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?

AtOur company provides straight-forward bankruptcy help and advice. At Bankruptcy Mildura we are aware that the very thought of bankruptcy is scary, and if it becomes a reality it is extremely intimidating. We know that you are truly feeling very overwhelmed, ambushed or even like you have absolutely no possibilities left, and so we want to help walk you through the process.

However here’s the thing – you’ve already gone through the toughest aspect of the process – you have actually taken that primary step towards putting your personal and/or business debts behind you and moving on with your life; you’ve found us.

The next step is usually to find out if bankruptcy is simply right for you. There is certainly a few details you need to know long before making that choice so we recommend that you continue searching across this site, it’s full of great information, or you can just get the phone and contact us 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 imagine a future without creditors’ distressing phone calls and even looking forward to the mail again? There are a couple of things you ought to know before you make that tough decision. First of all, the sooner you take steps then the more options you will have.

5 issues you ought to answer before you declare yourself bankrupt.

There are 5 important problems you ought to have an response to before you declare bankruptcy. If you wish to know what exactly they are, feel free to download our free e-book on the right hand side of this page. This e-book is going to concentrate on these big 5 questions specifically and offer you peace of mind that you are doing the ideal thing.

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Get your FREE copy of the Big 5

Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

* We pledge not to barrage you with emails and phone calls when you sign up for our free e-book. Really, we promise to only get in touch with you just once to see if we are able to help you even more and that’s it.

Insolvency Options

Is Going bankrupt my only choice?

No! There really are a few options available to you. Here is a graph describing the advantages and problems of the different debt alternatives offered. This graph is certainly by absolutely no means an all-inclusive resource, but it will make it easy for you to make a well-informed decision.

Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura
Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

What exactly is a Personal Insolvency Agreement?

This is an adaptable deal between you and your lenders. It is supervised through a trustee who governs what you need to pay and when you have to pay. Once those circumstances have been met you are then free to start again with a new beginning.

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What is a Debt Agreement?

A debt agreement enables a debtor to take part in an agreement with their creditors to settle their loans without being made bankrupt.

You can’t take part in a Debt Agreement if you have been bankrupt, or if you are 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.

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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 think about a Debt Consolidation Loan?

There are sometimes the very rare conditions where a debt consolidation loan is the most ideal idea. Usually the concern with them is that all it is really doing is packaging 5-15 different debts into one enormous debt. If you are battling to pay all your various loans now, then why do you presume 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 everything even worse you usually will have to pay up front for the ‘ luxury’ of this choice. 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 file for bankruptcy can I keep my house?

In a lot of cases the answer is yes. If this is a serious concern for you then the best way to get the answer is to call us here at Bankruptcy Experts Mildura on 1300 818 575 and after we have an understanding about your circumstances we can provide you a clear picture over the phone. Practically everybody is on an emotional level 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 unavoidable repercussion of bankruptcy and for this reason they pressure themselves to the brink of madness to not lose the family home.

Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura
Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

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

Why would the bank want bankrupt customers? Wouldn’t they really want to sell your house and not take the risk? Keep in mind – the bank that has kindly offered you the cash for your house is making good money each month in interest from you, month in and month out. Just as long as you manage to keep up to date with your monthly payments then the bank prefers you in there at all costs. Nonetheless it is normally not the bank’s call – if a trustee thinks that there is enough equity in your house the trustee will make you and the bank to sell your house.

What aspects would contribute to losing the house?

Equity! If you are up to date with your payments then the most important problem is equity. A trustee has a job to get as much money in order to help pay your debts once you go bankrupt. Equity is the ticket here. Supposing that you have $300,000 equity on your property and you have $100,000 worth of debt and no other way to pay the debt then the trustee sees your equity as a solution to pay back your debt therefore they are going to sell your house to settle the debt and give you whatever money remains from the sale.

Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura
Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

How is equity determined?

Lots of people are not confident about what exactly equity is, and how it is figured out– but it is really vital to find out considering that if you get it, it can mean the difference between keeping and losing your home. There are a few things you will need to understand here. First of all, your gut reaction or theory about the real worth of the home is perhaps far too generous. Many people feel their home is worth more than it actually is.

Secondly, when you declare personal bankruptcy the trustee may wonder how you determined your price for the house. Sometimes they will ask for more detail about your valuation, maybe a rates notice or a real estate agency’s assessment or a registered valuation. A straightforward strategy would be to look on then click on the ‘Sold’ tab on that site and search for recent house sales in your community or area. This will help you get some idea of the reality of the marketplace right now. Bear in mind, the assessment is based upon a quick sale not a skillful real estate agent’s advertising and marketing campaign. So If you actually want a good idea, I would undoubtedly encourage getting a valuer and asking them to give you 2 values for your home, one as a typical sale, and the other as a ‘quick sale’. This will give you a better appreciation for your home’s worth. Being aware of this step is crucial, so get some advice before going forward, call us on 1300 818 575.

What if my Partners name is on the Home Loan?

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

Let’s say Mick and Susie bought a home 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 high school and doesn’t need to go bankrupt.

However, 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 file for bankruptcy and just as long as they manage to keep 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 declare bankruptcy also. There is a lot to think about when it concerns homes and bankruptcy so if you have questions don’t hesitate to call us about your house on 1300 818 575.

Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura
Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

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

If your home has a lot of equity and you are nevertheless drowning in debt, there are still a number of possibilities readily available to you– it could be complicated, however the important step is to talk to a professional to try and get ahead of it. In truth, 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 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. Our company provides a free, initial consultation; just call us today on 1300 818 575.

Bankruptcy and Employment

Will my boss be told?

Commonly there is actually no good 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 payment, you organise those payments on your own, it doesn’t go through your job.

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Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

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 Mildura, we are completely mindful that there is nonetheless a stigma linked to bankruptcy. We recognize this issue and we can help to make sure that if you declare yourself bankrupt that you don’t have to go to court, get your name in the newspapers or be publicly made out to be a criminal or some sort of failure. We can help ensure that bankruptcy is short and easy. In fact, the whole 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 response to the question is – yes, but only in some cases. The problem with some jobs isn’t that you can’t do the job any more, it’s more an issue of professional bodies or associations that view bankruptcy in a dim light and can make things troublesome for you.

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What we would definitely propose is that you do your very 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 suggest talking to them personally and explaining your circumstance. 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 Mildura on 1300 818 575.

Bankruptcy Income Thresholds

How much can I make when I’m bankrupt?

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

Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura
Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

Bankruptcy and Income

First of all, it is important to know that changes are coming to the world of bankruptcy. If you must know what is happening then focus now. Since March 2016 there have been alterations 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 subtracted. 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 managed to consider things like salary sacrifice and substantial superannuation payments etc. Your net income might also enable more unusual costs suffered as a result of being employed. As an example, if you are subjected to an uncommonly high amount of travel charges to get to and from your job this can often also be taken into consideration. Your bankruptcy trustee has to ascertain your real net income, based on the bankruptcy rules.

The income threshold numbers are also per person and are determined by the Government each and every March and September to enable the movement in the cost of living.

What can my partner earn if I go bankrupt?

Generally there is no limit to exactly what your spouse/partner can earn. There are a few implications that need to be thought about in some scenarios, but in most cases your partner is a totally distinct legal entity and will not be influenced financially when you file for 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 not sure just call us on 1300 818 575.

Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura
Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

Who is considered a dependent?

This might be anybody, 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 pay child support for and they don’t live with you full-time, then you can not claim these 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.

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Self Employment & Bankruptcy

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Will I lose my small business if I go bankrupt?

The simple answer is no, you don’t have to but you do need to get the right guidance. Business insolvency laws are very involved and you need to 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 choose staff etc .

What if I have both Business and Personal Debts?

If you are a business owner and you have a mix of individual and business debts then it is generally possible to have most, or even all, of the debts erased with bankruptcy. Don’t forget this is a complicated process and needs special attention. The truth is, personal bankruptcy will not automatically signify business bankruptcy also.

No matter if you administer your business as a Sole Trader, Partnership, Company or Trust we can help guide you through your options. Feel free to call us on 1300 818 575 for a no commitment FREE consultation.

Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura
Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

Should I put my company into liquidation?

Among the main reasons you might wish to consider liquidation as opposed to bankruptcy is because if you liquidate your company, it doesn’t inevitably mean you have to go bankrupt. In Australia, companies that become insolvent have a few options, including 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 business owners that are bankrupt. Such as, as a bankrupt company owner you could be in your very own business as a sole trader only. For some small business owners, bankruptcy can have an effect on their ability to manage the business because of the licensing problems. For instance, a builder with a builder’s license can not actually continue to use that license for the 3 years she or he is actually bankrupt.

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

Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura
Bankruptcy Mildura,Bankrupt Mildura,Insolvency Mildura

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

It could be. There are considerations 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 then open the doors the next day like nothing has happened. There are laws in effect to avoid 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 right advice by calling Bankruptcy Experts Mildura today on 1300 818 575..

Our Clients

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