How Our Team Can Assist You
Bankruptcy Darwin can support you with anything that you would like to know about going bankrupt. Everyone’s circumstances are different and require a skilled solution. We have placed the six highest frequently asked questions on this page so you can receive a simple and straightforward response. In case you require further facts advance through our website or simply call us on 1300 818 575.
The thought of losing the family household is the leading reason that people postpone going bankrupt and push the question to the back of their thoughts. The question that everybody ought to know when taking into consideration personal bankruptcy is if they can keep their family home? The answer is YES in most cases.
In order to make it simple its really concerning the equity you have in the home, or to puts it simply just how much your house is worth over the financial loan sum. If your residence has little to no equity within it, at that point it is most likely you will maintain your house provided that you keep paying off the home mortgage, rates etc.
Typically there is much more to this tale and you will have various other concerns, so don’t hesitate to consult with us on 1300 818 575, to obtain the correct help you are in need of about your home.
The next most often asked about concern is if you can have your motor vehicle if you are bankrupt? The answer to this in most cases is YES! Put simply if your car is currently on finance and you could continuously keep up the payments its highly likely you will be able to retain your car.
If you own your car outright and have no loan then you can own a car up to the wholesale value of $7,500.
In the event that either of these two circumstances do not relate to your motor vehicle then give us a ring on 1300 818 575.
Might I lose my firm if I go bankrupt? The reply in most cases is NO! You can retain your business organization and declare insolvency. This is perhaps the most challenging aspect of any type of bankruptcy. The bottom line is the government does not want you to be without a job and insolvent so as a result you can continue as a self employed individual as a sole trader once you are bankrupt. You can not be the director of a company for the 3 years you are bankrupt. If you have your very own small business and need to declare personal bankruptcy then call us on 1300 818 575.
Bankruptcy unlike Debt Agreements, Personal Insolvency Agreements or Consolidation Loans in many cases you don’t have to return the debt unless you earn over specific amounts of earnings. For example if you earn under $1,050.00 each week in the hand or after tax (net) for the 3 years you are bankrupt then you would never pay a cent to 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 significantly greater detailed information should you need 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 insolvent. Then after the 3 years you will be considered a discharged bankrupt on your credit file, this indicates there are plenty of lenders that can help you get a home mortgage or an auto loan etc. To have a perfect credit rating again it will take 5 years, or 2 more years after the 3 year bankruptcy time frame.
How Much will it Cost
Of course this is not an easy question to answer, as each case we take up is different. Having said that, in some cases we may help you declare bankruptcy at no charge. That’s right. If we can assist you make it happen for FREE then we will assist you. Sometimes that are simple it will cost $395. There are more complicated scenarios where the cost is more. If you need to get an idea about what your circumstance will amount to just contact us on 1300 818 575.