themselves to the verge of madness to not surrender the family home.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Will the bank allow me to keep my home even if I’m a bankrupt?

Why might the bank like bankrupt customers? Wouldn’t they like to sell your property and not take the chance? Keep in mind – the bank that has generously lent you the cash for your house is making good money every month in interest from you, month in and month out. Just as long as you keep up to date with your mortgage payments then the bank would like you in there at all costs. On the other hand it is simply not the bank’s call – if a trustee concludes that there is enough equity in your house the trustee will make you and the bank to sell off your home.

What things would result in losing the house?

Equity! If you are up to date with your repayments then the most substantial issue is equity. A trustee has a duty to gather as much money in order to help pay off your debts once you go bankrupt. Equity is the ticket here. Supposing that you have $300,000 equity in your house and you have $100,000 worth of debt and no other way to settle the debt then the trustee sees your equity as a way to pay back your debt and so they will sell your house to repay the debt and give you whatever money remains from the sale.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

How is equity decided?

Some people are not quite confident about precisely what equity is, or how it is worked out– but it is truly crucial to find out because if you understand, it can mean the big difference between keeping and losing your house. There are a few things you ought to understand here. Firstly, your gut instinct or belief about the real value of the property is most likely far too generous. Most people believe their house is worth much more than it actually is.

Secondly, when you declare personal bankruptcy the trustee may ask how you formed your value for the house. In some cases they will want more detail about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. An easy approach would be to look on www.realestate.com.au then click on the ‘Sold’ tab on that site and look for the latest house sales in your street or area. This will help you have some idea of the reality of the market right now. Bear in mind, the assessment is based on a quick sale not a slick real estate agent’s marketing campaign. So If you actually want a good idea, I would undoubtedly advise getting a valuer and asking them to give you 2 prices for your house, one as a standard sale, and the other as a ‘quick sale’. This will give you a much better awareness for your home’s worth. Being aware of this step is crucial, so get some advice before going ahead, call us on 1300 818 575.

What if my partner’s name is on the Home Loan?

Normally when a couple purchase a home one income just isn’t enough to get the loan, so the bank/lender will have both partners sign up for the loan. As soon as the house is purchased both names are on the mortgage from the bank and the title deed of the home as joint tenants.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Let’s say Mick and Susie bought a home 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a plumber and needs to go bankrupt but Susie has a good job teaching high school and doesn’t need to go bankrupt.

Sadly, the house has not risen in value in the 4 years they have used it and they also have only just 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 file for bankruptcy and just as long as they manage to keep paying the mortgage, rates etc. they may continue to keep the house for the 3 years Mick is bankrupt. This decision will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is lots to consider when it comes to homes and bankruptcy so if you have questions don’t wait to phone us about your house on 1300 818 575.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Suppose my house has a lot of Equity? What can I do?

If your home has plenty of equity and you are nevertheless drowning in debt, there are still a couple of choices readily available to you– it might be complicated, but the necessary step is to speak to a professional to try and get ahead of it. In fact, 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 catastrophic! 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 company be advised?

Typically there is really no good reason for your workplace to be advised of your bankruptcy. In situations where you earn in excess of 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 boss.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Who will know of my bankruptcy?

There are 4 categories of people that will learn that you are bankrupt. 1. People that you tell. 2. Your creditors or people you owe money to. 3. People that see your credit file whilst you’re bankrupt. However, 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 request a loan. 4. You will be noted on the National Insolvency Index on the web somewhere. But this is not too big a problem because it is hard to locate and people have to pay to see if a person is bankrupt on it.

At Bankruptcy Experts Darwin, we are completely aware that there is still 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 newspapers or be publicly made out to be a criminal or some kind of failure. We can help ensure that bankruptcy is quick and easy. In fact, the entire process will only take a few days. It makes it possible for the common 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.

Will I lose my job if I file for bankruptcy?

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

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

What we would certainly 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 because that may really help you decide. Check if your job is on the diagram below. If it is, we suggest speaking to them personally and explaining your situation. A few organisations won’t have a problem with your bankruptcy so long as it wasn’t accompanied by shady or suspicious actions. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Darwin on 1300 818 575.

Bankruptcy Income Thresholds

How much can I make when I’m bankrupt?

There are actually no constraints on how much you can earn, but if you earn over a certain amount, some of the excess can be taken by the trustee to repay your creditors. This means that you cannot be choosing not to pay your debts and still pull in a 6 figure salary– it simply wouldn’t be fair to the many people you owe money to. So how much can you earn before you start repaying money to your creditors via your trustee?

Well it isn’t a straight forward process, so let’s try and take you through it.
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Bankruptcy and Income

First of all, it is important to know that changes are relating to the world of bankruptcy. If you need to know what is taking place then pay attention now. Since March 2016 there have been alterations 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 removed. If you’re in a business when bankrupt then, by all means, it’s also net (after tax) of business spending, which is frequently calculated annually.

Your net income may be governed to take into consideration things like salary sacrifice and considerable superannuation payments etc. Your net income might also allow for more unusual costs suffered as a result of being employed. For example, if you are subjected to an unusually high amount of travel costs to get to and from your job this can in some cases also be taken into consideration. Your bankruptcy trustee must ascertain your real net income, based on the bankruptcy rules.

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

Just what can my partner earn if I go bankrupt?

Generally there is no limit to exactly 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 distinct legal entity and will not be affected financially when you file for bankruptcy. Just as a word of warning – this could change if you have joint loans together, so take care about the implications of that. If you are not sure just call us on 1300 818 575.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Who is thought of as a dependent?

This may possibly be anyone, of any age, that resides with you and earns beneath $3,343 per year. If, in the case you have a child or children that you give child support for and they do not live with you full-time, then you can not declare these particular children as dependents.

What if my spouse or partner and I both will need to go bankrupt?

If a couple need 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 each person individually

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Self Employment & Bankruptcy

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Can I lose my small business if I go bankrupt?

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

You may already recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. However, that doesn’t definitely mean you can’t run your very own business and employ staff etc.

What if I have both Business and Personal Debts?

If you are a businessmen and you have a blend of individual and business debts then it is really possible to have most, if not all, of the debts wiped out with bankruptcy. Bear in mind this is a complex process and needs special attention. The truth is, personal bankruptcy does not automatically imply company bankruptcy also.

Regardless if you operate 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.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

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 need to go bankrupt. In Australia, companies that become insolvent have a few choices, just like liquidation, voluntary administration and so forth. If you need to know more call us on 1300 818 575.

What impact will bankruptcy have on my company?

There are rules for business owners that are bankrupt. For example, as a bankrupt business owner you may be in your very own business as a sole trader only. For several business owners, bankruptcy can affect their ability to operate the business because of the licensing problems. For instance, a builder with a builder’s license can not actually continue to use that license for the 3 years she or he is bankrupt.

There are some 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 give us a call for a no responsibility, free consultation on 1300 818 575.

Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin
Bankruptcy Darwin,Bankrupt Darwin,Insolvency Darwin

Isn’t it illegal to run a similar 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 company, then go bankrupt and after that open the doors the next day like nothing at all has happened. There are laws in effect to avoid these ‘Phoenix companies’ rising 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 Darwin today on 1300 818 575.

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