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

Are your personal or business monetary debts getting out of control?

Are your personal or business monetary debts getting out of control?

We provide straight-forward bankruptcy help and advice. At Bankruptcy Parramatta we know that the very thought of bankruptcy is distressing, and if it becomes a reality it is totally menacing. We understand that you’re feeling very overwhelmed, trapped or perhaps like you have zero options left, therefore we really want to help advise you through the process.

But here’s the important thing – you’ve actually gone through the hardest part of the process – you have taken that primary step towards putting your personal and/or business debts behind you and going on with your life; you’ve found us.

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

Bankruptcy Parramatta,Insolvency Parramatta

Are your personal or business debts getting out of control?

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Bankruptcy Parramatta,Insolvency Parramatta

You Can Be 100 % Debt Free!

Can you picture a future without financial institutions’ intimidating phone calls and even looking forward to the mail again? There certainly are a couple of things you need to know before you make that formidable choice. First of all, the sooner you take action then the more choices you are going to have.

5 problems you need to answer before you declare yourself bankrupt.

There are 5 critical questions you will need to have an response to before you declare bankruptcy. If you want to know what they are, feel free to download our free e-book on the right hand part of the page. This e-book will deal with these big 5 questions specifically and give you peace of mind that you are doing the right thing.

Bankruptcy Parramatta,Insolvency Parramatta

Get your FREE copy of the Big 5










* We pledge not to barrage you with e-mails and phone calls when you register for our free e-book. Really, we promise to only get in touch with you once to see if we can help you further and that’s it.

Insolvency Options

Is Going bankrupt my only option?

No! Generally there are various options readily available to you. Listed here is a chart illustrating the advantages and issues of the various debt solutions offered. This chart is really by no means an all-inclusive resource, but it will help you to make a well-informed choice.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

Exactly what is a Personal Insolvency Agreement?

This is an adaptable understanding between you and your lenders. It is handled through a trustee who controls what you have to pay and when you have to pay. Once those circumstances have actually been met you are then free to start out again with a new beginning.

Bankruptcy Parramatta,Insolvency Parramatta

What is a Debt Agreement?

A debt agreement permits a debtor to take part in an agreement with their lenders to satisfy their money troubles without being made bankrupt.

You can’t become part of 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 wish to know more please contact us on 1300 818 575.

Bankruptcy Parramatta,Insolvency Parramatta

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 Parramatta,Insolvency Parramatta

Should I contemplate a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the best idea. Usually the trouble with them is that all it is really doing is packaging 5-15 various debts into one sizable debt. If you are fighting to pay off all your various loans now, then why do you think it will be magically easier to have one enormous bill? 9 times out of 10 it is just not going to make it easier. Just to make it all even worse you typically need to pay up front for the ‘pleasure’ 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 declare for bankruptcy can I keep my house?

In many cases the answer is yes. If this is a serious problem for you then the best way in order to get the solution is to call us here at Bankruptcy Experts Parramatta 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 usually think it’s an unescapable repercussion of bankruptcy and as a result they press themselves to the verge of madness to not give up the family home.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

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

Why would the bank want bankrupt customers? Wouldn’t they prefer to sell your property and not take the chance? Remember – the bank that has generously offered you the cash for your house is making good money monthly in interest from you, month in and month out. So long as you keep up to date with your payments then the bank prefers you in there at all costs. However it is simply not the bank’s call – if a trustee thinks that there is ample equity in your house the trustee will compel you and the bank to sell off your home

What factors would contribute to losing the house?

Equity! If you are up to date with your repayments then the most substantial problem is equity. A trustee has a responsibility to gather as much money to help cover your bills once you go bankrupt. Equity is the key here. If you have $300,000 equity in your home and you have $100,000 worth of debt and no other way to cover the debt then the trustee sees your equity as a solution to pay your debt therefore they are going to sell your house to pay off the debt and give you whatever money is left from the sale.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

How is equity determined?

Some people are not clear about just what equity is, or how it is considered– but it is absolutely crucial to figure out given that if you understand, it can mean the difference between keeping and losing your home. There are a few things you should know here. To begin with, your gut instinct or belief about the true worth of the home is most likely far too generous. Many people assume their house is worth more than it actually is.

Secondly, when you declare bankruptcy the trustee may ask how you formed your price for the house. In many cases they will seek more information about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. An uncomplicated tactic would certainly be to search www.realestate.com.au then click on the ‘Sold’ tab on that site and look for latest house sales in your community or area. This will help you have some idea of the reality of the marketplace right now. Remember, the appraisal is based on a quick sale not a skillful real estate agent’s advertising and marketing campaign. So If you truly 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 better appreciation for your home’s worth. Recognizing this step is critical, so get some advice before going ahead, call us on 1300 818 575.

What if my Partners name is on the Home Loan?

Often when a couple purchase a home one income isn’t really enough to apply for the loan, so the bank/lender will have each partners sign up for the loan. When 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 purchased a home 4 years ago for $400,000 with no deposit so their mortgage was also $400,000. Mick is a plumber and has to go bankrupt but Susie has a good job teaching primary school and doesn’t have to go bankrupt.

Sadly, the house has not increased in price in the 4 years they have used it and they also have only just managed to pay interest on the loan in 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 manage to keep paying the mortgage, rates etc. they may continue to keep the home for the 3 years Mick is bankrupt. This step will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is lots to think about when it comes to houses and bankruptcy so if you have concerns don’t wait to call us about your house on 1300 818 575

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

Suppose My House has too much Equity what can I do?

If your home has plenty of equity and you are nevertheless drowning in debt, there are still some alternatives readily available to you– it can be complicated, but the important step is to speak with a professional to try and get ahead of it. In fact, this applies to 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 whatever 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 employer be given notice?

Typically there is actually no reason for your workplace to be advised of your bankruptcy. In situations 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 via your workplace.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

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 Parramatta, we are fully conscious that there is nonetheless a stigma linked to bankruptcy. We recognize this issue 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 papers or be publicly made out to be a criminal or some kind of failure. We can help ensure that bankruptcy is fast and easy. In fact, the entire process will only take a few days. It makes it possible for the average 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 problem with some occupations isn’t that you aren’t able to 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 things problematic for you.

Bankruptcy Parramatta,Insolvency Parramatta

What we would really propose is that you do your own research here. It will help make a big difference if you check out this process prior to filing for bankruptcy because that may help you decide. Check if your job is on the chart below. If it is, we suggest speaking to them personally and explaining your scenario. 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 affected by your possible bankruptcy call us here at Bankruptcy Experts Parramatta on 1300 818 575.

Bankruptcy Income Thresholds

How much can I earn when I’m bankrupt?

TThere are in fact no constraints on the amount of you can earn, however if you get 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 wouldn’t be fair to the many people you owe money to. So just how much can you earn before you start repaying money to your creditors via your trustee?

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

Bankruptcy and Income

First of all, it is important to know that changes are involving the world of bankruptcy. If you should know what is taking place then pay attention now. Since March 2016 there have been changes to the Income Threshold amounts. This signifies that there are changes to just how much money you can keep when bankrupt. This is your net income after tax and child support (if applicable) are subtracted. If you’re in a business when bankrupt then, by all means, it’s also net (after tax) of business spending, which is generally calculated annually.

Your net income may be moderated to take into account things like salary sacrifice and considerable superannuation payments etc. Your net income might also enable more unusual costs suffered as a result of being employed. For instance, 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 must ascertain your real net income, depending on the bankruptcy rules.

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

Exactly what can my partner earn if I go bankrupt?

There is no limit to what your spouse/partner can earn. There are a few ramifications that have to be considered in some circumstances, but in most cases your partner is an entirely different legal entity and will not be impacted financially when you declare 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 Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

Who is considered a dependent?

This can be any person, of any age, that lives with you and earns beneath $3,343 per year. If, in the case you have a young 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 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. An useful way to understand it is the same income rules apply for everyone individually.

Bankruptcy Parramatta,Insolvency Parramatta

Self Employment & Bankruptcy

Bankruptcy Parramatta,Insolvency Parramatta

Can I forfeit my small business if I go bankrupt?

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

You may actually recognise that you can not be the director of a Pty Ltd Company if you are bankrupt. Even so, that doesn’t inevitably mean you can’t run your very own business and use staff etc.

What if I have both Business and Personal Debts?

If you are a business owner and you have a combo of individual and business debts then it’s possible to have most, or even all, of the debts wiped out with bankruptcy. Note this is an intricate process and needs special attention. The truth is, personal bankruptcy will not automatically indicate company bankruptcy also.

Whether 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 obligation FREE consultation.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

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

What effect will bankruptcy have on my business?

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

There are actually other implications for business owners whilst bankrupt that should be considered. In case you need to know even more about this please feel free to give us a call for a no obligation, free consultation on 1300 818 575.

Bankruptcy Parramatta,Insolvency Parramatta
Bankruptcy Parramatta,Insolvency Parramatta

Isn’t it illegal to run a similar business after bankruptcy?

It could be. There are points to consider when and if you declare bankruptcy as a small business owner. You can not run up heaps of debt in your company, then go bankrupt and then open the doors the next day like nothing has happened. There are laws in effect to prevent these ‘Phoenix companies’ rising out of the ashes of an old company. Don’t get too worried about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Parramatta today on 1300 818 575.

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