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Fast, Confidential and no Obligation

FAQ’s

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Yes. All you need to do is apply to your bankruptcy trustee for authorization to go. You’ll get it, having said that there is a one-page application you need to complete basically to notify the trustee of how long you will be taking a trip, etc. This policy only truly exists so high flyers don’t skip the country. Occasionally the trustee will request your passport, but don’t fret about it considering that you can ask for it back when you intend to travel. The big part of this is seeing to it that you actually ask– because if you overlook this then you can actually get in a ton of trouble. Call us if you want to understand more regarding travel on 1300 818 575.

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In many cases the answer is yes! In fact, in many cases nowadays we can really help you keep your home. At Bankruptcy Experts Darwin we are professionals at helping people keep their houses. It’s actually rather tricky, so if you are worried about losing your home call us on 1300 818 575 and we will lead you through your choices.

The thought of losing the family home is undoubtedly the most typical discouragement to people declaring bankruptcy. We talk with people everyday who have fought for several years under considerable financial stress so they don’t lose their home.

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So how is it achievable when declaring bankruptcy to keep your house? Easy, really; it’s a concern of equity. Let’s put it this way, if you own a property that is actually worth $350,000 and you owe the bank $350,000 you actually have no equity in your home, correct? The trustee will only sell your home if there is enough equity in the home, if sold, to pay back a number of your debts. So for this specific scenario, the trustee will then offer you some solutions, one of which is to merely to keep on paying the mortgage and remain in your home while you are bankrupt.

So how can I learn the value of my home before I experience the process and pain of declaring bankruptcy? A simple way is actually to go onto www.realestate.com.au and take a look at the sold houses tab in the Darwin area and then it will display all the recent sales in your neighborhood. Another possibility, if you are unsure or are very fearful, is to have a registered valuer do a valuation on your home, not a real estate agent ( except if they are registered valuers, obviously). Be warned doing this will cost you somewhere between $300-700. Just another factor about house prices – If the trustee has to sell off your house they do this reasonably promptly. It’s not a 6-month sleek marketing program and instead it’s normally by auction and they barely meet the market on the day and that is usually it. So when thinking of the value keep in mind that it’s a sell right away price, not when the market improves.

Once you have calculated the market value of your house the next thing to consider is who owns your home.

Generally when our customers are declaring bankruptcy many home loans are actually between 2 individuals as joint tenants who both contribute to the home loan. In the event that only one party is declaring bankruptcy then the equity is calculated like this.

Say your home is worth $400,000 and the current market value is $350,000. Then the balance of equity in the property is $50,000, right? Fifty percent of that total equity is by default assigned to the party not declaring bankruptcy, leaving $25,000 for the bankrupt. From that $25,000 the declaring bankruptcy party has to take care of all of the selling costs including advertising etc.,

which, depending upon precisely where you live, can cost anywhere between $12,000-20 ,000. In this particular situation say the sales expenses are going to be $15,000 then the remaining left over after the sale is $10,000. So in this case the trustee will offer the non-declaring bankruptcy party a number of options. One of which is common is for the bank to say, “Pay us the $10,000 and we will not sell your property and you can have it removed as an asset from the bankrupt’s estate.” Or, in other words, work out a deal to pay the $10,000 and you can keep your home.

Just a side note: the bank who has given you the property loan will need the payments to be continued of course. Despite what the trustee decides, if you do not pay the financial institution the property loan they will ultimately ask you to leave. So, in plain English, keeping your home certainly implies retaining the mortgage as well.

There are many more alternatives with your house when declaring bankruptcy, and we have really just described one option of probably 20 alternatives you can select when it comes to your property. We are aware that you will need to get this right. Taking a chance with the family household can be a devastating choice. If you intend to get the right advice about filing for bankruptcy or you simply just have to talk to someone contact us on 1300 818 575.

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Your travel would be prohibited by the trustee due to legal action. For example, if your declaring bankruptcy is a part of a criminal investigation or fraudulent activities, it’s possible the trustee will restrict your travel.

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Bankruptcy lasts 3 years and is going to remain on your credit file for that time. However, just like any default it will show on your credit file for 7 years. You can have it wiped out if you get your bankruptcy annulled.

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Bankruptcy is for 3 years and in that time you will not get a loan. After the 3 years is up you are going to have the potential to get loans; you just won’t get the very best rate. Your credit file will be wiped clean 4 years after you have been absolved as a bankrupt then you will have an ideal credit history once more and you will get the most competitive deal on loans.

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In most cases, no. Bankrupts hardly ever lose their cars simply because they’ve filed for bankruptcy. Certainly, this is uncertain and we can let you know if your car is safe. Call Bankruptcy Experts Darwin on 1300 818 575.

How is this worked out? Well it is determined based upon a threshold market value for your car. The threshold is the max retail value your car could be worth, which is $7,350. You will find all kinds of wrong information about this online, but here are really the facts. That $7,350 represents not the full value; it represents equity. So, put simply, if you have a car worth $35,000 you are paying back or leasing and the amount you could sell it for is $30,000 then you can keep your car because its equity is only $5,000. The company that lent you the loan for the car will be pleased for you to manage to keep the car even though you are bankrupt so long as you maintain the payments.

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Get some advice with this. If you are thinking about declaring bankruptcy and just need some advice without delay call 1300 818 575. Basically, you will receive about 2 to 3 payments grace when it comes to car loans. The bottom line is uncomplicated: whether you are declaring bankruptcy or otherwise, if you overlook three or even more repayments on your loan they will repossess the car. Don’t assume because you are declaring bankruptcy you are instantly going to lose your car because most of the time we help people retain them.

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The creditors, or the people you owe money to, are alerted in writing at around the same time you receive your bankruptcy file number.

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No. The declaring bankruptcy process is fundamentally a paperwork exercise. The only thing that actually occurs is that you will quite possibly be sent a letter by mail or emailed a notice advising you that you are bankrupt. At Bankruptcy Experts Darwin we make sure that this entire procedure is that easy, so if you have concerns about this phone 1300 818 575.

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Absolutely. This approach will take around two weeks and will thoroughly eliminate the bankruptcy from your credit history. There are regulations within the Bankruptcy Act that make it possible for a bankrupt individual to get their bankruptcy annulled using a Section 73 proposal.

The consequences of creditor’s claims can typically lead to bankruptcy, notwithstanding if it was the person’s choice to enter bankruptcy, or if it was simply filed by a creditor. Nevertheless, bankruptcy is far from the end of the world for the person who experiences bankruptcy.

We have been working with people declaring bankruptcy in the Darwin area for a number of years so call us today on 1300 818 575 in order to get some insight on this issue. We exercise probably the most suitable possible strategy for you to get back up and running, dealing with residual effects and hindrances of past financial circumstances to give you the best potential outcome. Having experience and skills in Section 73 proposals, we can combine this with our proven strategies and approaches to bring you through bankruptcy unscathed, ready to begin again.

To start with, having your bankruptcy annulled is essentially reversing it 100%. So if you are actually thinking about having your bankruptcy annulled there are a couple of things you need to know.

Firstly, exactly how does the annulment work? A basic way to understand it is this – let’s say someone owes you $50,000 and they haven’t paid you one cent back for years. Then to make matters worse you learn that they are declaring bankruptcy. You would most likely kiss that money goodbye, right? Years pass and they come to you with an deal to pay you $5,000 that their grandparents are providing to them to settle your debt with them. Certainly you are thrilled to take it, because it is far better than nothing. The only condition they request in return is that you agree to have the bankruptcy cleaned from their record, and if you don’t agree to do that then there will be no $5,000. Needless to say you don’t care about their credit file; you are just thrilled they are giving you some money after all these years.

In bankruptcy terms this approach is usually referred to as a Section 73 proposal, and it is really an approach where ‘everybody wins.’

Essentially, the trustee reaches out to your creditors, shows your offer, which is considerably less than the initial debt owed, on the condition they clear your credit file clean.

This approach takes a few weeks. The proposal can be done any time in the 3 years you are bankrupt. However, you have to consider the right time of your proposal; you don’t want to do it the day you are declaring bankruptcy because it does cost money to carry this out, you want to ensure the odds are on your side. For example, if you are repaying money to the trustee each week because you earn over the threshold amount, then your creditors will know they are going to be given a certain amount from you over the 3 years anyway so it better be more than it will add up to.

similarly, If you have just been bankrupt three weeks it will be harder to get an annulment because they may get some cash from you over the 3 years if you earn over the threshold sum of money.

If you would like assistance to put a section 73 proposal to your trustee or just need more details about the timing of when to put an offer forward, just phone us on 1300 818 575.

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Yes! We can assist you cancel all of these agreements. With Debt Agreements and Personal Insolvency Agreements we will need to have you discharged from them first off before you suffer through the pain of declaring bankruptcy, but it is really no worry. If you are locked into one of these and just simply cannot get on top give us call at 1300 818 575.

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Of course, there are very few debts that declaring bankruptcy won’t 100% get rid of, like Centrelink, child support, HECS and a court-imposed fine (speeding fines, etc.) and, lastly, money owed to an insurance provider following a car accident in an without being insured while you were driving.

Besides that, it will remove things like your credit cards, store cards, GST and tax, unsecured personal loans, etc. Honestly, there are a bunch of things to list so if you have a particular debt you are worried about just call for a free assessment 1300 818 575.

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You can’t declare bankruptcy for an amount under $5,000; however, there is no restriction over that. If you owe a few million dollars, that is actually managed no differently than $20,000.

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An unsecured creditor is a creditor who does not really have a hold over the chattels/assets/property obtained with the credit provided to you. These types of debts include credit card debts.

A secured creditor has a hold over the chattels/assets/property up until the debt is paid out completely. If a debtor defaults on a secured debt, the creditor has the right to reclaim and sell the chattels/assets/property to pay down the debt.

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Our company have helped thousands of people go through the process of declaring bankruptcy over several years and we have certainly never had anyone’s application rejected. That’s the reason why we offer a 100% money back guarantee.

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There is a basic method we use here before declaring bankruptcy and all you have to do is get a copy of your credit history as it will have your credit history on there. Companies like www.veda.com.au will be capable to get you a copy for a small fee.

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Vehicle accidents may be very difficult, so to keep it simple call us on 1300 818 575 in order to get the proper advice on your circumstance. Declaring bankruptcy may not be the best option. However, as a general rule, if you were driving a car that was not actually insured then the expense of the repairs is not removed with the filing for bankruptcy process. Having said that, it depends on who accepted liability or who was generally at fault. If you head to court and the court confirms you were not to blame then you ought to be fine.

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Yes! We can help you carry this out, though it’s achievable there are actually consequences and lots of regulations around this process, so call us and we will guide you through the procedure on 1300 818 575. Bankruptcy Experts Darwin are experts at assisting companies get back on their feet.

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Yes. There actually is an strategy to follow, but if you win lotto or inherit some cash you can use it in order to get your record wiped clean. There is actually a way of doing this properly; just call us first.

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Generally, if you owe money to a lender they can get a court order and bankrupt you. They have to follow a process, but it is actually possible. What you should avoid at all costs ideally is somebody else bankrupting you, as it’s always best to voluntarily file for bankruptcy. Unless you appreciate attending court and frustrating phone calls, of course.

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You bet. Even so, this is a tough process and we recommend you get some expert advice before declaring bankruptcy; if it’s handled badly, it could be disastrous. For a free consultation call Bankruptcy Experts Darwin 1300 818 575.

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No, we do that for you. Actually, we work as a buffer or a midway point between you and your creditors. So in the end you are not obliged to advise them of your bankruptcy; we look after that for you.

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Three Years.

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Commonly, it takes approximately 2 weeks.

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Yes. Generally a lender will chase the other person who signed the loan documents with you for the sum total of the remaining money owing on the loan.

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Don’t stress! If you neglected a debt and remember it later, just get in touch with your trustee with the name of the creditor, address, date the debt was acquired, amount of debt and also any account or reference number/s offered by the lender. Your trustee will add the creditor to your bankruptcy and send a notice to the creditor.

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No. We take care of the entire process for you.

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Usually this is not really a issue, so if you are a gambler, don’t stress. What the trustee doesn’t like is inconsistency here. Simply put, if you have never gambled in your life and all of a sudden you lost $50,000 on the horses, then you may have some explaining to do, of course, because it just won’t add up and looks suspicious.

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Yes. We recognize that you are busy. If you have a phone we can guide you; simply contact us on 1300 818 575.

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Yes. This is generally quite possible. It needs some emails back and forth but it can be done.

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Yes. In the event that a person originally living in another country is now residing in Australia then declares bankruptcy and they have a debt incurred from that foreign country, you just list that unpaid debt on the paperwork.

Most of the time the creditor overseas will wipe out the debt. It is potential and legal for them, however, to deny your application, and if you return to that country you may be subject to their bankruptcy laws.

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There are actually a few ways the trustee can discover, and one of the most effective and easiest way is for you to let them find out when we do the paperwork. There is also a government website which has primary assets listed also. You ought to get some advice about assets; be careful.

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This is complicated and you will want the right assistance, so if you need more info about inheritances give us a call on 1300 818 575.

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No. The income thresholds are the same for everybody so regardless of how you gain your income you will have to earn about $50,000 each year before your income will be impacted by bankruptcy.

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You can keep money from tax returns just if you did not have any tax debts. So if you owed money to the Tax Office when you declared bankruptcy then they will get your tax return. The good reason for this is because your income tax return is considered as net income, so if you are below the threshold amount you can earn while bankrupt and provided you really did not have those other debts then you will get your whole tax return back.

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If you are required to pay child support, this money will be deducted from your net income, so what you have the ability to keep after you pay your tax then child support is thought of as net income. That is why when declaring bankruptcy, the net income numbers are always quoted.

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Yes, however it’s not a great idea. You are permitted even while you are declaring bankruptcy, but the trustee will take them from you, as they are deemed an asset.

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You can keep almost everything when declaring bankruptcy except big things like houses, cars, shares and inheritances. Even things like houses and cars may be able to be saved. Simply give us a call before you make any rash decisions on 1300 818 575 for Bankruptcy Experts Darwin.

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