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

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

Our company provides straight-forward bankruptcy assistance. At Bankruptcy Mount Isa we understand that the very thought of bankruptcy is scary, and if it becomes a reality it is positively menacing. We know that you are simply feeling very overwhelmed, ambushed and even like you have absolutely no alternatives left, therefore we really want to help assist you through the process.

However, here’s the thing – you’ve already endured the toughest part of the process – you have actually 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 simply to find out if bankruptcy is simply right for you. There is certainly a few points you have to know well before making that choice so we recommend that you continue browsing across this site, it has plenty of great information, or you can just simply 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 lenders’ intimidating phone calls and even looking forward to the mail once again? There certainly are a number of things you need to know before you make that tough decision. First of all, the sooner you take action then the more options you are going to have.

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

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

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Get your FREE copy of the Big 5

* We vow not to barrage you with e-mails and phone calls when you register for our free e-book. In fact, we promise to only call you just once to see if we can help you further and that’s it.

Insolvency Options

Is declaring bankruptcy my one and only option?

business. It is very common across the industry, so make sure you don’t get fooled. 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!.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

What is a Personal Insolvency Agreement?

This is adaptable agreement between you and your lenders. It is managed through a trustee who administers to just how much you have to pay and when etc. Once those conditions have been met you are then free to begin again with a clean slate.

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What is a Debt Agreement?

A debt agreement enables a debtor to enter into an arrangement with their creditors to satisfy their debts without being made bankrupt.

You cant enter into a Debt Agreement if you have been bankrupt, or you are currently already in a debt agreement. There are also income restrictions, property value and unsecured debt value restrictions, If you wish to know more please 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.

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Should I consider a Debt Consolidation Loan?

There are sometimes the very exceptional conditions where a debt consolidation loan is the most ideal idea. Usually the trouble with them is that all it is really doing is packaging 5-15 different debts into one enormous debt. If you are fighting to pay off all your various loans now, then why do you believe it will be amazingly 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 even worse you normally need to pay up front for the ‘pleasure’ of this choice. If you want 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 declare bankruptcy can I manage to keep my house?

In a lot of cases the answer is yes. If this is a major issue for you then the most efficient way in order to get the answer is to contact us here at Bankruptcy Experts Mount Isa on 1300 818 575 and when we have an understanding about your situation we can provide you a clear picture over the phone. Practically everybody 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 commonly think it’s an inescapable consequence of bankruptcy and for this reason they press themselves to the verge of madness to not surrender the family home.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

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

Why might the bank like bankrupt customers? Wouldn’t they like to sell your house and not take the risk? Keep in mind – the bank that has generously lent you the money for your house is making good money monthly in interest from you, month in and month out. Provided that you always keep up to date with your mortgage payments then the bank wants you in there at all costs. Nevertheless it is normally not the bank’s call – if a trustee determines that there is plenty of equity in your house the trustee will force you and the bank to sell your home.

What things would result in losing the house?

Equity! If you are up to date with your monthly payments then the most considerable problem is equity. A trustee has a job to gather up as much money to help pay off your debts once you go bankrupt. Equity is the key here. If you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to cover the debt then the trustee sees your equity as a way to repay your debt therefore they will sell your house to repay the debt and give you whatever money is left from the sale.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

How is equity worked out?

Many individuals are not quite clear about what exactly equity is, and how it is figured out– but it is really vital to figure out given that if you understand, it can mean the huge difference between keeping and losing your home. There are a few things you will need to know here. First of all, your gut instinct or suspicion about the true value of the home is probably far too generous. Many people believe their home is worth a lot more than it truly is.

Secondly, when you file for insolvency the trustee may wonder how you formed your value for the home. Sometimes they will call for more information about your valuation, maybe a rates notice or a real estate agency’s appraisal or a registered valuation. A basic tactic would certainly be to look on then select the ‘Sold’ tab on that site and search for latest house sales in your street or area. This may help you have some idea of the reality of the market right now. Bear in mind, the valuation is based upon a quick sale not a slick real estate agent’s marketing campaign. So If you truly want a good idea, I would definitely suggest getting a valuer and asking them to give you 2 prices for the house, one as a standard sale, and the other as a ‘quick sale’. This will give you a far better appreciation 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 Partners name is on the Home Loan?

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

Let’s say Mick and Susie bought a house 4 years ago for $400,000 without any deposit so their mortgage was also $400,000. Mick is a builder 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 price 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 ultimately they still have a $400,000 mortgage on a home worth $400,000.

Mick can then declare bankruptcy and 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 action will, in no way, affect Susie’s credit rating or force her to go bankrupt as well. There is a lot to think about when it concerns homes and bankruptcy so if you have concerns don’t hesitate to phone us about your house on 1300 818 575.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

What if My home has too much Equity what could I do?

If your house has plenty of equity and you are still drowning in debt, there are still a number of options available to you– it may be complicated, however the significant step is to talk to a professional to try and get ahead of it. As a matter of 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 dire! 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 really no reason for your boss to be advised of your bankruptcy. In circumstances 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 yourself, it doesn’t go through your job.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

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 Mount Isa, we are fully mindful that there is still a stigma linked to bankruptcy. We are aware of 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 papers or be publicly made out to be a criminal or some kind of failure. We can help ensure that bankruptcy is swift and easy. In fact, the whole process will only take a few days. It makes it possible for the normal person to get out of 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 trouble with some professions isn’t that you can’t do the job any longer, it’s more an issue of specialist bodies or associations that view bankruptcy in a dim light and can make things troublesome for you.

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What we would certainly recommend is that you do your own research here. It will make a big difference if you check out this process before filing for bankruptcy because that may really help you decide. Check if your job is on the chart below. If it is, we recommend speaking to them personally and explaining your situation. 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 Mount Isa on 1300 818 575.

Bankruptcy Income Thresholds

How much can I make when I’m bankrupt?

There are actually no limitations on the amount of you can earn, but 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 choosing not to pay your debts and still take home a 6 figure salary– it simply wouldn’t be fair to the people you owe money to. So just how much can you make before you start paying back money to your creditors via your trustee?

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you need to know what is taking place then focus now. Since March 2016 there have been adjustments to the Income Threshold amounts. This suggests that there are modifications to just how much money you can 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 commonly calculated annually.

Your net income may be governed 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 uncommonly high amount of travel costs to get to and from your job this can often also be taken into consideration. Your bankruptcy trustee will have to ascertain your real net income, depending on the bankruptcy rules.

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

What can my partner earn if I go bankrupt?

There is no limit to 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 completely separate legal entity and will not be impacted financially when you file for bankruptcy. Just as a word of warning – this could change if you have joint loans together, so be careful about the implications of that. If you are not sure just give us a call on 1300 818 575.

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

Who is thought of as a dependent?

This may possibly be anyone, of any age, that resides with you and earns less than $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. A practical way to understand it is the same income rules apply for everyone individually.

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Self Employment & Bankruptcy

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Will I lose my small business if I go bankrupt?

The basic answer is no, you don’t have to but you do need to get the suitable guidance. Company insolvency laws are very entailed and you ought to tread diligently 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 employ staff etc.

What if I have both Business and Personal Debts?

If you are a company owner and you have a mix of personal and business debts then it is generally possible to have most, or even all, of the debts erased with bankruptcy. Bear in mind this is a complex process and requires special attention. The truth is, personal bankruptcy doesn’t automatically signify business bankruptcy also.

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

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

Should I put my company into liquidation?

Among the main reasons you may wish to consider liquidation as opposed to bankruptcy is because if you liquidate your company, it doesnt inevitably mean you have to go bankrupt. In Australia, businesses that become insolvent have a few options, such as 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 restrictions for small business owners that are bankrupt. Such as, as a bankrupt business owner you could be in your own business as a sole trader only. For a number of business owners, bankruptcy can affect their ability to take care of the business as a result of 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 simply bankrupt.

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

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa

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 business, then go bankrupt and after that open the doors the next day like nothing at all 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 worried about what you can and can’t do as a company owner; just get the correct advice by calling Bankruptcy Experts Mount Isa today on 1300 818 575..

Our Clients

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Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
Bankruptcy Mountisa,Bankrupt Mountisa,Insolvency Mountisa
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