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?

Are your personal or business debts getting out of control?

We provide straight-forward bankruptcy information. At Bankruptcy Perth we know that the very thought of bankruptcy is distressing, and if it becomes a reality it is thoroughly alarming. We understand that you are certainly feeling very overwhelmed, ambushed or even like you have zero options left, therefore we wish to help advise you through the process.

But here’s the thing you’ve already gone through the hardest part of the However here’s the thing – you’ve already gone through the hardest aspect of the process – you have taken that initial step towards placing your personal and/or business debts behind you and getting along with your life; you’ve found us.

The next step is usually to find out if bankruptcy is actually right for you. There is generally a few points you will need to know well before making that choice so we recommend that you continue browsing around this site, it has plenty of great information, or you can merely get the phone and give us a ring on 1300 818 575.

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Are your personal or business debts getting out of control?

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You Can Be 100 % Debt Free!

Can you picture a future without bankers’ harassing phone calls as well as looking forward to the mail once more? There are a couple of things you ought to know before you make that tough choice. First of all, the faster you take action then the more choices you are going to have.

5 Questions you must answer before you declare yourself bankrupt.

There are 5 essential questions you will need to have an solution to before you declare bankruptcy. If you wish to know exactly what they are, feel free to download our free e-book on the right hand side of this page. This e-book will concentrate on these big 5 questions specifically and give you peace of mind that you are doing the correct thing.

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

Get your FREE copy of the Big 5

* We vow not to bombard 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.

Insolvency Options

Is Going bankrupt my only choice?

No! There really are a number of options readily available to you. Below is a graph detailing the perks and disadvantages of the various debt solutions available. This graph is by absolutely no means an full-scale resource, but it will help you to make a well-informed choice.

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

Just what is a Personal Insolvency Agreement?

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

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What is a Debt Agreement?

A debt agreement permits a debtor to take part in an arrangement with their lenders to repay their bills without being made bankrupt.

You cannot 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 also income restrictions, as well as restrictions on property value and unsecured debt value. If you want to know more feel free to get in touch with us on 1300 818 575.

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Why do some business say Debt Agreements or Personal Insolvency Agreements

The reason you find plenty of expensive commercials on the TV in the Adelaide 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.

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

Should I consider a Debt Consolidation Loan?

There are sometimes the very occasional conditions where a debt consolidation loan is the most beneficial idea. Usually the trouble with them is that all it is really doing is wrapping 5-15 different debts into one sizable debt. If you are battling to pay all your different loans now, then why do you think it will be magically easier to get one enormous bill? 9 times out of 10 it is just not going to make it easier. Just to make it all worse you typically will need to pay up front for the ‘ luxury’ of this choice. If you wish 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 file for bankruptcy can I keep my house?

In many cases the answer is yes. If this is a significant problem for you then the best way to get the answer is to contact us here at Bankruptcy Experts Perth on 1300 818 575 and once we have an understanding about your circumstances we can provide you a clear picture over the telephone. Practically everyone is sentimentally 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 commonly think it’s an inescapable consequence of bankruptcy and for that reason they press themselves to the verge of madness to not surrender the family house.

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

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

Why would the bank like bankrupt customers? Wouldn’t they like to sell your house and not take the risk? Take note – the bank that has generously lent you the money for your house is making good money every month in interest from you, month in and month out. As long as you manage to keep up to date with your monthly payments then the bank prefers you in there at all costs. However it is generally not the bank’s call – if a trustee determines that there is plentiful equity in your house the trustee will oblige you and the bank to sell off your house.

What aspects would contribute to losing the house?

Equity! If you are up to date with your repayments then the most notable issue is equity. A trustee has a job to collect as much money to help settle your bills once you go bankrupt. Equity is the ticket here. If you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to settle the debt then the trustee sees your equity as a solution to repay your debt therefore they will sell your home to settle the debt and give you whatever money remains from the sale.

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

How is equity decided?

Lots of people are not quite confident about precisely what equity is, or how it is determined– but it is really vital to find out because if you get it, it can mean the huge difference between keeping and losing your home or apartment. There are a few factors you ought to know here. To begin with, your gut instinct or belief about the real value of the property is possibly far too generous. Many people presume their house is worth much more than it truly is.

Secondly, when you file for personal bankruptcy the trustee may question how you formed your value for the home. In some cases they will want more information about your valuation, maybe a rates notice or a real estate agency’s valuation or a registered valuation. A basic method would be to search then click on the ‘Sold’ tab on that website and search for the latest house sales in your street or neighbourhood. This will help you have some idea of the reality of the market right now. Remember, the assessment is based upon a quick sale not a skillful real estate agent’s marketing and advertising campaign. So If you really want a good idea, I would certainly recommend getting a valuer and telling them to give you 2 values for your home, one as a regular sale, and the other as a ‘quick sale’. This will give you a much better awareness for your home’s worth. Knowing this step is critical, so get some advice before going forward, call us on 1300 818 575.

What if my Partners name is on the Home Loan?

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

Let’s say Mick and Susie got 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 at a local school and doesn’t need to go bankrupt.

Unfortunately, the house has not risen in value in the 4 years they have owned it and they also have merely managed to pay interest on the loan during that time so essentially 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 can continue to keep the home for the 3 years Mick is bankrupt. This action will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is quite a lot to consider when it comes to houses and bankruptcy so if you have questions don’t hesitate to call us about your house on 1300 818 575.

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

What if My House has too much Equity what can I do?

If your home has lots of equity and you are still drowning in debt, there are still a couple of alternatives readily available to you– it can be complicated, but the vital step is to speak to a professional to try and get ahead of it. In truth, this concerns cars 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 offer a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my employer be advised?

Typically there is simply no reason for your boss to be advised of your bankruptcy. In instances where you earn over the threshold amounts of income while you are bankrupt and you are required to make an income contribution, you organise those payments on your own, it doesn’t go through your workplace.

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Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

Who will know about my bankruptcy?

There are four groups of people that will learn that you are bankrupt.

  1. Individuals that you tell
  2. Your creditors or people you owe money to
  3. 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.
  4. 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 Perth, we are completely mindful that there is nonetheless a stigma connected to bankruptcy. We are aware of this worry and we can help to guarantee that if you declare yourself bankrupt that you don’t need to go to court, get your name in the papers or be publicly made out to be a criminal or some type of failure. We can help ensure that bankruptcy is quick and easy. In fact, the whole 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 answer to the question is – yes, but only in some cases. The issue with some jobs isn’t that you can’t do the job any more, it’s more an issue of specialist bodies or associations that view bankruptcy in a dim light and can make it problematic for you.

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What we would definitely recommend is that you do your very own research here. It will help make a big difference if you check out this process before declaring bankruptcy considering that may help you decide. Check if your job is on the chart below. If it is, we suggest talking with them personally and explaining your problem. A few organisations won’t have a problem with your bankruptcy provided that it wasn’t accompanied by shady or suspicious practices. If you think your employment may be impacted by your possible bankruptcy call us here at Bankruptcy Experts Perth on 1300 818 575.

Bankruptcy Income Thresholds

What can I make when I’m bankrupt?

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

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

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 taking place then focus now. Since March 2016 there have been changes to the Income Threshold amounts. This suggests that there are modifications 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 frequently calculated annually.

Your net income may be governed to take into consideration things like salary sacrifice and substantial superannuation payments etc. Your net income might also allow for more unusual costs sustained as a result of being employed. As an example, if you are subjected to an unusually high amount of travel charges to get to and from your job this can sometimes also be taken into consideration. Your bankruptcy trustee has to ascertain your real net income, according to the bankruptcy rules.

The income threshold figures are also per person and are set up 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?

There is no limit to exactly what your spouse/partner can earn. There are a few implications that must be thought about in some circumstances, but in most cases your partner is a totally independent legal entity and will not be impacted financially when you declare 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 uncertain just contact us on 1300 818 575.

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

Who is considered a dependent?

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

Suppose my spouse or partner and I both need to go bankrupt?

If a couple have 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.

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Self Employment & Bankruptcy

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

Will I forfeit my small business if I go bankrupt?

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

You may already recognise that you can no longer be the director of a Pty Ltd Company if you are bankrupt. However, that does not 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 personal and business debts then it’s possible to have most, or even all, of the debts eliminated with bankruptcy. Don’t forget this is a complicated process and needs special attention. The fact is, personal bankruptcy doesn’t automatically suggest company bankruptcy also.

Regardless if you manage your business as a Sole Trader, Partnership, Company or Trust we can help guide you through your options. Don’t hesitate to contact us on 1300 818 575 for a no obligation FREE consultation.

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

Should I put my company into liquidation?

Among the main reasons you might wish to think about liquidation instead of bankruptcy is due to the fact that if you liquidate your company, it doesn’t inevitably mean you need to go bankrupt. In Australia, small businesses that become insolvent have a few options, 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 business?

There are limits for small 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 some business owners, bankruptcy can impact their ability to administer the business due to the licensing concerns. 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 bankrupt.

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

Bankruptcy Perth,Bankrupt Perth,Insolvency Perth
Bankruptcy Perth,Bankrupt Perth,Insolvency Perth

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 business 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 has happened. There are laws in effect to prevent these ‘Phoenix companies’ rising up out of the ashes of an old company. Don’t get too stressed about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Perth today on 1300 818 575.

Our Clients

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